A selection panel has been set up to identify and consider suitable candidates for appointment as Securities & Futures Commission Chairman, upon the expiry of the contract of incumbent Andrew Sheng on September 30.

The selection panel is chaired by Financial Secretary Henry Tang and comprises Tsang Yok-sing, Charles Lee, Christopher Cheng, Marvin Cheung and Secretary for Financial Services & the Treasury Frederick Ma.

To further strengthen the commission's internal governance, the Government introduced the Securities & Futures (Amendment) Bill 2005 into the Legislative Council on April 6 to split the current executive chairman post into a chairman post and a chief executive officer post.

The chairman will be appointed by the chief executive in accordance with the present appointment system for public and statutory bodies while the CEO will be recruited through a world-wide search. The bill is currently being considered by the council. 

The selection panel will commence a global recruitment of the proposed CEO of the commission, who will be entitled chairman under the existing legal provisions but CEO upon the passage of the bill.