Wu takes helm at Hong Kong pensions overseer

Anna Wu Hung-yuk will start a two-year term as chairperson of Hong Kong's Mandatory Provident Fund Schemes Authority (MPFA) on March 17.

Wu takes over from Henry Fan, the managing director of the Chinese conglomerate Citic Pacific, who stepped down on October 24 last year following a government probe into the financial management of Citic Pacific. Citic Pacific reported it had lost nearly $2 billion from speculative currency derivatives trades late last year (Asia Risk, November 2008).

Wu served the MPFA as a non-executive director between 1998 and 2005. She is currently a member of the executive council of the Hong Kong, the policy-making body that reports to the chief executive. She has also served as a chairwoman of the Equal Opportunities Commission, the Consumer Council, and the operations review committee of the Independent Commission Against Corruption.

The MPFA is the statutory body overseeing the compulsory private pension funds set up by Hong Kong companies, which held assets worth a total of HK$209.4 billion ($27 billion) at the end of 2008.

See also:

Citic Pacific plummets after $2 billion derivatives loss