Shum Man-to has been named Chief Executive Officer of the Financial Reporting Council for a term of three years starting February 1.

The council is a new statutory body to investigate Hong Kong listed companies' audit irregularities and accounting non-compliance.   

A selection panel chose Mr Shum through a worldwide open-recruitment exercise.

The Financial Services & the Treasury Bureau said the selection panel recognised Mr Shum's extensive leadership, regulatory and accounting experience, and considered him highly capable and qualified to build a robust foundation for the council in discharging its statutory functions in an impartial, efficient and transparent manner.

Mr Shum is a certified public accountant with extensive management and administrative experience. He was the Director of Accounting Services from February, 1999, to October, 2003.

He has a thorough understanding of the accounting profession's regulatory framework, having served as an ex-officio council member of the then Hong Kong Society of Accountants - now renamed the Hong Kong Institute of Certified Public Accountants - for more than four years.

Upon assuming office, Mr Shum will spearhead preparatory work, including the recruitment of professional and supporting staff, to enable the council to be fully operational as soon as practicable.