30 SFC Annual Report 2013-14
Our People
Twelve of our people discuss the challenges and rewards of working at the SFC.
Shared valuesStrong common interests bind us all together. Integrity
is at the heart of everything we do — whether it is the
integrity of the market, integrity in the way we treat
one another in the workplace or the justifiably high
expectations of integrity that the public has for us.
We must always be fair, professional and transparent.
This is entrenched in our culture.
Quality and clarity are also essential. Our commitment
to quality gives us the desire to keep doing better.
Maintaining quality is a continual process and requires
tremendous effort. Clarity is crucial as people need to
understand rules in order to comply with them, and
without clarity they will not have faith in regulation.
Licensees need to clearly understand what we expect
them to do. Furthermore, well-developed “soft skills” are
required to communicate clear and transparent messages
about these and other matters.
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Corporate D
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Message from
Chairm
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Corporate Social R
esponsibility
SFC Annual Report 2013-14
Of course there are ups and downs and occasional
frustrations. High expectations from the public and also
from within the organisation create pressures which test
our skills on a daily basis. Resilience is very important.
But we think the SFC is the right place for us because of
our common interests and shared values.
Never a dull momentWhile a regulatory career naturally involves dealing with
law and enforcement, working at the SFC is far from
monotonous. On the contrary, increasing globalisation,
technological advances and new regulatory reforms — not
to mention the need to keep abreast of a rapidly changing
market — make it more interesting and challenging than
ever. There will always be a need to focus on ethical
behaviour and legal compliance in the market, so we also
have to be vigilant.
A broad perspective is a vital requirement for success
at the SFC. The rules and regulations we enforce have a
significant impact on society as a whole, not just on the
financial industry. Therefore we constantly ask ourselves
1. Charles Grieve 2. Fion Tsui 3. Pinky Tse 4. Derek Shek
5. Wong Yuk Wai 6. Keith Lui 7. Yvonne Mok 8. Eugene Goyne
9. Brian Ho 10. Alexandra Yeong 11. Hokinson Ho
Doris Pak
Executive Director Head of Wealth Management Compliance UBS AG
“I decided to join the SFC after a nine-
month secondment to its Legal Services
Division from private practice because
the work gave me a new perspective.
Regulators have to consider issues
from all angles and take into account
the interests of different stakeholders,
such as the industry, investors and the
authorities. The work is much more
dynamic, and this is not experience you
can get in private practice.”
“I was really fortunate at the SFC in that
a lot of opportunities came my way. I
worked with four divisions during my 10-
year stay and I learned a lot from each
role. Each time I took on a new role I could
leverage knowledge from my previous
assignments. It was always good to try
something new in an environment that
you were familiar with.”
Christine Wong
Chief Counsel Hong Kong Exchanges and Clearing Limited
“The SFC introduced me to the policy
and legislative aspects of law and
regulation and challenged me to
think in the broader context of policy
goals, investor protection and market
development.”
“The financial world was a much
different place in those days, but what
I learned during my six years at the
SFC continues to inform and guide
me as an in-house lawyer today. I am
proud to have been part of the team
in Corporate Finance that helped to
shape our financial market, and I am
grateful for the support of colleagues
at the SFC whom I had the privilege to
work with along the way. ”
Mark Dickens
Chief Executive Officer Financial Reporting Council
“I joined the SFC in February 1991. I had a
two-and-a-half year contract and intended
to go back to Australia at its end. As it
turned out, I stayed at the SFC till 2005.
The work was simply too fascinating.”
“At the SFC you never run out of
interesting things to do. I relished
the great variety of the work and the
intellectual challenges. At the time I
joined, the SFC was starting with virtually
a blank piece of paper, and we had to
make a lot of changes over the years to
get the market up to an international
standard.”
“The preparatory work for the enactment
of the Securities and Futures Ordinance,
a huge exercise to consolidate and
modernise the previous 10 ordinances
regulating the markets, was one of my
most memorable experiences at the SFC.”
