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Remuneration package of HKMA chief

Following is a question by the Hon Emily Lau and a written reply by the acting Secretary for Financial Services, Mrs Lessie Wei, in the Legislative Council today (Wednesday):

Question:

It is learnt that the remuneration package of the Chief Executive of the Hong Kong Monetary Authority (the Chief Executive) in the past year was around $6.5 million - $7 million, which was much higher than that of the Financial Secretary. In this connection, will the Administration inform this Council:

of the basis and justifications for determining the remuneration package of the Chief Executive;

(a)

(b)

of the authority and mechanism for approving the remuneration package of the Chief Executive; and

(c)

how it ensures that the remuneration package of the Chief Executive is determined in an appropriate manner?

Reply:

It is not appropriate to draw comparisons between remuneration packages of Government employees on civil service terms with those on Hong Kong Monetary Authority's (HKMA) terms and conditions of employment as different approaches to remuneration are adopted. The HKMA adopts a total package approach for its remuneration. In other words, no housing benefit, pension, education allowances, passage allowances, etc are payable.

(a)

Our policy is that HKMA's remuneration packages should be in line with the market in which it competes for human resources and should be able to attract and retain staff with the appropriate calibre, experience and expertise capable of performing the functions of the HKMA in a manner that commands the confidence of the people of Hong Kong and the international financial community. This applies to the Chief Executive of the HKMA and his staff.