Rafael Hui, managing director of the Mandatory Provident Fund Schemes Authority (MPFA) in Hong Kong, is retiring in June. His role will be temporarily handled by Diana Chan, currently co-COO in charge of corporate affairs, policy development and information technology.
Chan will retain her current role as well as assume Hui's responsibilities, she says. "I am only standing in for Rafael," she says, noting an attempt to recruit a permanent successor failed to find the right person. She will take the helm for one year, and then another recruitment search will take place.
Hui, who was the last secretary for financial services under British rule, took over the brand-new MPFA in June 2000. He has seen the scheme's successful launch amid troubled markets, as well as steered the authority through ongoing amendments to the original legislation. He has always intended to retire this year.
Chan was promoted from executive director in 2001 along with Hendena Yu, her co-COO. She will become acting MD starting in July, subject to approval from Hong Kong chief executive Tung Chee-hwa.
Her priorities over the next year will be to complete the third year of reviewing MPF legislation, a process overseen now by a committee chaired by Ronald Arculli; and to work with the industry to review MPF service providers' disclosure on fees and charges.