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3. Corporate governance
   • Governance structure
     • Chairman's role and responsibilities
     • CEO's role and responsibilities
   • Principles
   • Independent panels and tribunals
   • Performance pledges
   • Statement on responsible ownership
4. Governance structure
   • Chairman's role and responsibilities
   • CEO's role and responsibilities

The Board

The Board provides strategic guidance and sets the overall direction and policies for the organisation. Board meetings are held at least once a month.

Board members are appointed for a fixed term by the Chief Executive of the Hong Kong Special Administrative Region or the Financial Secretary under delegated authority. The Board comprises a Non-Executive Chairman, a Chief Executive Officer (CEO), a Deputy CEO, other Executive Directors (EDs) and Non-Executive Directors (NEDs). The NEDs, who come from a range of professional backgrounds, form the majority of the Board.

The roles of SFC Chairman and CEO have been segregated since the enactment of the Securities and Futures (Amendment) Ordinance 2006. The Chairman leads the Board in setting the SFC’s overall direction, policies and strategies and in monitoring the performance of the executive arm in fulfilling the objectives, policies and strategies set by the Board. The CEO develops strategic objectives, including setting the SFC’s agenda and priorities, and implements these objectives as agreed with the Board. He also reports regularly to the Board, assigns responsibilities to the senior management and supervises their work.

Roles and responsibilities:

• Chairman
• CEO

Executive Committee

Led by the CEO, the Executive Committee (ExCo) comprises all the division heads. As the highest executive body within the SFC, the ExCo is charged with administrative, financial and management responsibilities delegated by the Board.

Internal controls and external checks

Our NEDs play an important role in our Board committees. All members of the Audit Committee and the Remuneration Committee are NEDs. On the Budget Committee and Investment Committee, all voting members are NEDs while two EDs serve in a non-voting capacity.

In addition, external scrutiny by independent bodies helps ensure that we uphold fairness and observe due process. These include statutory rights of appeal, judicial review and scrutiny by independent panels and tribunals, including the Process Review Panel, the Ombudsman and the Independent Commission Against Corruption.

These internal controls and external checks ensure that our policies and procedures follow best corporate governance practices.

Last update: 21 Jun 2024