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The Financial Secretary, in exercise of the authority under the Mandatory Provident Fund Schemes Ordinance (MPFSO) (Cap. 485) delegated by the Chief Executive, has re-appointed Ms Cynthia Hui Wai-yee and Mr Darren Mark McShane as Executive Directors of the Mandatory Provident Fund Schemes Authority (MPFA), holding the posts of Executive Director (Supervision) and the Chief Regulation and Policy Officer respectively, for terms of three years.
The term of Ms Hui will run from February 1, 2014, to January 31, 2017, while that of Mr McShane will run from March 25, 2014, to March 24, 2017.
Announcing the appointments today (January 30), a Government spokesman said, "With extensive experience in market regulatory supervision and policy formulation, Ms Hui and Mr McShane have contributed significantly to the work of the MPFA and in taking forward reforms of the Mandatory Provident Fund (MPF) System. We look forward to their continuing contribution to the work of the MPFA in their new terms."
Appointed as Executive Director since February 1, 2008, Ms Hui has been responsible for supervising and raising the compliance standards of the MPF industry. She will continue to assist the Chief Operating Officer in carrying out functions with a view to protecting the interest of scheme members.
Appointed as Executive Director since March 25, 2002, Mr McShane has been responsible for reviewing the regulatory matters and policies of the MPF System, including developing recommendations on refinements or reforms to the prevailing legislation. He will continue to be responsible for steering the long-term reforms and development of the MPF System.
The MPFA is a statutory body established in September 1998 under the MPFSO for the regulation and supervision of the MPF System.
The MPF System commenced operation in December 2000, with the objective of assisting the working population to accumulate retirement savings.
As at end-December 2013, the MPF System covered more than 2.6 million scheme members with a total net asset value of more than $514 billion.
Ends/Thursday, January 30, 2014
Issued at HKT 14:00
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