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MPFA Approves New Organizational Structure
The Management Board of the Mandatory Provident Fund Schemes Authority (MPFA) today (10 May 2001) approved proposals for the re-organisation of the regulatory body. The restructuring will commence in June and will be completed in September 2001.
The chairman of MPFA, the Hon. Charles Lee Yeh-kwong, said the successful launch of the MPF System on 1 December 2000 had marked the completion of the preparatory and implementation phases of the MPFA’s work.
“Our major tasks ahead are to consolidate the work of the Authority, to promote MPF investment products and investment education, as well as to increase productivity thereby enhancing operational efficiency and containing costs. The new structure will enable the MPFA to discharge its responsibilities and meet new challenges more effectively and efficiently,” he added.
Deputy Managing Director Mr Alan Wong, a civil servant on secondment, will be leaving the MPFA in June for a new Government posting. The post of the Deputy Managing Director will be abolished upon his departure. The Management Board thanked Mr Wong for his contribution during the crucial stage of the Authority’s inception and the implementation of the MPF System, and wished him well in his future endeavours.
Two Chief Operating Officer (COO) posts will be set up to oversee the Operations and Corporate Affairs Branches. Executive Directors Ms Hendena Yu and Mrs Diana Chan will assume the roles of COO (Compliance) and COO (Corporate Affairs) in addition to their own responsibilities.
Under the new structure, the roles and functions of the ORSO Schemes Division, the Service Supervision Division and the Member Protection Division will be realigned. They will be replaced by the Policy and Development Division, the Regulation and Supervision Division, and the Enforcement Division.
The organisational structure review was commissioned in-house earlier this year. The proposals had been reviewed by the Administration Committee and the Finance Committee of the MPFA, before approval by the Management Board at today’s meeting.
– Ends –
10 May 2001
