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The Acting Chief Executive, Mrs Anson Chan, today (April 12) approves the chairmanship of Mr Charles Lee in respect of the Hong Kong Exchanges and Clearing Limited.

The approval was made under section 11 of the Exchanges and Clearing Houses (Merger) Ordinance.

Mr Charles Lee was elected as chairman of the board of the HKEx by the directors at their meeting held today. Section 11 of the Exchanges and Clearing Houses (Merger) Ordinance provides that no person shall be the chairman of a recognised exchange controller unless he has the approval in writing of the Chief Executive. HKEx is deemed to be a recognised exchange controller under section 19 of the Ordinance.

Announcing the approval, the Secretary for Financial Services, Mr Rafael Hui said, "Mr Charles Lee has made invaluable contribution to the local securities and futures market over the years. His leadership commands general support and respect by the industry. We are confident that with the steer of Mr Lee, the HKEx would strive to achieve excellence in the global exchange business and further enhance our market competitiveness in the face of the challenges of globalisation and technological advances."

"We are also confident that under the leadership of Mr Lee the board of HKEx would be able to strike a proper balance between its commercial and public objectives in the performance of its businesses and functions," Mr Hui added.

Mr Charles Lee was the chairman of the Stock Exchange of Hong Kong Limited from 1992 to 1994. He was appointed director and chairman of the HKEx upon its inception in July 1999, and subsequently its preparatory board between October 1999 and April 4, 2000. Mr Lee is also one of the eight directors appointed earlier by the Financial Secretary under the Merger Ordinance to the board of HKEx to represent public and market interests. Mr Lee is a lawyer by profession and a member of the Executive Council.

The approval for Mr Lee's chairmanship takes immediate effect and will last until the end of the Annual General Meeting of the HKEx to be held in 2003.

End/Wednesday, April 12, 2000

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