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The Chief Executive has approved Mr Ronald Arculli's appointment as Chairman of the Hong Kong Exchanges and Clearing Limited (HKEx).
The approval was made under the Securities and Futures Ordinance (SFO). Mr Arculli's chairmanship takes immediate effect, and will coincide with his term of appointment as a Director of the HKEx Board, which will expire at the end of the 2008 Annual General Meeting of HKEx.
Mr Arculli was elected Chairman of the HKEx by the directors at the board meeting on April 27, 2006. Section 69(1) of the SFO provides that no person shall be the chairman of a company that is a recognised exchange controller unless he has the approval in writing of the Chief Executive. By virtue of Schedule 10 of the SFO, the HKEx is deemed to have been recognised as an exchange controller under section 59(2) of the same ordinance.
Announcing the approval, the Financial Secretary, Mr Henry Tang said "we are confident that with Mr Arculli's leadership, the HKEx will strive to further enhance our market quality and competitiveness, and strengthen our position as the premier capital formation centre for the Mainland."
Mr Arculli is one of the three directors appointed earlier by the Financial Secretary to the Board of the HKEx on a two-year term under SFO.
Ends/Friday, April 28, 2006
Issued at HKT 19:11
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