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The Chief Executive has re-appointed the chairman and four members and appointed a new member to the Process Review Panel (PRP) for the Financial Reporting Council (FRC) for a new term commencing on November 1. The appointments are gazetted today (October 22).
The panel in the new term will consist of a chairman and five members. The Government has re-appointed the Chairman, Mr Edmund Leung Kwong-ho; three existing members, namely Ms Elizabeth Law, Mr Peter Lo Chi-lik, and Mr Joseph Pang Yuk-wing; as well as the ex officio member who is Chairman of the FRC, Ms Sophia Kao Ching-chi. Ms Angelina Agnes Kwan is the newly appointed member.
The Chairman and all members, except Ms Kao, are appointed for a term of three years from November 1, 2010, to October 31, 2013. The length of Ms Kao's PRP membership will be co-terminus with her FRC chairmanship, which will expire on November 30, 2012.
The independent and non-statutory PRP for the FRC was established in 2008. It reviews cases handled by the FRC and considers whether the actions taken by the FRC are fair and are consistent with its internal procedures and guidelines. It also submits regular reports to the Secretary for Financial Services and the Treasury.
"The PRP for the FRC safeguards the transparency and accountability of the work of the Council," a government spokesman said.
"The PRP's work directly contributes to ensuring the integrity of our financial reporting regime. We look forward to continuing to work closely with the panel in the coming years to safeguard Hong Kong's competitiveness and success as an international business and financial centre," the spokesman added.
Ends/Friday, October 22, 2010
Issued at HKT 10:01
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