FSDC vows transparency in first meeting
Advisory body pledges openness and battles criticism it is redundant as it sets goals to boost financial sector and improve ties with mainland
The controversial Financial Services Development Council, which held its first meeting yesterday, said it would not operate "in the dark" and would be transparent as it promoted the city's financial sector around the world.
Set up last Thursday, Chief Executive Leung Chun-ying's brainchild aims to promote the city's financial industry and its links with the mainland.
But the fact that it was set up as a private body with no statutory backing or government funding has led to criticism from lawmakers over a perceived lack of checks and balances.
Other critics said the 22-member council's functions were the same as those carried out by regulators and promotional bodies. Some also worry it may need to rely on private donations, which might result in a conflict of interest.
The council's chairwoman, Laura Cha Shih May-lung, who chaired the two-hour meeting in Admiralty yesterday, tried to downplay those concerns.
"The council will not work in the dark and we will have high transparency," she said. "The council will operate as a non-profit-making body under the Financial Services and the Treasury Bureau as an advisory body."
She also said the council had no intention of receiving private donations as yet.