Top retiring officials need to act with dignity
The Japanese call it ascent to heaven. Here in Hong Kong we don't have a similarly sardonic phrase. Still, the same phenomenon - of senior government officials taking up highly lucrative jobs in the private sector after their retirement - is prevalent in both societies. It rightly attracts intense public concern. Such issues again come to mind with news that former Monetary Authority chief Joseph Yam Chi-kwong is to join the People's Bank of China as a senior adviser.
The appointment was long expected. It's not known how much Yam will be paid, but it should not be more than a symbolic amount. In any case, he hardly needs the money after being the world's highest paid central banker. A man of his experience and expertise has much to contribute to the mainland's central bank. It would, indeed, be difficult to find someone more qualified in Hong Kong. Before retiring, he promised not to take up a private-sector job. Such opportunities would have been aplenty for a man like Yam, but pursuing them would be fraught with potential conflicts of interest. He has now kept his pledge.
The way officials conduct themselves after they retire from office is not only a test of character, it also raises issues about possible collusion and corruption. It is simply unhealthy when government and business share the same personnel network among themselves. Some officials have caused controversy and raised eyebrows with the jobs they landed after leaving office. Most recently, the way in which former housing chief Leung Chin-man was hired by developer New World China triggered not only a public outcry but a Legislative Council inquiry. Other officials make the transition with style. Former police commissioner Dick Lee Ming-kwai vowed to enjoy retirement. He kept his word by teaching cooking classes and writing magazine food columns.
Top retiring officials already enjoy handsome pensions. Like Yam and Lee, they need to be mindful of public perception and contribute their expertise after retirement in an appropriate and dignified manner.