Joseph Yam and Zhao Xijun to be Appointed CCB Independent Directors

 

29 April 2010 -- China Construction Bank Corporation (“CCB”) announced that, at the third Board meeting of 2010, Joseph Yam and Zhao Xijun were nominated to be independent non-executive directors of the bank.

Mr. Yam has served as the chief executive of the Hong Kong Monetary Authority and the director of the Office of the Exchange Fund of Hong Kong. He has extensive financial institution regulatory experience, is familiar with risk control in financial markets and enjoys an excellent professional reputation in the international financial sector. Mr. Yam has long been concerned with the reform and development of the international and domestic financial markets. He has spearheaded a number of important monetary and financial policies and reforms in Hong Kong. In particular, he has helped with the formulation and effective execution of the Hong Kong Dollar Linked Exchange Rate system since 1983, thereby guaranteeing the stability and development of Hong Kong’s monetary and financial system. For the outstanding achievements throughout his career, Mr. Yam has won many awards and has been conferred a number of honorary doctoral degrees and professorships from Hong Kong and overseas universities. He has also been awarded the Grand Bauhinia Medal by the Hong Kong SAR Government.

Mr. Zhao is a well-known scholar in China and is conversant with the reform and development of China’s banking sector and the specifics of its operation and management. He has a solid theoretical foundation and rich practical experience in the risk control of capital markets and the international financial markets.

CCB’s spokesperson says that the appointments of Mr. Yam and Mr. Zhao will be considered and approved by CCB’s shareholders’ general meeting and are subject to the approbation from the China Banking Regulatory Commission. Their joining the Board will surely further enhance CCB’s capabilities in strategy formulation and risk management.