At the Board meeting today (Thursday), Ronald Arculli was appointed the Chairman of Hong Kong Exchanges and Clearing Limited (HKEx) to succeed Charles Lee who retired after the annual general meeting held yesterday (the AGM). Pursuant to Section 69 of the Securities and Futures Ordinance (SFO), the appointment of Ronald Arculli as the Chairman will take effect subject to the written approval of the Chief Executive of Hong Kong Special Administrative Region (HKSAR).
The Board has also today considered and appointed members to various Committees and Consultative Panels.
Executive Committee (Exco)
Ronald Arculli has assumed the chairmanship pursuant to the Exco’s terms of reference. Vincent Lee was appointed as a member to succeed Dannis Lee who retired after the conclusion of the AGM. Fong Hup was appointed as a member upon the Board’s approval of changing the composition of the Exco to comprise solely of board members. The revised terms of reference have been posted on HKEx’s corporate website.
Audit Committee (AC)
Moses Cheng was appointed a member to replace Henry Fan who has resigned from the AC.
Investment Advisory Committee
Henry Fan was appointed the chairman to succeed Tim Freshwater who retired after the conclusion of the AGM. Laura Cha was appointed as an additional member.
Nomination Committee (NC), Disciplinary Appeals Committee (DAC) and Listing Nominating Committee (LNC)
Ronald Arculli was appointed the chairman of the NC of HKEx and a member of the DAC and the LNC of The Stock Exchange of Hong Kong Limited to succeed Charles Lee.
Remuneration Committee
Marvin Cheung was appointed the chairman to succeed Lo Ka Shui who retired after the conclusion of the AGM. Moses Cheng, Fong Hup, Vincent Lee and Christine Loh were appointed as members following the retirement of Dannis Lee after the conclusion of the AGM and upon the Board’s approval to increase the number of committee members from three to five. The updated terms of reference have been posted on HKEx’s corporate website.
Risk Management Committee
Subject to the approval of the Chief Executive of HKSAR, Ronald Arculli will assume the chairmanship pursuant to Section 65 of the SFO.
Cash Market Consultative Panel (CMCP)
Vincent Lee and Marvin Cheung were appointed the chairman and deputy chairman respectively to succeed Dannis Lee and Tim Freshwater who retired after conclusion of the AGM.
Clearing Consultative Panel (CCP)
Fong Hup, the former deputy chairman, was appointed the chairman to succeed Vincent Lee who has taken up the position as the chairman of the CMCP and Oscar Wong was appointed the deputy chairman to succeed Fong Hup.
Derivatives Market Consultative Panel
Christine Loh was appointed the deputy chairman to succeed Marvin Cheung who was appointed as the deputy chairman of the CMCP.
Panel Member Nomination Committee (PMNC)
As the PMNC comprises the three chairmen of the Consultative Panels and two directors. Laura Cha was appointed as a member to succeed Fong Hup after the latter has taken up the position as the chairman of the CCP.
Term of Service
The term of service of each director at each committee or panel shall be co-terminous with individual's term of directorship with HKEx.
The updated member list of the Committees and Consultative Panels are set out below.
Members of the Committees and Consultative Panels of HKEx