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The Chief Executive has appointed Mr Shum Man-to as the Chief Executive Officer of the Financial Reporting Council for a term of three years starting from next month (February 1).
The council is a new statutory body to investigate audit irregularities and accounting non-compliances of listed companies in Hong Kong.
Announcing the appointment today (January 22), a government spokesman said that Mr Shum was selected through a worldwide open recruitment exercise conducted by a selection panel.
"The selection panel recognised Mr Shum's extensive leadership, regulatory and accounting experience, and considered him highly capable and qualified to build a robust foundation for the newly-established Financial Reporting Council in discharging its statutory functions in an impartial, efficient and transparent manner," the spokesman said.
Mr Shum is a certified public accountant with extensive management and administrative experience. He was the Director of Accounting Services from February, 1999, to October, 2003. He has a thorough understanding of the regulatory framework of the accountancy profession, having served as an ex-officio Council member of the then Hong Kong Society of Accountants (now renamed Hong Kong Institute of Certified Public Accountants) for over four years.
As the Chief Executive Officer, Mr Shum will report to the council and be charged with full administrative and management responsibility of the council Secretariat. He will be directly involved in devising policies and procedures guiding future investigations, and building an effective organisation to perform the council's statutory functions. Upon assuming office, Mr Shum will spearhead preparatory work, including the recruitment of professional and supporting staff, to enable the council to be fully operational as soon as practicable.
The selection panel was chaired by the Secretary for Financial Services and the Treasury, Mr Frederick Ma. Members included council chairman Ms Sophia Kao, a member of the council Mr Moses Cheng, and Dr Eric Li.
Mr Shum's appointment will be gazetted this Friday (January 26).
Ends/Monday, January 22, 2007
Issued at HKT 16:15
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