The Government has appointed Mrs Laura Cha Shih May-lung and Mr Benjamin Hung Pi-cheng as members of the Board of the Hong Kong Exchanges and Clearing Limited (HKEX) for a term of about two years from the conclusion of the Annual General Meeting (AGM) of the HKEX in 2018 until the conclusion of the AGM of the HKEX in 2020.

     Announcing the appointments, the Financial Secretary, Mr Paul Chan, said today (February 12), "Appointments to the Board of the HKEX represent an important safeguard of the interest of the public. Mrs Cha and Mr Hung are both well-respected figures with extensive experience in the financial and business services sector as well as in public services.

     "Mrs Cha is a member of the Executive Council, the Chairman of the Financial Services Development Council and a member of the Financial Leaders Forum. She is also the non-executive Deputy Chairman of Hongkong and Shanghai Banking Corporation Limited. I believe that her diverse experience in the financial services fields in Hong Kong and the Mainland, strong expertise in the securities markets and excellent connections with different sectors of the financial services industry will be an invaluable asset to the HKEX.
 
     "Mr Hung is the Chief Executive Officer for Greater China and North Asia Region of Standard Chartered Bank, and a member of the Financial Services Development Council and the Exchange Fund Advisory Committee. With his experience in the corporate world and strong expertise in the financial services sector, I believe that he will contribute to the HKEX's strategies to enhance its competitiveness and risk management policies."

     The Board of the HKEX comprises a maximum of six directors elected by shareholders, the Chief Executive of the HKEX, and a maximum of six directors appointed by the Financial Secretary.

     The other incumbent directors appointed by the Financial Secretary are Mrs Margaret Leung, Ms Anita Fung, Mr Rafael Gil-Tienda and Mr Stephen Yiu.

     "We trust that all the directors will work closely together to further the development of Hong Kong as a capital raising and risk management platform in the best interest of the public at large," Mr Chan said.

     Noting that Mr Chow Chung-kong and Mr Timothy Freshwater will retire from the HKEX Board after the conclusion of the AGM of the HKEX in 2018, Mr Chan expressed his gratitude to Mr Chow and Mr Freshwater for their dedicated services and invaluable counsel to the HKEX over the past six years.

     "Under Mr Chow's leadership as the Chairman of the HKEX over the past six years, the HKEX has launched many new initiatives, including the groundbreaking Stock Connect and Bond Connect schemes, to enhance its competitiveness and reinforce Hong Kong's role as a leading international financial centre serving China and the world. We are most grateful for his tremendous contribution.

     "We shall continue to count on Mr Chow and Mr Freshwater's support in furthering the development of the securities and futures markets of Hong Kong," Mr Chan said.

     The appointments are made under the Securities and Futures Ordinance. The Ordinance, together with the HKEX's Articles of Association, empowers the Financial Secretary to appoint not more than six persons to be members of the Board of Directors of the HKEX where the Financial Secretary is satisfied that it is appropriate to do so in the interest of the investing public or in the public interest.

Ends/Monday, February 12, 2018
Issued at HKT 16:30

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