TNAG-1764-FCO40-2518-Hong-Kong-stock-market-and-exchange-rate-1988 — Page 10

S'd

18.

19.

20.

71.

22.

23.

24.

25.

as a transitional measure, the first five independent members of the Council, the first Nominating Committee and the first scrutineers be appointed by the Governor. (para. 4.67)

the regulatory authority should :-

(a)

(b)

(c)

(d)

ensure that the Council is elected in accordance with the Articles which should require that

the Council should be broadly based and representative of the market;

ensure that independent members appointed by the Council are genuinely independent;

ensure that all members of the Council, including the Chairman and the Chief Executive are fit and proper persons to hold office; and

have the power to approve the terms of reference of the Chairman and the Chief Executive.

(para. 4.68)

the role and objectives of the key participants in the SEHK management should be clearly defined and made subject to the approval of the regulatory authority. (para. 4.78)

the Chairman should be the principal spokesman for the stak; represent the SENK at international anu local levels; and be responsible for promoting the growth and development of the market. (para. 4.82(a))

powers over the appointment and deployment or staff be specifically vested in the Chief Executive under SEHK rules. (para. 4.82(b))

clear rules requiring the declaration of interests and the exclusion from decisions of those with interests be developed, preferably, as part of the SEHK rules. (para. 4.82(c))

the listing committee, the investigation committee and the disciplinary committee should include a number of non-SEHK members. (para. 4.82(c))

the regulatory authority should review the SEHK management and controls within 12 months of its appointment.

(para. 4.83)

3

XH SI9 02:61 88. TE AHN