SFC to appoint Laura Cha as first woman deputy chairman
The Securities and Futures Commission (SFC) is promoting executive director (corporate finance) Laura Cha to deputy chairman, replacing Michael Wu Wai-chung, who retires at the end of this month.
Ms Cha will be the first female deputy chairman since the SFC was established in 1989.
Sources said Government approval had already been secured and an official announcement was expected this week.
Ms Cha would continue in her role as executive director of the corporate finance division, sources said.
Ms Cha joined the SFC in 1991 as senior director of corporate finance and was promoted to executive director (corporate finance) in 1994.
Prior to joining the commission, she worked at various law firms in Hong Kong and San Francisco.
Mr Wu - at present deputy chairman and chief operating officer of the SFC - has been at the SFC since its inception.
Ms Cha is the daughter-in-law of businessman Cha Chi-ming, who founded Hong Kong Resorts.
At the time of Ms Cha's appointment in 1994, some legislators expressed concern over potential conflicts of interest between her regulatory role and her family's business interests.
The SFC insisted there was no danger of a conflict of interest as the commission was structured so that decision-making power did not lie in the hands of any one individual.
The SFC has five executive directors and six non-executive directors, all of whom must approve any key decisions.
SFC policy also requires that all executive staff steer clear of any involvement in areas where there might be a conflict of interest.
Ms Cha has not taken part in any matters involving companies controlled or associated with members of her family, the sources said.
SFC chairman Anthony Neoh will step down at the end of June next year.
Sources have forecast Ms Cha might be a candidate to replace Mr Neoh, but others said the commission would recruit someone from outside the SFC to succeed Mr Neoh.
