Norman Chan

In announcing Mr. Chan’s appointment, Hong Kong Financial Secretary John C. Tsang said, “Norman has a deep understanding of Hong Kong’s financial markets and banking supervision. He is also conversant with the operation of the financial markets overseas and in the Mainland.

“He will be able to assist me in managing the Exchange Fund effectively and provide me with professional advice in the area of monetary policy and other financial matters,” the Financial Secretary said. “In addition, Norman has wide experience in public administration and is familiar with the operation of the government. He is an ideal person for this position.”           

Mr. Chan will serve in this post for five years, a term Mr. Tsang decided upon after consultation with the Governance Subcommittee of the Exchange Fund Advisory Committee.

The annual fixed pay was set at US$769,230; during the first year, additional performance-linked variable pay will be capped at US$192,307. The total pay package will be 32% smaller than what Joseph Yam currently receives.

The Financial Secretary also extended the post-termination control period of the new HKMA Chief Executive from six months to a year.

Mr. Tsang thanked Mr. Yam for his contributions over the years to Hong Kong and wished him well in his future endeavors.

Mr. Chan, 55, joined the Administrative Services of the Hong Kong Special Administrative Government in 1976. In 1991, he was appointed Deputy Director (Monetary Management) of the Office of the Exchange Fund. He became an executive director of the HKMA in 1993 and served as deputy chief executive from 1996 to May 2005. In December 2005, Mr. Chan joined Standard Chartered Bank as Vice Chairman, Asia, where he stayed until June 2007. He was appointed Director of the Chief Executive Office of the Hong Kong Special Administrative Region Government in July 2007.