SFC discloses top executives' pay packages
Other financial regulators urged to follow commission's move
The Securities and Futures Commission has disclosed the pay packages of individual senior executives in its latest annual report in a bid to enhance transparency, a move that will put pressure on other public bodies to follow suit.
For the first time since its inception in 1989, the commission has dispensed with the practice of reporting only a range of salary figures without identifying the people who earned them.
The annual report shows chairman Martin Wheatley's basic annual salary is $6.35 million, a drop of 5 per cent on the pay of former chairman Andrew Sheng at $6.75 million.
Mr Wheatley earned $1.64 million for the four months he spent as executive director from June to September last year before taking over from Mr Sheng, after which he received $3.2 million in his first six months as chairman.
The figures revealed that the commission's No2, Peter Au-Yang Cheong-yan, is only the fourth-highest paid member of staff, earning $4.67 million despite his double roles of chief operating officer and executive director of corporate finance. He was paid less than executive director of intermediaries Alexa Lam, who took home $5.05 million, and executive director of enforcement Alan Linning, who received $4.73 million.
Mr Au-Yang and Mr Linning will be leaving the commission next month. Mr Linning is joining JP Morgan while Mr Au-Yang has yet to announce his next job, although sources say he will be moving back to investment banking.
Legislator Sin Chung-kai welcomed the SFC taking the lead to increase transparency and urged other regulators to do the same.
'The Hong Kong Monetary Authority and the Mandatory Provident Fund Schemes Authority should also disclose their senior executives' pay packages in the interests of good public governance,' Mr Sin said.
Hong Kong Institute of Certified Public Accountants president Paul Chan Mo-po agreed, saying: 'The financial regulators should adopt a high level of disclosure to set a good example for other listed companies and banks.'
A Hong Kong Monetary Authority spokesman said it reviewed its disclosure procedures from time to time, while a spokesman for the MPFA said the pension regulator agreed to comply with recommendations of the government's 2002 Hay Group study on disclosure.
April- Sept 2005
$6.2 million, pension included
June 2005-March 2006