Chief Executive Tung Chee Hwa has approved lawyer Charles Lee's appointment as HK Exchanges & Clearing Chairperson with immediate effect. It will expire at the end of the HKEx 2006 Annual General Meeting.

Mr Lee was elected chairperson by the directors at a board meeting held on April 1.

Announcing the approval, Financial Secretary Henry Tang said Mr Lee has made invaluable contributions to the local securities market over the years.

"His leadership commands general support and respect by the industry. We are confident that with Mr Lee's direction, the HKEx will strive to further enhance our market quality and competitiveness, and strengthen our position as the premier capital formation centre for the Mainland," Mr Tang said.

Mr Lee is one of the three directors reappointed earlier by the Financial Secretary to the HKEx Board on a two-year term under the Securities & Futures Ordinance.