TNAG-1765-FCO40-2519-Hong-Kong-stock-market-and-exchange-rate-1989 — Page 150

14.*

15.

a

The Chairman should be elected for a one-year term but subject to

maximum of three years. Thereafter, he should not be eligible for election to the Council

(para. 4.64).

* Members of

appointed for retiring each

the

Nominating Committee should

be

a term of three years, with one-third year. They should only serve one term

(para. 4.65).

Transitional measures and permanent safeguards

16. 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

17.

(a)

ensure

(b)

(c)

that the

is

elected in

Council 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

(d) have the power to approve the terms of reference of the Chairman and the Chief Executive (para. 4.68).

*

denotes

the principal recommendations being addressed by the proposed SEHK's reconstitution exercise.

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