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The Secretary for Financial Services and the Treasury, Professor K C Chan, today (October 31) announced that the Chief Executive had approved the establishment of the Process Review Panel for the Financial Reporting Council (FRC) with effect from tomorrow (November 1).
The independent and non-statutory panel for the FRC will review cases handled by the FRC and consider whether the actions taken by the FRC are fair and are consistent with its internal procedures and guidelines.
"The panel for the FRC will enhance the transparency and accountability of the work of the FRC," Professor Chan said.
The Chief Executive had approved the appointment of Mr Edmund Leung Kwong-ho as the inaugural chairman of the PRP while Chairman of the FRC Ms Sophia Kao is appointed as an ex-officio member. Other members are Ms Elizabeth Law, Mr Peter Lo Chi-lik; and Mr Joseph Pang Yuk-wing. The appointments are for a term of two years from November 1, 2008 to October 31, 2010.
The FRC, which became fully operational last July, is the statutory body responsible for investigating auditing irregularities and accounting non-compliances of companies and collective investment schemes listed in Hong Kong. It plays a key role in enhancing the corporate governance and the financial reporting regime of Hong Kong and reinforcing our position as an international financial and business centre.
In addition to advising the FRC, the panel will submit regular reports to the Secretary for Financial Services and the Treasury.
The establishment of and appointment to the Process Review Panel for the FRC were published in the Gazette today (October 31).
Ends/Friday, October 31, 2008
Issued at HKT 16:30
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