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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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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Message from

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Corporate Social R

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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”.