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The Chief Executive has appointed Mr Eddy Fong as the Chairman of the Securities and Futures Commission for a term of three years, from October 20, 2006 to October 19, 2009. The appointment is made under the Securities and Futures Ordinance.
Announcing the appointment today (October 17), the Financial Secretary, Mr Henry Tang said Mr Fong had profound knowledge of and extensive experience in Hong Kong's financial and securities market and the operation of the commission. "With Mr Fong's vision, able leadership, commitment to serve the community, and ability to communicate with the public and relevant stakeholders, we are confident that Mr Fong's appointment as the commission chairman will enhance the commission's role in maintaining Hong Kong's position as an international financial centre."
Mr Fong is a certified public accountant with rich and extensive business experience in Hong Kong and the local and international financial markets. Mr Fong is well versed with the regulatory objectives, functions and powers of the commission, through his participation as a member to the commission Advisory Committee between June, 2003, and December, 2004, and currently as non-executive director of the commission since January, 2005. He is also Chairman of the commission's Audit Committee, responsible for reviewing the audit findings and monitoring the effectiveness of the commission's accounting and internal control. Apart from the commission, Mr Fong has also contributed a lot to other public services. Currently, he is Treasurer and Council Member of the Open University of Hong Kong. His past public services include being non-executive director of the Mandatory Provident Fund Schemes Authority, Exchange Fund Investments Limited and Hong Kong Mortgage Corporation. He was also Member and Chairman of the Finance Committee of the Hong Kong Housing Authority for many years in the past.
As head of an independent financial regulator, Mr Fong will be governed by the existing statutory safeguards in the Securities and Futures Ordinance as well as the commission's internal codes and guidelines concerning preservation of secrecy and avoidance of conflict of interests. In addition, Mr Fong has agreed not to hold any directorship in any companies listed in Hong Kong or have any material interest in or any material business dealing with any Hong Kong listed company or any person or institution engaged in activities regulated by the commission, during his term of appointment as the commission chairman.
With the commencement of the Securities and Futures (Amendment) Ordinance on June 23, 2006, the original executive commission chairman post has become non-executive and a new Chief Executive Officer post has been created. To enhance internal checks and balances, the chairman will be independent from the executive arm headed by the chief executive officer. This model is in line with best governance practices both locally and internationally. The non-executive chairman will not be involved in the day-to-day running of the commission but will lead the commission board in setting the overall directions, policies, strategies, agendas and priorities of the commission having regard to the international and local developments, and monitoring the performance of the executive arm in implementing the objectives set by the commission board. The commission chairman will also represent the commission in and outside Hong Kong.
Ends/Tuesday, October 17, 2006
Issued at HKT 16:47
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