*********************************************************
The Government announced today (September 18) that the Chief Executive has appointed Mr Nicholas Robert Sallnow-Smith as the acting Chairman of the Financial Reporting Council (FRC) under the FRC Ordinance (Cap. 588) for the period from September 21, 2015, to November 30, 2015, in the event that the incumbent Chairman, Dr John Poon Cho-ming, is not able to perform the functions of his office as Chairman as a result of his disclosure of interests. Mr Sallnow-Smith has been a lay member of the FRC since December 1, 2012.
Separately, the Financial Secretary, exercising the powers delegated by the Chief Executive under the FRC Ordinance, has appointed Mr Vincent Duhamel and Professor Wong Tak-jun to serve as temporary members of the FRC during the period from September 21, 2015, to November 30, 2017. The temporary members will serve on a rotating basis in the event that the FRC is not able to meet the statutory quorum for a meeting in which any of the appointed members cannot perform the functions of his office as member as a result of his disclosure of interests.
The FRC is an independent statutory body established in December 2006 to investigate possible auditing and reporting irregularities as well as to enquire into possible non-compliance with accounting requirements in relation to listed entities in Hong Kong.
Section 53 of the FRC Ordinance requires any member who has disclosed an interest in a matter under consideration by the FRC to be absent during any deliberation of the matter unless the Council determines otherwise.
Section 3(1) of Schedule 2 to the FRC Ordinance provides that if the Chairman is unable to perform the functions of his office because of his absence from Hong Kong or any other reason, the Chief Executive may appoint another appointed member of the FRC who is a lay person to act as the Chairman during the absence, incapacity or vacancy.
Furthermore, pursuant to Section 3(2) of Schedule 2 to the FRC Ordinance, if an appointed member of the Council is unable to perform the functions of his office because of his absence from Hong Kong or any other reason, the Financial Secretary may, under the delegated authority of the Chief Executive, appoint another person to be a temporary member in his place during his absence or incapacity.
Section 6(4) of Schedule 2 to the FRC Ordinance provides that the quorum of a meeting of the FRC is two-thirds of the members of the Council.
Ends/Friday, September 18, 2015
Issued at HKT 16:08
NNNN
