Editorial | Challenges ahead as Frederick Ma nears end of line

Once a world-class rail operator and a home-grown brand to be proud of, the MTR Corporation has had its fair share of setbacks in recent years. On Sunday, chairman Frederick Ma Si-hang will step down following a challenging three-and-a-half years. While he must be relieved to see the company is gradually back on track, there is still much work ahead. Public confidence has yet to be fully restored since the HK$97.1 billion Sha Tin-Central rail link was plagued with shoddy work, and system tests that resulted in a serious collision on the Tsuen Wan line in March. As Ma frankly admitted, the reputation of the MTR had been tarnished. Greater efforts are needed to enhance railway safety and efficiency.

Fortunately, such incidents are merely a smudge on an otherwise stellar 40-year record of rail operations. The MTR Corp is now a global player, and reaches as far as Britain, Australia, Sweden, the mainland and Macau. The listed utility also remains a worthy investment for many, boasting a 7.1 per cent rise in profits to HK$11.26 billion last year. It has also been actively participating in China’s Belt and Road infrastructure initiative.

Ma has played a key role in railway development, and this includes the opening of the cross-border high-speed service last September. But the rapid expansion has taken its toll, as witnessed by an array of problems such as cost overruns, delays and irregularities in work standards at various projects. However professional and experienced it appears, there is a limit as to how much the MTR Corp can take on, and this was also recognised by Ma. The setbacks are a lesson for both the management of the railway company and those officials in charge of planning and development.

Ma is more outspoken and media savvy than his predecessors. He oversaw the merger of the city’s railway companies when he was secretary for financial services and the treasury. He bore the brunt of criticism and had to apologise for a raft of construction woes last year. Having offered to resign twice, but retained by the city’s leader, Ma has declined the offer of a second term. It says something about the difficulties in retaining talent. The way ahead for new chairman Rex Auyeung Pak-kuen is certainly challenging.