Appointments to Financial Reporting Council
*******************************************
Re-appointment of Members
Mr Nicholas Robert Sallnow-Smith (for one year)
Mr Sin Chung-kai (for one year)
Mr David Peter Robert Stannard (for one year)
Dr Kelvin Wong Tin-yau (for two years)
Re-appointment of Temporary Members (for two years)
Mr Edward Kwan Pak-chung
Mr Michael William Scales
Appointment of New Temporary Members (for two years)
Mr Stephen Hung Wan-shun
Ms Rosita Lee Pui-shan
Re-appointment of Acting Chairman (for one year)
Mr Nicholas Robert Sallnow-Smith
Mr Sallnow-Smith will be the Acting Chairman 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 of the Acting Chairman will come into effect whenever the need arises for Mr Sallnow-Smith to act during the period.
Announcing the appointments, the Secretary for Financial Services and the Treasury, Mr James Lau, said, "The FRC is tasked with the important duties of enhancing the regulation of the accounting profession and the quality of financial reporting of entities listed in Hong Kong. We are confident that the FRC will continue to discharge its statutory functions effectively to reinforce Hong Kong’s position as an international financial and business centre."
Mr Lau also expressed his heartfelt gratitude to the outgoing temporary members of the FRC, Mr Vincent Duhamel and Mr Shum Man-to, for their dedicated services and valuable contributions to the FRC.
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-compliances with accounting requirements, in relation to listed entities in Hong Kong.
The FRC comprises 11 members, including two ex-officio members (the Registrar of Companies and the Chief Executive Officer (CEO) of the FRC). The Members and Temporary Members of the FRC are appointed by the Financial Secretary under delegated authority.
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. The Temporary Members of the FRC will serve on a rotating basis in the event that an appointed Member is not able to perform the functions of his office as Member as a result of his disclosure of interests.
In addition, 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 Chairman during the absence, incapacity or vacancy.
The membership list of the FRC with effect from December 1, 2017 is as follows:
Chairman
Dr John Poon Cho-ming
Members (in alphabetical order of surname)
Mr Ignatius Chan Tze-ching
Mr Wilson Fung Ying-wai
Mr Nicholas Robert Sallnow-Smith
Mr Sin Chung-kai
Mr David Peter Robert Stannard
Mr Wong Kai-man
Dr Kelvin Wong Tin-yau
Ms Eirene Yeung
Ex-officio Members (in alphabetical order of surname)
Ms Ada Chung Lai-ling (in the capacity as the Registrar of Companies)
Mr Paul F Winkelmann (in the capacity as the CEO of the FRC)
The Temporary Members of the FRC with effect from December 1, 2017 are (in alphabetical order of surname):
Mr Stephen Hung Wan-shun
Mr Edward Kwan Pak-chung
Ms Rosita Lee Pui-shan
Mr Michael William Scales
Ms Anna Wong Wai-kwan
Ends/Thursday, November 30, 2017
Issued at HKT 16:00
Issued at HKT 16:00
NNNN