Appointments to Financial Reporting Review Panel

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The Financial Secretary has, under the authority delegated by the Chief Executive, appointed Mr Lee Chun-ho as Convenor and reappointed Professor Hung Ming-yi and Professor Wang Xin as members to the Financial Reporting Review Panel (FRRP) for a term of three years from July 16, 2023, to July 15, 2026, in accordance with the Accounting and Financial Reporting Council Ordinance (Cap. 588) (AFRC Ordinance).

A spokesman for the Financial Services and the Treasury Bureau today (July 7) said, "The Accounting and Financial Reporting Council (AFRC) is a key regulator for corporate governance of companies listed in Hong Kong. One of the statutory functions of the AFRC is to initiate enquiries concerning non-compliance with legal, accounting or regulatory requirements in a listed entity's financial reports.

"The FRRP, a statutory body established under the AFRC Ordinance, is indispensable to the discharge of the AFRC's statutory functions of enquiries. The work of FRRP will benefit from the rich experience and professional knowledge of the members.

"We would like to take this opportunity to express our heartfelt appreciation to the two outgoing members, Professor Gu Zhaoyang and Professor James Arvid Ohlson, for their valuable contributions to the work of the FRRP in the past years," the spokesman added.

When an enquiry case arises, the AFRC may appoint one Convenor and four or more members from the FRRP to form a Financial Reporting Review Committee which will enquire into the relevant non-compliance of the case. The Committee will submit an enquiry report on the case to the AFRC for consideration and, where appropriate, follow-up action.

Ends/Friday, July 7, 2023
Issued at HKT 11:00

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