The Board of Directors ("Board") of Hong Kong Exchanges and Clearing Limited ("HKEx") is pleased to announce that the Board has approved the renewal of the employment contract of Mr Li Xiaojia, Charles ("Mr Li") as the Chief Executive of HKEx for a further 3-year term from 16 October 2012 to 15 October 2015.
Under HKEx’s Articles of Association, Mr Li in his position as the Chief Executive is an ex-officio director of HKEx with a term coterminous with his employment as the Chief Executive. The re-appointment is, pursuant to Section 70 of the Securities and Futures Ordinance, subject to the written approval of the Securities and Futures Commission. A further announcement will be released upon obtaining such an approval.
Mr Li joined HKEx in October 2009 and became the Chief Executive and a director of HKEx effective 16 January 2010. His biographical details are available on the HKEx corporate website (
www.hkex.com.hk).
Mr Li’s compensation package includes a salary of HK$8,088,360 per annum. He is eligible to receive performance-related discretionary bonus and/or share awards to be recommended by the Remuneration Committee and approved by the Board. As a full-time employee, he is also entitled to other benefits in kind and to participate in HKEx’s provident funds. This compensation package was determined having given consideration to the level of responsibility, experience and abilities required of the Chief Executive and the remuneration offered for similar positions in the financial industry.
The Board would like to take this opportunity to express its appreciation for Mr Li’s steadfast effort in capturing strategic opportunities in various business arenas and proactively preparing HKEx to new horizons. The Board looks forward to his continuous contribution to the future business growth of HKEx.
By Order of the Board
Hong Kong Exchanges and Clearing Limited Joseph Mau Company Secretary