Chow Chung-Kong, former chief executive officer at MTR Corp., and Tim Freshwater, former Asia vice chairman of Goldman Sachs Group Inc. were appointed to the board of Hong Kong Exchanges & Clearing Ltd. by the city’s government today.
The two will begin their two-year appointments on April 23, according to a government release. Ronald Arculli, who will step down as chairman of the world’s largest exchange operator, was re-appointed as a director for one year from April 23.
“Hong Kong Exchanges needs to expand outside of China because relying too much on the mainland market is risky on government policies and economic slowdown,” said Kenny Tang, Hong Kong-based general manager of AMTD Financial Planning Ltd. Chow has “very good international exposure so I think he can help the exchange to not just expand to China but also promote to the international market. Freshwater also has good connection with foreign international institutions.”
Chow retired as the chief executive officer of MTR in December after taking the position in December 2003. During his tenure, the company merged with a Hong Kong railway operator and started work on a HK$66.9 billion ($8.62 billion) line connecting the city to China’s high-speed-rail network.
Freshwater, a Briton who has spent at least 30 of the past 45 years in Hong Kong, retired as vice chairman at Goldman Sachs at the end of last year. Arculli served as the bourse’s chairman since 2006. He will step down as chairman on at the annual general meeting on April 23.
Arculli is currently the chairman of the World Federation of Exchanges.
Laura Cha and Moses Cheng will retire from the board of Hong Kong Exchanges after its annual general meeting on April 23, the statement said.