Hong Kong Institute of Certified Public Accountants Elects New President and Council

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1 Dear Assignment/News/Business Editor, Hong Kong Institute of Certified Public Accountants Elects New President and Council (Hong Kong, 11 December 2009) The Hong Kong Institute of Certified Public Accountants elected Wilson Fung as president, and Chew Fook Aun and Tsai Wing Chung, Philip, as vice presidents for 2010 at its 37 th annual general meeting today. Fung has served on the Institute s council for eight years and was elected vice president in 2008 and Chew and Tsai joined the council in January 2004 and December 2004 respectively. Fung is a financial controller for Jardine Matheson Limited. Since joining the council, he has served on many committees, including chairing the practice review and professional accountants in business committees, and the advisory panel which champions Hong Kong s most prestigious accolade for corporate governance, the Best Corporate Governance Disclosure Awards. He has also been involved in various other committees, accountability boards and advisory panels during his years with the Institute since Chew is an executive director and group CFO of Esprit Holdings Ltd. Tsai is a partner of Deloitte Touche Tohmatsu. Keith Pogson and Mabel M.B. Chan are automatically elected to the council for the category of full-time practising CPAs (practising). Other newly elected but returning members to the Hong Kong Institute of CPAs council are Susanna Chiu, Ding Wai Chuen, Raphael and Ronald Kung. Ma Chun Fung, Horace is a newly elected member. For lay members, Edith Shih, company secretary of Hutchison Whampoa, and John C. Poon will retire from the council after serving a two-year term and new appointments by the government will be announced on 14 December Two continuing government-appointed lay members are Catherine K.C. Leung, head of Hong Kong investment banking and managing director of J.P. Morgan Securities (Asia Pacific) Limited and Ambrose Cheung Wing Sum, executive director of Lai Sun Development. They will carry on with the second year of their terms. The council has the power to co-opt two members and these members will be announced by mid-january. The council is the governing body of the Hong Kong Institute of CPAs and sets policy carried out by the Institute. 1

2 Under the Professional Accountants Ordinance, the Hong Kong Institute of CPAs council comprises a maximum of 23 people, including 14 elected members, the immediate past president of the Institute, two co-opted members, two ex-officio members (i.e. the Financial Secretary or his representative and the Director of Accounting Services or his representative) and four lay persons appointed by the SAR Chief Executive. End About the Hong Kong Institute of CPAs The Hong Kong Institute of CPAs is the only body authorized by law to register and grant practising certificates to Certified Public Accountants in Hong Kong. The Institute has more than 29,000 members and 13,000 registered students. Members of the Institute are entitled to the description certified public accountant and to the designatory letters CPA. The Hong Kong Institute of CPAs evolved from the Hong Kong Society of Accountants, which was established on 1 January The Institute operates under the Professional Accountants Ordinance and works in the public interest. The Institute has wide-ranging responsibilities, including assuring the quality of entry into the profession through its postgraduate CPA qualification programme and promulgating financial reporting, auditing and ethical standards in Hong Kong. The Institute has responsibility for regulating and promoting efficient accounting practices in Hong Kong to safeguard its leadership as an international financial centre. The Hong Kong Institute of CPAs is a member of The Global Accounting Alliance - an alliance of the world s leading professional accountancy bodies, which was formed in The GAA promotes quality services, collaborates on important international issues and works with national regulators, governments and stakeholders. Hong Kong Institute of CPA s contact information: Stella To Deputy Director, Communications Phone: Mobile: stella@hkicpa.org.hk 2

3 Mr. Wilson Fung Mr. Wilson Fung is a fellow member of the Hong Kong Institute of Certified Public Accountants and Financial Controller of Jardine Matheson Limited. He has been a Council member of the Hong Kong Institute of CPAs since January Mr. Fung is actively involved in the Institute s work. During the past two years, he has served as chairman, deputy chairman or member of the following committees and working groups of the Institute: - Current Issues Task Force - Financial Reporting Standards Committee - Joint Government/HKICPA WG to Review the Accounting & Auditing Provisions of the Companies Ordinance - Member Services Accountability Board - Professional Accountants in Business Advisory Panel - Practice Review Committee - Regulatory Accountability Board

4 Mr. Chew Fook Aun Mr. Chew Fook Aun is a fellow member of the Hong Kong Institute of Certified Public Accountants and Executive Director and Group CFO of Esprit Holdings Ltd. He has been a Council member of the Hong Kong Institute of CPAs since January Mr. Chew is actively involved in the Institute s work. During the past two years, he has served as chairman, deputy chairman or member of the following committees and working groups of the Institute: - Administration & Finance Committee - Corporate Finance Committee - Governance Review Committee - Professional Accountants in Business Advisory Panel - Professional Qualifications Accountability Board - Remuneration Committee

5 Mr. Tsai Wing Chung, Philip Mr. Tsai Wing Chung, Philip is a fellow member of the Hong Kong Institute of Certified Public Accountants and Partner of Deloitte Touche Tohmatsu. He has been a Council member of the Hong Kong Institute of CPAs since December Mr. Tsai is actively involved in the Institute s work. During the past two years, he has served as chairman, deputy chairman or member of the following committees and working groups of the Institute: - Accountancy Accreditation Board - Continuing Professional Development Advisory Board - Ethics Committee - Faculty Oversight Board - Professional Qualifications Accountability Board - Registration and Practising Committee - Regulatory Accountability Board