Hong Kong Exchanges and Clearing Limited (HKEx) welcomes the Government's appointment of Mr Chow Chung-kong and Mr Tim Freshwater and reappointment of Mr Ronald Arculli to its Board. Mr Chow and Mr Freshwater will each have a term of two years, and Mr Arculli is appointed for a term of one year; their terms will all start from the conclusion of HKEx's Annual General Meeting (AGM) on 23 April 2012 and end at the conclusion of the AGM in 2014 and 2013 respectively.
"I look forward to serving on the Board and working with other Directors and management to ensure HKEx meets its obligations to the public and delivers value to its shareholders," said Mr Chow.
"HKEx is widely recognised as one of the leaders in the Hong Kong and global financial field. It is my honour to rejoin HKEx and I will do my utmost to carry out my duties as a Director to contribute to the continued growth and success of HKEx and its markets," said Mr Freshwater.
"I have always been a firm believer that HKEx has a pivotal role in Hong Kong's position as a global financial centre. I therefore very much welcome the appointment of Messrs Chow and Freshwater as they will bring not just local but also international experience to HKEx. My reappointment for one year allows me to continue as Chairman of the World Federation of Exchanges (WFE) at a crucial stage of reform recently undertaken by the WFE to enhance its role as the global advocate for its 50-plus membership of regulated exchanges amid the rapidly developing changes in the world's financial markets. At the same time I can continue to participate in projects which are ongoing at HKEx," said Mr Arculli, Chairman of HKEx.
HKEx's Board will meet after this month's AGM to appoint a chairman from its members. Pursuant to Article 111(2) of HKEx’s Articles of Association and Section 69 of the Securities and Futures Ordinance, the appointment of HKEx Chairman is subject to the written approval of the Chief Executive of the Hong Kong Special Administrative Region. Mr Arculli is completing his third consecutive term as HKEx Chairman, which makes him ineligible for reappointment to that position this year.
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