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The Financial Secretary, Mr John C Tsang, has appointed Mr Chow Chung-kong and Mr Timothy Freshwater as members of the Board of the Hong Kong Exchanges and Clearing Limited (HKEx) for a term of two years from April 23 until the end of the Annual General Meeting (AGM) of HKEx in 2014, and re-appointed Mr Ronald Arculli as member of the Board of HKEx for a term of one year from April 23 until the end of the AGM of HKEx in 2013.
Announcing the re-appointment and new appointments, Mr Tsang said today (April 10), "Appointments to the Board of HKEx represent an important safeguard of the interests of the public. Mr Arculli, Mr Chow and Mr Freshwater are well-respected figures in the business community and financial services sector, with excellent record of public service."
Mr Tsang added, "Mr Arculli has served as the Chairman of the Board of HKEx in the past six years and led HKEx in launching many new initiatives to enhance its competitiveness and strengthen Hong Kong's position as a major capital formation centre serving China and the world. We are most grateful for Mr Arculli's invaluable contribution."
Mr Arculli's contribution to the financial services sector is widely recognised. Under his leadership as the Chairman of the Board of HKEx, Hong Kong has stayed in the top spot in fundraising through initial public offerings and attracted companies from Russia, Brazil, Kazakhstan, France, Italy, the United States, etc, to list in Hong Kong for the first time. HKEx has ventured into an alliance with stock exchanges of BRICS countries and these exchanges have recently cross-listed their benchmark equity index derivatives in one another's market. Mr Arculli became the Chairman of the World Federation of Exchanges in October 2010 and will serve in that position until October 2012.
Mr Chow has extensive experience in public service and the operation of major corporations. He is currently the Deputy Chairman of the Hong Kong General Chamber of Commerce and was former Chief Executive Officer of the MTR Corporation Limited and a former member of the Hong Kong Tourism Board. His expertise in strategic planning and excellent connections with different sectors of the community will contribute to HKEx's strategies in expanding its sources of listing and promoting Hong Kong as the premier capital formation centre.
Mr Freshwater is a former Vice-Chairman of Goldman Sachs (Asia) LLC and a former member of the Hong Kong Trade Development Council. Mr Freshwater will contribute to enhancing the competitiveness of HKEx with his extensive experience and expertise in the financial services sector.
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 incumbent directors appointed by the Financial Secretary are Mr John Harrison, Mr Stephen Hui Chiu-chung and Mr Michael Lee Tze-hau.
"We are confident that all the directors will work closely together in the best interests of both HKEx and the public," Mr Tsang said.
"Mrs Laura Cha Shih May-lung and Mr Moses Cheng Mo-chi will retire from the Board of HKEx after its AGM on April 23. We are most grateful to them for their invaluable counsel and dedicated services to HKEx in the past six years. We shall continue to count on their support in furthering the development of the securities and futures market of Hong Kong," Mr Tsang added.
The re-appointment and appointments are made under the Securities and Futures Ordinance. 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 interests of the investing public or in the public interest.
Ends/Tuesday, April 10, 2012
Issued at HKT 17:00
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