Financial Secretary John Tsang Chun- wah admitted for the first time yesterday that a three-member committee concluded its search for a new chief executive of the Hong Kong Monetary Authority late last year - months before the government finally announced the retirement of Joseph Yam Chi-kwong."They have done their job and submitted their report to me at the end of last year," Tsang told a special meeting of the Legislative Council.
But the government sat on the report before announcing on May 19 that the controversial Yam, who has been at the helm of the SAR's de facto central bank since its inception in 1993, will step down on October 1.
Yam's former deputy, Norman Chan Tak-lam, currently the director of Chief Executive Donald Tsang Yam-kuen's office, is widely tipped as his successor.
Lawmakers yesterday slammed the existing recruitment process, saying it lacks transparency and requires comprehensive reform.
"You wanted to get rid of Yam for a long time," Democratic Party lawmaker James To Kun-sun said.
"What you are doing is not proper procedure, and it makes people think you are ridiculous," Democratic Party vice chairwoman Emily Lau Wai-hing said.
The government had appointed a committee comprising former HSBC Holdings (0005) chairman John Bond, executive councillor Marvin Cheung Kin-tung, and Li & Fung (0494) chairman Victor Fung Kwok-king, to find a successor for Yam.
Yesterday, John Tsang would not disclose when the recruitment process began, or what
criteria were considered, saying only that he had acted according to the law. He said the government is studying the committee's recommendation, and will announce the new chief central banker in due course.Civic Party lawmaker Ronnie Tong Ka-wah said the appointment of the HKMA's chief executive should be discussed publicly by Legco.
Tsang said the government's current recruitment system was appropriate.
