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The Government today (November 27) announced the re-appointment of Ms Sophia Kao as the Chairman of the Financial Reporting Council (FRC), the re-appointment of four existing members and appointment of three new members to the FRC.
The appointments, made under the FRC Ordinance (Cap. 588), are for a term of three years effective from December 1.
The appointments to the FRC are:
Chairman:
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Ms Sophia Kao
Re-appointed members:
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Mr Moses Cheng Mo Chi
Mr Martin Hadaway
Mrs Sophie Leung
Mr Michael W Scales
New appointees:
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Mr Chew Fook Aun;
Mr Albert Li Kwok Ki; and
Mr Edward Kwan Pak Chung
In announcing the appointments, the Secretary for Financial Services and the Treasury, Professor K C Chan, said, "The FRC is an important initiative to enhance the regulation of the accounting profession and corporate governance of companies listed in Hong Kong.
"We are confident that, under the leadership of Ms Kao and the guidance of other council members, the FRC will continue to discharge its statutory functions effectively to reinforce Hong Kong's position as an international financial and business centre".
"We would also like to thank the three outgoing members, Mr Bunny Chan, Professor Judy Tsui and Mr Vernon Moore for their valuable contributions to the FRC," Professor Chan said.
The FRC is an independent statutory body established in December 2006 to investigate audit irregularities and accounting non-compliances of listed companies in Hong Kong.
The FRC comprises a maximum of 11 members, including two ex-officio members (the Registrar of Companies and the Chief Executive Officer of the FRC). The chairman is appointed by the Chief Executive and other members by the Financial Secretary under delegated authority, including three members on the nomination of the Securities and Futures Commission (SFC), the Hong Kong Exchanges and Clearing Limited (HKEx) and the Hong Kong Institute of Certified Public Accountants (HKICPA).
The FRC Ordinance further provides that a majority of members (including the non-executive chairman) of the FRC shall be "lay persons", i.e., non-accountants.
Following are the brief biographical notes on the appointees:
(1) Ms Sophia Kao
Ms Kao is the Chairman of the Women's Commission, Vice-Chairman of the Community Investment and Inclusion Fund Committee and Deputy Chairman of the Council of Lingnan University.
(2) Mr Moses Cheng Mo Chi (appointed on nomination of HKEx)
Mr Cheng is the senior partner of PC Woo & Co. He is a director of HKEx and past Chairman of the Listing Committee of the Stock Exchange of Hong Kong.
(3) Mr Martin Hadaway
Mr Hadaway is the Chief Executive of Sunridge Management Limited. He is a member of the Vocational Training Council.
(4) Mrs Sophie Leung
Mrs Leung is a member of the Legislative Council representing the Textile and Garment constituency.
(5) Mr Michael W Scales (appointed on nomination of SFC)
Mr Scales is the Corporation Secretary of The Hongkong and Shanghai Banking Corporation Limited.
(6) Mr Chew Fook Aun (appointed on nomination of HKICPA)
Mr Chew is a Council member of the HKICPA. He is an Executive Director and Group Chief Financial Officer of Esprit Holdings Limited.
(7) Mr Albert Li Kwok Ki
Formerly a partner of KPMG Hong Kong, his main responsibilities were technical advisory and audit. Mr Li has also served as an honorary advisor of the FRC.
(8) Mr Edward Kwan Pak Chung
Mr Kwan is a veteran participant of the Securities industry. He is a member of the Securities and Futures Appeal Tribunal.
Ends/Friday, November 27, 2009
Issued at HKT 16:33
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