Norman Chan Explained

Norman Chan
Honorific-Suffix:GBS, JP
Order:2nd
Office:Chief Executive of the Hong Kong Monetary Authority
Term Start:1 October 2009
Term End:30 September 2019
1Blankname:Chief Executive
1Namedata:Sir Donald Tsang
Leung Chun-ying
Carrie Lam
Predecessor:Joseph Yam
Successor:Eddie Yue
Order2:3rd
Office2:Director of the Chief Executive's Office
Term Start2:1 July 2007
Term End2:31 July 2009
Predecessor2:Donald Tsang
Successor2:Raymond Tam
Birth Date:1954
Birth Place:Hong Kong
Birthname:Norman Chan Tak-Lam
Nationality:Hong Kong Chinese
Party:none
Children:2
Ancestry:Changping, Dongguan, Guangdong[1]
Occupation:Treasury official, Civil servant
Profession:Sociologist, bank director, civil servant
Signature:Norman Chan English signature.svg

Norman Chan Tak-lam, GBS, JP (born 1954), is a Hong Kong banker, treasury official, and civil servant. Chan was Chief Executive of the Hong Kong Monetary Authority from 2009 to 2019.[2] [3] He previously served as Director of the Office of the Chief Executive of the HKSAR and Regional Vice-Chairman of Standard Chartered Bank.[4]

Career

Norman Chan graduated from Queen's College, Hong Kong, and then earned a degree in sociology at the Chinese University of Hong Kong. In 1976 Chan entered the Hong Kong Civil Service as an Administrative Officer. By 1991 he was appointed a Deputy Director of Monetary Management at the Exchange Fund of Hong Kong. At the creation of the Hong Kong Monetary Authority (HKMA) in 1993, Chan was named an Executive Director, and later took the role of vice president. In December 2005, he became the Vice-Chairman of the Asian region of Standard Chartered Bank.[4] In July 2007, he was appointed as Director of the Office of the Hong Kong Chief Executive.

In July 2009, Financial Secretary John Tsang named Chan to the role of HKMA Chief Executive, from 1 October that year, on the retirement of Joseph Yam. Chan was compensated with an annual base salary of HK$6 million.[5] With his reappointment in 2014,[6] Chan served as Chief Executive for exactly ten years, stepping down from the role in a pre-announced move on 1 October 2019.[7]

Within weeks, he was reportedly in consideration for the role of Chief Executive of Hong Kong, as news leaked of Carrie Lam's imminent removal from the post.[8] [9]

Political comment

In 2014, he and his HKMA predecessor Joseph Yam said that Occupy (the 2014 Hong Kong protests, aka the Umbrella Movement) could threaten city's economic growth.[10]

Office

In June 2020, Chan and his wife, through their company Citirich (Hong Kong) Limited bought a 1,040 square foot office on the 10th floor of the Kam Chung Commercial Building on Hennessy Road in Wan Chai.[11] The office was purchased for HK$10.8 million without a mortgage.

External links

Notes and References

  1. http://www.info.gov.hk/hkma/eng/viewpt/20090917e.htm "Home return" experiences
  2. Web site: HKMA: The Chief Executive's Committee. 30 September 2009. 1 October 2009.
  3. Web site: The HKMA Organisation Chart. 30 September 2009. 1 October 2009.
  4. Web site: Mr Norman Chan Tak-lam, GBS, JP 陳德霖先生, JP . 2024-07-18 . commons.ln.edu.hk.
  5. Web site: Monetary authority chief's salary tops HK$9.4m. scmp. 2013-04-27. 2019-05-04.
  6. Web site: Norman Chan reappointed as Hong Kong Monetary Authority chief. 21 March 2014.
  7. Web site: Norman Chan to retire after 10-year run as CEO. HK Standards. 2019-02-21. 2019-03-07.
  8. https://www.ft.com/content/5ef0fc30-f4a3-11e9-b018-3ef8794b17c6 Beijing draws up plan to replace Carrie Lam as Hong Kong chief
  9. https://www.reuters.com/article/us-hongkong-protests-ceo/china-plans-to-replace-hong-kong-leader-lam-with-interim-chief-executive-financial-times-idUSKBN1X12JG China plans to replace Hong Kong leader Lam with 'interim' chief executive: FT
  10. http://www.scmp.com/news/hong-kong/article/1627833/occupy-threatens-citys-growth-warn-norman-chan-and-joseph-yam Occupy threatens city's growth, warn Norman Chan and Joseph Yam
  11. Web site: Exclusive: Norman Chan buys Wan Chai office amid talk of Chief Executive bid. 2020-10-07. Apple Daily 蘋果日報. zh-hk.