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Contenders pool for top SFC jobs proves shallow

Reading Time:4 minutes
Why you can trust SCMP
Jane Moir

Rumour has it that Ermanno Pascutto, the former securities regulator who last year famously chided his ex-bosses for 'reprehensible behaviour', has had a very interesting phone call from headhunters.

Mr Pascutto, once deputy chairman of the Securities and Futures Commission, publicly rebuked the body in June over its decision to revoke an investment adviser's licence for a 'trivial offence'.

Judging by his choice of adjectives at the appeal hearing, relations between the SFC and Mr Pascutto were on the prickly side.

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That he could be sounded out on a comeback suggests efforts to recruit a replacement for current chairman Andrew Sheng are, at best, proving to be a challenge.

The vacancy will have to be filled by September, when Mr Sheng's contract expires. But it looks as though the job will change. A bill bound for the Legislative Council soon aims to split the role with a non-executive.

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Heavily criticised in some corners, the proposed law faces a rocky ride through the legislative process. Core concerns over who the government has in mind for the new post suggest the selection process will also be far from smooth.

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