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Views of the Governance of the Hong Kong Monetary Authority

Views of the Governance of the Hong Kong Monetary Authority. Stephen Y. L. Cheung Professor (Chair) of Finance Department of Economics and Finance City University of Hong Kong 2 June 2003. Content. Central Bank Independence HKMA’s Governance Structure Alternative Governance Structure

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Views of the Governance of the Hong Kong Monetary Authority

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  1. Views of the Governance of the Hong Kong Monetary Authority Stephen Y. L. Cheung Professor (Chair) of Finance Department of Economics and Finance City University of Hong Kong 2 June 2003

  2. Content • Central Bank Independence • HKMA’s Governance Structure • Alternative Governance Structure • Future Development Governance of HKMA

  3. Central Bank Independence • Definition and Rationale • Central Bank and the Markets • Central Bank Independence and Creditability • Central Bank Independence and Accountability Governance of HKMA

  4. HKMA • Monetary Stability • Banking Stability • Financial Infrastructure Governance of HKMA

  5. HKMA – Advisory Committees • EF Advisory Committee • Subcommittee on Currency Board • Banking Advisory Committee • DTC Advisory Committee Governance of HKMA

  6. Alternative Governance Structure • EF Advisory Committee • de facto management board • Replace by the Board of Director Governance of HKMA

  7. Alternative Governance Structure • Board of Directors • CE and Deputy CE of the HKMA • FS as ex-official • Independent members Governance of HKMA

  8. Alternative Governance Structure • Board of Directors • Functions • Review HKMA’s performance in relation to its objectives and strategies • Monitor the extent to which the objectives set in relation to HKMA’s financial management have been met • Review the internal financial control of HKMA • Determine the remuneration package of senior executives of HKMA Governance of HKMA

  9. Alternative Governance Structure • Board of Directors • Two Sub-committees should be formed only by independent members on sensitive matters Governance of HKMA

  10. Alternative Governance Structure • Audit Subcommittee • Internal financial controls • Financial management • Risk management • Remuneration Subcommittee • Review HKMA’s performance • Determine remuneration and pension of senior management Governance of HKMA

  11. Alternative Governance Structure • Cautions • Independent members should be ‘real’ independent – creditability of the Board • Independent members should be nominated by the Board and appointed by the CE • Fixed term • Transparent Governance of HKMA

  12. Future Development • ‘Empire’ building? • Super-regulator? • Similar to the UK • Future monetary policy? Governance of HKMA

  13. The End Thank You!

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