Editorial | Fresh SFC leadership a chance to tackle the challenges it faces
- The departure of Ashley Alder as chief executive of the Securities and Futures Commission is the latest loss from the management ranks of the regulator.
- His successor needs to bring fresh energy and creativity to the role, and hopefully that will help attract and retain talent in a globally competitive market
Ashley Alder’s 11 years as chief executive of the Securities and Futures Commission (SFC) is landmarked with initiatives to uphold the quality and integrity of the markets and maintain investor confidence.
His announced departure in January to head up Britain’s financial regulator will leave a gap to be filled with a global search for a replacement. But it will also create an opening to be seized if Hong Kong’s markets are to meet challenges ahead to remain competitive.
The city faces a difficult situation amid Covid-19 restrictions and China-United States tensions. Alder is the latest example of losses from management ranks at the SFC and Hong Kong stock exchange over the past two or three years.
The loss of talent over time has done nothing for competitiveness and innovation. But the challenge of addressing these issues is a chance for fresh leadership to make a difference.
Landmarks of Alder’s tenure include listing reforms that helped the city maintain its position as one of the world’s largest IPO markets – and the largest in seven of the last 13 years. He is also chairman of IOSCO, the global body of exchanges, a position he used to push for Hong Kong to take the lead in compelling listed companies to disclose ESG (environmental, social and governance) data.