Hong Kong SFC appoints chairman

Hong Kong’s Securities and Futures Commission (SFC) has appointed Eddy Fong as chairman with effect from October 20. The position had been vacant since late June, when previous chairman Martin Wheatley became chief executive.

Fong is the commission’s first non-executive chairman – the role of chief executive and chairman had previously been combined – and has served as its non-executive director and chairman of the audit committee since January 2005. An SFC spokesperson said it will be determined later whether Fong will remain chairman of the audit committee.

As chairman, Fong will lead the commission in setting its overall directions, policies, strategies, agendas and priorities, and also in monitoring the executive arm’s implementation of board objectives. He continues to sit on the remuneration committee, investor compensation fund committee, takeovers and mergers panel and other committees.

“With his extensive knowledge and experience in Hong Kong’s financial and securities market, he will be in a position to ensure that the SFC continues to fulfill this responsibility,” said Wheatley.