Appointments to Mandatory Provident Fund Schemes Authority and Mandatory Provident Fund Schemes Advisory Committee
The Chief Executive, in exercise of her authority under the Mandatory Provident Fund Schemes Ordinance (Cap 485) (MPFSO), has re-appointed Dr David Wong Yau-kar as the Chairman and a non-executive director (NED) of the MPFA.
At the same time, the Financial Secretary, in exercise of the authority under the MPFSO delegated to him by the Chief Executive, has appointed Mr Lam Chun-sing as an NED of the MPFA. He has also re-appointed eight incumbent NEDs, namely Mr Chan Kam-lam, Dr Bankee Kwan Pak-hoo, Mrs Ayesha Macpherson Lau, Mr Abraham Shek Lai-him, Professor Simon Wong Kit-lung, Mr Kingsley Wong Kwok and two official NEDs.
The appointment and re-appointments will take effect on March 17, 2019, for a term of two years and run until March 16, 2021, both dates inclusive.
Announcing the appointment and reappointments, the Secretary for Financial Services and the Treasury, Mr James Lau, said, "Under the distinguished leadership of Dr Wong, the MPFA has pursued a multitude of reform measures to the Mandatory Provident Fund (MPF) system to achieve its vision of building a retirement savings system that is valued by Hong Kong people. Such measures include launching the fee-controlled Default Investment Strategy and pursuing the eMPF Centralised Platform to maximise operational efficiency so as to create room for fee reduction. We will continue to count on Dr Wong's leadership to take forward the eMPF project and other critical reform proposals.
"We also welcome Mr Lam Chun-sing to the MPFA. With his good mix of expertise and experience in the MPFA's Management Board, I am confident that the MPFA will climb new heights in further improving the robustness of the MPF System."
Mr Lam is the incumbent chairman of the Federation of Hong Kong and Kowloon Labour Unions. He has been a member of the MPFSAC since 2015. Mr Lam is also a Member of the Protection of Wages on Insolvency Fund Board and has been actively involved in labour affairs.
Separately, the Financial Secretary, under delegated authority from the Chief Executive, has appointed Mr Emil Yu Chen-on and Mr Lee Wing-man to the MPFSAC. Mr Yu is an employer member of the Labour Advisory Board and Mr Lee is a District Councillor of Sham Shui Po District.
The Financial Secretary has also re-appointed six incumbent members of the MPFSAC, namely Mr Karson Choi Ka-tsan, Ms Chow Yuen-yee, Mr Kenneth Leung Kai-cheong, Dr Pan Pey-chyou, Mr Philip Tsai Wing-chung and Ms Winnie Wong Chi-shun. The appointments and re-appointments will take effect on March 30, 2019, for a term of two years and run until March 29, 2021, both dates inclusive.
Mr Lau expressed his gratitude towards Mr Poon Siu-ping, outgoing NED of the MPFA, and Dr Roy Chung Chi-ping and Mr Lam Chun-sing, outgoing members of the MPFSAC, for their dedicated service.
The MPFA is a statutory body established in September 1998 under the MPFSO for the regulation and supervision of the MPF System. The MPF System commenced operation in December 2000, covering more than 2.8 million scheme members with a total net asset value of more than $813 billion as at the end of December 2018.
Following is the membership of the MPFA with effect from March 17, 2019:
Dr David Wong Yau-kar
Ms Alice Law Shing-mui
Mr Chan Kam-lam
Ms Yvonne Cheng Wai-sum
Dr Bankee Kwan Pak-hoo
Mr Lam Chun-sing
Mrs Ayesha Macpherson Lau
Mr Abraham Shek Lai-him
Professor Simon Wong Kit-lung
Mr Kingsley Wong Kwok
Secretary for Financial Services and the Treasury (Permanent Secretary for Financial Services and the Treasury (Financial Services) as alternate)
Secretary for Labour and Welfare (Permanent Secretary for Labour and Welfare as alternate)
Mr Cheng Yan-chee
Ms Cynthia Hui Wai-yee
Ms Gabriella Yee Gar-bo
The MPFSAC is a statutory committee established under the MPFSO. It advises the MPFA with respect to the operation of the MPFSO as well as the effectiveness and efficiency of the MPFA.
Following is the membership of the MPFSAC with effect from March 30, 2019:
Mr Ip Kwok-him
Ms Alice Law Shing-mui
Mr Karson Choi Ka-tsan
Ms Chow Yuen-yee
Mr Lee Wing-man
Mr Kenneth Leung Kai-cheong
Dr Pan Pey-chyou
Mr Philip Tsai Wing-chung
Ms Winnie Wong Chi-shun
Mr Emil Yu Chen-on
Ends/Friday, March 15, 2019
Issued at HKT 16:00
Issued at HKT 16:00