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The Mandatory Provident Fund Schemes Authority (MPFA) named its Chief Operating Officer, Mrs Diana Chan, as acting managing director for one year from 1 July 2003.

Members of the Management Board were informed today (17 February) that the Secretary for Financial Services and the Treasury has agreed to the arrangement. The appointment is subject to approval by the Chief Executive, Special Administrative Region, as stipulated in the legislation.

The incumbent Managing Director, Mr Rafael Hui, will retire in June.

No suitable appointee had been identified in a recent executive search exercise to recruit a new Managing Director for the Authority. A new round of search will be conducted next year.

The Chairman of MPFA, Mr Charles Lee Yeh-kwong, said, “The MPF System is very crucial to Hong Kong, and it is essential that we select a suitable candidate to be the Managing Director of the MPFA. This acting arrangement will allow us more time to select the best candidate, whilst at the same time ensure the continuity of the Authority’s smooth operation and the stability of the organisation.”

Mr Rafael Hui joined the MPFA in June 2000 and had successfully launched the MPF System in December 2000, providing retirement protection for the workforce.

“Mr Rafael Hui has worked with the MPFA for almost three years.  During this time, he has developed and shaped the organization, laying a solid foundation for the MPFA’s work,” said Mr Charles Lee.

“We are very glad that the MPF System is operating smoothly.  On behalf of the Board, I would like to pay tribute to Mr Hui for his significant contributions,” said Mr Lee.

At today’s meeting, Members also decided to freeze staff’s fixed pay and reduce variable pay by half, achieving a saving of 5 per cent on total staff salaries.  The MD will have his total pay cut by 10 per cent.

End/Monday, 17 February 2003