Hong Kong Exchanges and Clearing Limited (HKEx) has noted media reports about its salary review. The following statement is in response to media enquiries about the reports.

The Board of Directors of HKEx approved yesterday an average increase of 2.5 per cent following the latest pay review exercise.  In addition, the Board has approved an amount equal to about 1.5 per cent of this year's salary costs for promotions and the retention of good performers. Salary revisions under this scheme will take effect from 1 January 2005.

The Board has also approved a performance bonus pool of $50 million. Permanent staff will be eligible for a performance bonus. An average of one month's salary will be granted to staff members who have achieved their performance targets, and an additional amount will be awarded to good performers and those who made special contributions. The performance bonus will be distributed with the January payroll.