Sophia Kao has been named Financial Reporting Council Chairman while Moses Cheng, Mark Dickens, Martin Hadaway, Kam Pok-man, Sophie Leung, Vernon Moore, and Prof Judy Tsui have been appointed as council members for three years from December 1.

The Financial Reporting Council is a new statutory body to investigate audit irregularities and accounting non-compliances of listed companies in Hong Kong.

Secretary for Financial Services & the Treasury Frederick Ma today said the council is an important initiative to enhance the regulation of the accounting profession and corporate governance of companies listed in Hong Kong. The establishment of the council will reinforce Hong Kong's position as an international financial centre.

Under the Financial Reporting Council Ordinance, the council is to comprise a maximum of 11 members, including two ex-officio members and other members appointed by the Chief Executive. 

The ordinance further provides that a majority of members, including the non-executive chairman, shall be non-accountants.