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The Government announced today (December 7) that the Chief Executive has re-appointed Mr Nicholas Robert Sallnow-Smith as the acting Chairman of the Financial Reporting Council (FRC) in the event that the Chairman is not able to perform the functions of his office as Chairman as a result of his disclosure of interests. The appointment is made pursuant to section 3(1) of Schedule 2 to the FRC Ordinance (Cap. 588) and shall come into effect whenever the need arises for Mr Sallnow-Smith to act during the period from today until November 30, 2017. Mr Sallnow-Smith has been a lay member of the FRC since December 1, 2012.
Established under the FRC Ordinance, the FRC is an independent statutory body 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.
Ends/Monday, December 7, 2015
Issued at HKT 16:05
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