The Mandatory Provident Fund Authority has finally appointed a board of directors but has yet to offer a much awaited timetable for the launch of the compulsory retirement fund.
As expected, Charles Lee Yeh-kwong, a member of Chief Executive Tung Chee-hwa's Executive Council and former stock exchange chairman, is chairman of the 14-member board.
The board will comprise nine non-executive directors, including banker David Li Kwok-po and others representing employees and employers as well as five executive directorships temporarily filled by existing officials from the MPF office.
From September, the authority will be in charge of licensing service providers, approving MPF products and enforcement.
Mr Lee yesterday said it was hoped the MPF would be launched in 2000 when the preparation work was completed.
But given the one-month delay in board appointments and lack of a detailed schedule for the fund's implementation, pension fund experts are increasingly concerned the launch could be further delayed.