Press release
Appointments and re-appointments to MPFA
Tuesday, February 6, 2007
The Chief Executive has appointed Mr Henry Fan Hung-ling as the new Chairperson of the Mandatory Provident Fund Schemes Authority (MPFA) for a term of two years starting from March 17, 2007.
Announcing the appointment today (February 6), the Financial Secretary, Mr Henry Tang, said Mr Fan was a top business and financial leader in Hong Kong, whose rich experience and knowledge in both fields was widely recognised. "With an exemplary record of public and community services, Mr Fan has the vision, leadership and capability to further the healthy and sustainable development of the Mandatory Provident Fund (MPF) System in Hong Kong."
"We would like to express our sincere thanks to Mr Charles Lee for his invaluable contributions in steering the MPFA since its inception in 1998 and laying a robust foundation for its continued development. He has played a pivotal role in the smooth introduction of MPF System, particularly during the critical initial period when the economic situation was less favourable. He then took the system through a number of milestone developments, putting it on an unwavering track in accumulating wealth for the retirement protection of Hong Kong's working population," Mr Tang said.
Also announced today were the re-appointments by the Financial Secretary of eight incumbent non-executive directors for a further term of two years starting from March 17, 2007. They are Mr Leo Kung Lin-cheng, Mrs Angelina Lee Wong Pui-ling, Mr David Sun Tak-kei, Mr Tam Yiu-chung, Mr Kenneth Ting Woo-shou, Mr Wong Ting-kwong, the Secretary for Economic Development and Labour and the Secretary for Financial Services and the Treasury.
The Financial Secretary has also appointed Mr Li Fung-ying as a new non-executive director for a term of two years starting from March 17, 2007, replacing Mr Lee Kai-ming who has served the MPFA with dedication since 1998.
"We are confident that the MPFA, under the leadership of Mr Fan and the rich experience and expertise of its other 15 directors, will continue to carry out its statutory role effectively and efficiently," Mr Tang said.
Until December, 2006, the MPF System covered more than 2.3 million scheme members. Total net asset values of all MPF approved constituent funds amounted to more than $200 billion (including assets transferred from the voluntary occupational retirement schemes).
The MPFA, established in September, 1998, under the Mandatory Provident Fund Schemes Ordinance, is the statutory body responsible for the regulation and supervision of the MPF System, which is a vital part of our three-pillar approach to retirement support. It also regulates occupational retirement schemes established on a voluntary basis.
Following is the membership list of the MPFA (effective from March 17, 2007)
Chairperson
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The Honourable Henry Fan Hung-ling, SBS, JP
Non-Executive Director
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Mr Edward Chan King-sang, SC, JP
Mr Leo Kung Lin-cheng, JP
Mrs Angelina Lee Wong Pui-ling, JP
The Hon Li Fung-ying, BBS, JP
Mr David Sun Tak-kei, BBS
The Hon Tam Yiu-chung, GBS, JP
Mr Kenneth Ting Woo-shou, SBS, JP
The Hon Wong Ting-kwong, BBS
Secretary for Economic Development and Labour (Permanent Secretary for Economic Development and Labour (Labour) as an alternate)
Secretary for Financial Services and the Treasury (Permanent Secretary for Financial Services and the Treasury (Financial Services) as an alternate)
Executive Directors
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Mrs Diana Chan, JP (Managing Director)
Ms Hendena Yu (Chief Operating Officer (Enforcement))
Mr Darren McShane (Executive Director (Regulation & Policy))
Mr Jimmy Woo (Executive Director (Supervision))
Mr Thomas Yiu (Executive Director (Corporate Services))
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