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Ambrose Leung

Pressure is mounting for an increase in transparency in the hiring process for the new head of the Hong Kong Monetary Authority. 
The director of the Chief Executive's Office, Norman Chan Tak-lam, is expected to succeed Joseph Yam Chi-kwong.  
Lawmakers expressed concern about the high pay and unlimited employment terms enjoyed by Mr Yam, head of Hong Kong's de facto central bank, whose  long career was marred  by the Lehman Brothers minibonds debacle.
Legislator Ronny Tong Ka-wah, of the Civic Party, said people should not take Mr Chan's candidacy for granted just because he was a close aide of Chief Executive Donald Tsang Yam-kuen.  
'The post should be filled by worldwide recruitment, with a review of the salaries and limited terms of office,' Mr Tong said. 'The person must be professional and stay independent under political pressure. Appointing Norman Chan just because he is trusted by Donald Tsang will only damage the confidence of international investors.' 
Democrat Lee Wing-tat said if Mr Chan got the job, it would be seen as 'a political reward' for his efforts as Mr Tsang's campaign manager when he ran for his first term in 2005.
Financial Secretary John Tsang Chun-wah yesterday declined to comment when asked whether Mr Chan was capable of filling Mr Yam's shoes.
Government sources said one reason why Mr Yam's successor had yet to be announced was because a new head of the Chief Executive's Office had still to be finalised.
But although several names have been floated as the new chief of staff for Mr Tsang, some of the possible contenders, such as former director Lam Woon-kwong, are known to be out of the game.
Others names previously floated include Secretary for the Environment Edward Yau Tang-wah and Secretary for Transport and Housing Eva Cheng.  
Liberal Party chairwoman Miriam Lau Kin-yee demanded that the government set a clear standard for the terms of office and pay level for Mr Yam's successor, which should be comparable with the pay and conditions of service of counterparts in overseas countries.
Mr Yam, who held the reins at the authority for 16 years because there was no limit on the tenure of its  chief executive, received a HK$1.92 million bonus last year. His remuneration package, totalling HK$10.9 million a year, was the highest among his contemporaries in the world.



Pressure mounts for increased transparency in hiring process