What our alumni sayAlumni share their working and career development experience at the SFC.
1 24
3 5
6 8
7 9
1011
Note: One of the group was unable to join the photo.
32 SFC Annual Report 2013-14
Our People
how to improve: What can be done better? How can we
help people understand what we do? What is the purpose
of regulation? In this respect, the SFC is ideal for those
who relish an intellectual challenge and are not afraid of
hard work.
It is common to move between different divisions within
the SFC during the course of a career. Mobility within
the organisation has helped us broaden our experience,
build institutional knowledge, see things from a different
angle and stay fresh. When moving to a new role, many
colleagues already know and trust us, and that is a
great benefit.
Blazing new trailsQuite often, what we are doing at the SFC is
unprecedented. It could be a new regulation, a new
market system, or a new product. So there might not
be any outside references available. And there is never
a one-size-fits-all solution. But people from different
divisions work together, each contributing their expertise,
and we get the job done.
The intrinsic nature of regulation makes it difficult to
assess the impact of new rules over the short term. Nor
can changes be introduced without a process that takes
into consideration a wide range of interests and looks at
an issue from different angles. As there is bound to be
an impact on society when we push for a rule change, we
not only focus on due process but also must put public
interest at the forefront. At the end of the day, the laws
and regulations have to be right.
A meaningful careerSometimes people are caught in a dilemma when making
a career choice: to pursue their dream job or to settle
for second best. But this is not a dilemma for us. When
we first came to work at the SFC we had not planned
to stay for more than a few years, but that’s not how
things turned out. We stayed because the work has
been incredibly fascinating, interesting, and thoroughly
enjoyable. A few of us have been at the SFC since its
inception 25 years ago.
The public value of the SFC’s work and having a clear
sense of mission are the main reasons to choose to work
for a statutory body. For us, the bottom line is what
protects investors. Hong Kong’s wide retail investor base,
combined with a high risk appetite, makes this task all
the more challenging.
To be able to make an individual contribution,
however small, to the development of Hong Kong as an
international financial centre is a source of considerable
pride. The clear sense of mission is also important, as
is the historical significance of what we do. Our work is
meaningful and this, more than anything else, makes us
more dedicated.
Staff statistics
2013/14
Male 253
Female 500
Female staff
At Senior Manager grade or above 54%
At Director grade or above 40%
Average years of service 6.8
5-10
11-15
Over 15
Below 5
Years of service
19%
10%
14%
57%
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Corporate G
overnanceCorporateO
utlookO
ur People
Highlights
of the YearO
perational R
eviewFinancial
Statements
Supplementary
Information
Corporate D
evelopments
Message from
Chairm
an & CEO
Corporate Social R
esponsibility
SFC Annual Report 2013-14
Survey on building a better workplacePeople are our greatest asset and the key to our success. We
are committed to providing a quality workplace to help us
retain high-calibre talent to meet our long-term goals. With
the aim of building a motivated workforce, we have launched
a campaign, “Living our Values”, to cultivate our desired
culture and core principles: “professional”, “proactive” and
“people-count”. These common values guide all of our work
from communication to decision-making.
Putting into practice the principle that “people count”, we
conduct a biennial employee engagement survey to gauge the
expectations and concerns of our staff in a diagnostic way.
With an average response rate of over 80%, the survey helps
to assess organisational effectiveness, to determine needed
interventions and to set reasonable targets to drive future
change. The survey is part of our continuing effort to optimise
our staff productivity, as well as to create an engaging and
participative workforce.
After the baseline survey in 2010-11, organisation-wide follow-
up actions have been taken to enhance employee recognition
and communication, as well as to increase the frequency
and variety of employee activities. Subsequently, the results
of the second survey conducted in April 2013 showed an
improvement in nearly all areas covered by the survey. On a
five-point scale, our employee engagement level increased
from 3.37 in 2011 to 3.61 in 2013.
As a responsible and understanding employer, staff
engagement remains high on our agenda. We will continue
to make ourselves an “employer of choice”.