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The Financial Secretary, Mr Henry Tang, today (April 26) reappointed Messrs Marvin Cheung, Henry Fan and Fong Hup as members of the Board of the Hong Kong Exchanges and Clearing Limited (HKEx) for a term of two years.
Announcing the reappointments, Mr Tang said, "Appointment to the Board of HKEx is an important safeguard of the interest of the public. Messrs Marvin Cheung, Henry Fan and Fong Hup are experienced, well-respected and prominent figures in the financial services industry. We are glad that they have accepted the reappointments and demonstrated their commitments to serve the public".
Mr Cheung retired as an accountant. He was Chairman of the Listing Committee of the Stock Exchange of Hong Kong Limited from January, 2003, to April, 2005. He has been serving on the HKEx Board for two years as an appointed director.
Mr Fan is the Managing Director of CITIC Pacific Limited. He has served on the Securities and Futures Commission as a non-executive director for eight years and the HKEx Board as an appointed director for more than three years.
Mr Fong Hup is a Senior Adviser to Deloitte Touche Tohmatsu. He has been serving on the HKEx Board as an appointed director for four years.
The Board of HKEx comprises a maximum of six directors elected by shareholders, the Chief Executive of HKEx, and a maximum of six directors appointed by the Financial Secretary. The other directors appointed by the Financial Secretary are Mr Ronald Arculli, Mrs Laura Cha and Mr Moses Cheng.
"We trust all the directors will work closely together to the best interest of both HKEx and the public as a whole," Mr Tang said.
The appointments are made under the Securities and Futures Ordinance (SFO). The Ordinance, together with HKEx's Articles of Association, empowers the Financial Secretary to appoint not more than six persons to be members of the Board of directors of HKEx where the Financial Secretary is satisfied that it is appropriate to do so in the interest of the investing public or in the public interest.
According to section 63(2)(a) of SFO, HKEx has the statutory duty to act in the interest of the public, having particular regard to the interest of the investing public.
Ends/Thursday, April 26, 2007
Issued at HKT 18:45
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