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The Chief Executive has approved the appointment of
Mr Andrew Sheng Len-tao as the next Chairman of the Securities and Futures Commission (SFC), the Secretary for Financial Services, Mr Rafael Hui, announced today. The Chief Executive has also approved a short extension of the term of the incumbent Chairman, Mr Anthony Neoh, S.C., by three months to September 30, 1998.
Mr Sheng is currently the Deputy Chief Executive of the Hong Kong Monetary Authority (HKMA) responsible for the Reserves Management and the External Department. His appointment will take effect from October 1, 1998 to September 30, 2001, both dates inclusive. The appointment of Mr Sheng and the extension of Mr Neoh's appointment were both made under section 5(1) of the Securities and Futures Commission Ordinance (Cap. 24).
Mr Neoh was first appointed as the Chairman of the Commission in February 1995 initially for a term until June 1997 which was subsequently extended by one year to end June 1998. He has earlier on indicated his wish to retire from the Commission when the current term expires.
"The Chairmanship of the Securities and Futures Commission is one of the key posts within the regulatory framework of the financial sector of Hong Kong. To ensure that the recruitment exercise returns the most qualified person to do the job, we have conducted a widest possible search both locally and overseas with the assistance of an executive search consultant," Mr Hui said.
As part of the open recruitment drive, advertisements were placed in a number of local and overseas publications. A large number of potential candidates were also identified through market search by the recruitment consultant.
Mr Sheng had worked for 13 years with the Central Bank of Malaysia and was promoted to the rank of Assistant Governor of the Bank in 1984, with responsibilities at different times for economic research, accounting and branches, and bank and insurance regulation. Between 1989 and 1993, Mr Sheng worked in the World Bank under secondment as Senior Financial Specialist, Division Chief and Senior Manager. Mr Sheng joined the HKMA as a Deputy Chief Executive in October 1993 and is responsible for the Reserves Management Department, the External Department as well as the Information Technology Division. He has also been responsible for the Land Fund Office since July 1997.
"Mr Sheng is well-respected in the financial sector both locally and overseas due to his extensive experience in central banking and investment management. We trust Mr Sheng will bring a wealth of unique experience and expertise in the financial sector to the Commission and help position the Commission to meet the many new challenges that are to come in the run up to the new millennium," Mr Hui remarked.
Mr Hui also paid tribute to Mr Neoh's service throughout his tenure. "Mr Neoh's professionalism and commitment have enabled the Commission to perform its functions effectively. He has also contributed to the development of the SFC and to significantly enhancing the reputation of Hong Kong as an international financial centre. The financial market of Hong Kong has benefited from his leadership and dedication," Mr Hui said. "We are also most grateful for his willingness to adjust his personal plans to accommodate the short extension".
A high-powered selection panel was set up under the chairmanship of the Financial Secretary to consider and identify a suitable candidate for recommendation for appointment by the Chief Executive. Other members of the panel include Mr Charles Lee, Mr Antony Leung, Mr Roderick Chalmers, Mr Henry Fan and Mr Hui himself.
"It was a difficult task as the competition was keen and the persons shortlisted for interviews are all well qualified," Mr Hui commented. "After thorough consideration, the panel reached a unanimous decision in favour of Mr Sheng." Other shortlisted candidates come from Australia, the UK, and the US.
End/Friday, June 26, 1998
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