Appointment of New Chief Executive of Hong Kong Monetary Authority

For more information, please contact:
Melissa Ng /David Hsieh at 212-752-3320
Daniel McAtee at 202-238-6360
Wing Yan Tong at 415-835-9315

July 17, 2009 - Hong Kong Financial Secretary, Mr. John C Tsang, today announced the appointment of Mr. Norman Chan as the Chief Executive of the Hong Kong Monetary Authority (HKMA) with effect from October 1, 2009.

Mr. Tsang said: “Norman has a deep understanding of Hong Kong’s financial markets and banking supervision. He is also conversant with the operation of the financial markets overseas and in the Mainland.

“He will be able to assist me in managing the Exchange Fund effectively and provide me with professional advice in the area of monetary policy and other financial matters. In addition, Norman has wide experience in public administration and is familiar with the operation of the Government. He is an ideal person for this position,” said Mr. Tsang.

The Financial Secretary said that after consultation with the Governance Sub-Committee of the Exchange Fund Advisory Committee, he has decided to fix the term for the new HKMA Chief Executive at five years.

He has also decided to set the annual fixed pay of the new HKMA Chief Executive at HK$6 million, applicable throughout his five-year term. The maximum level of the performance linked variable pay will be set at HK$1.5 million for the first year. The total pay package of the new HKMA Chief Executive will be 32 per cent lower than that of the incumbent.

The Financial Secretary has also decided to extend the post-termination control period of the new HKMA Chief Executive from six months to a year.

The Financial Secretary took the opportunity to thank Mr. Joseph Yam for his contributions over the years to Hong Kong, and wish him well in his future endeavors.

Biography of Mr Norman T.L. Chan
Aged 55. Mr. Chan joined the Administrative Services of the Hong Kong Government in 1976. In 1991, he was appointed Deputy Director (Monetary Management) of the Office of the Exchange Fund. He became an Executive Director of the HKMA in 1993 and served as Deputy Chief Executive of the HKMA between 1996 and May 2005. In December 2005 - June 2007, Mr. Chan joined the Standard Chartered Bank as Vice Chairman, Asia. He was appointed Director of the Chief Executive Office of the Hong Kong Government in July 2007.