The Chief Executive has re-appointed the Chairman and eight Non-Executive Directors (NEDs) and appointed a new NED of the Board of the Financial Reporting Council (FRC) for a term of two years from October 1, 2021, to September 30, 2023, in accordance with the Financial Reporting Council Ordinance (Cap. 588).  

     They are:

Re-appointed Chairman (who is an NED)
---------------------------------------------
Dr Kelvin Wong Tin-yau

Re-appointed NEDs
----------------------
Mr Eugene Fung Ting-sek, SC
Mr Stephen Hung Wan-shun
Mr Roger T Best
Ms Miranda Kwok Pui-fong
Ms Rosita Lee Pui-shan
Mr Stephen Lee Hoi-yin
Mr Francis Siu Wai-keung
Mr Peter Wan Kam-to

New NED
----------
Mr Edward Yuen Siu-bun

     Announcing the appointments today (September 30), the Secretary for Financial Services and the Treasury, Mr Christopher Hui, said, "The Government is pursuing further reform to enhance the independence of our regulatory regime of the accounting profession in line with international developments with increased coherence and efficiency, hence reinforcing our status as an international financial centre and business hub. Under the proposed regime, the FRC will become a full-fledged independent regulator. I am confident that with the support from the FRC Board, we will develop a robust and effective regulatory mechanism for the accounting profession."

     Mr Hui added, "We would like to take this opportunity to express our heartfelt gratitude to the outgoing NEDs, Mr Wong Kai-man and Dr Lin Yong, for their dedicated services and valuable contribution to the FRC." 

     The FRC is a statutory body established in December 2006. Since October 1, 2019, the FRC has been responsible for the inspection, investigation and disciplinary functions with regard to Public Interest Entities (PIE) auditors. The FRC also exercises independent oversight over the relevant statutory functions of the Hong Kong Institute of Certified Public Accountants (HKICPA) in respect of PIE auditors.

     Subject to the passage of the Financial Reporting Council (Amendment) Bill 2021 by the Legislative Council and the subsequent preparatory work, the FRC will take up additional functions, including issuance of practising certificates to certified public accountants (CPAs); registration of practice units and PIE auditors; inspection, investigation and disciplining of practice units; and investigation and disciplining of CPAs. The FRC will also oversee the HKICPA's performance of its various statutory functions.

Ends/Thursday, September 30, 2021
Issued at HKT 11:00

NNNN