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In response to the Government's appointments and re-appointment to the Mandatory Provident Fund Schemes Authority (MPFA), the Authority issues the following statement:

The Government has announced the appointment of the Hon Henry Fan Hung-ling to take over from Hon Charles Lee Yeh-kwong as the Chairman of the Mandatory Provident Fund Schemes Authority (MPFA) starting from 17 March 2007.

Having led the MPFA for eight and a half years, the founding Chairman of the MPFA, the Hon Charles Lee Yeh-kwong, will retire as Chairman from 17 March 2007. The Board of Directors and the staff of the MPFA welcome the new appointment of Mr Fan as the new Chairman of the MPFA while at the same time would like to express their sincere gratitude for Mr Lee's inspiring leadership. Being the founding Chairman of the MPFA, Mr Lee has provided excellent guidance and unwavering support to both the Board of Directors as well as the staff of the MPFA. In addition to taking the organization through its formative years, Mr Lee has been at the helm of many milestone developments of the MPF System, laying down a solid foundation for the System's continued growth and development.

The Directors and staff of the MPFA feel much privileged and fortunate to be able to work under the leadership of Mr Lee, and witness the success of the MPF's launch and its remarkable development.

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6 February 2007