Honorary Advisory Board
Prof. Robert A. Mundell
1999 Nobel Memorial Prize in Economic Sciences
University Professor of Economics, Columbia University
Distinguished Professor-at-large, Chinese University of Hong Kong
Professor Mundell was born in Kingston, Ontario, Canada and is a graduate of the University of British Columbia in Vancouver. He earned his MA at the University of Washington in Seattle. After studying at the University of British Colombia and at The London School of Economics in 1956, he then attended the Massachusetts Institute of Technology (MIT), where he obtained his PhD in Economics in 1956. In 2006 Mundell earned a Doctor of Laws degree from the University of Waterloo in Canada. He was Professor of Economics and Editor of the Journal of Political Economy at the University of Chicago from 1965 to 1972. Since 1974 he was Professor of Economics at Columbia University. Professor Mundell has lectured widely in North and South America, Europe, Africa, Australia and Asia. He has been an adviser to a number of international agencies and organizations including the United Nations, the IMF, the World Bank, the Government of Canada, several governments in Latin America and Europe, the Federal Reserve Board and the US Treasury.
Robert Mundell won the Nobel Memorial Prize in Economic Sciences in 1999 for his analysis of monetary and fiscal policy under different exchange rate regimes and his analysis of optimum currency areas. Robert Mundell believed that the international monetary system depends only on the power configuration of the countries that make it up. He divided the entire twentieth century into three parts by different periods of time. The author of numerous works and articles on economic theory of international economics, he is known as the father of the theory of optimum currency areas; he formulated what became a standard international macroeconomics model; he was a pioneer of the theory of the monetary and fiscal policy mix; he reformulated the theory of inflation and interest; he was a co-developer of the monetary approach to the balance of payments; and he was an originator of supply-side economics. He has written extensively on the history of the international monetary system and played a significant role in the founding of the euro. He has also written extensively on the “transition” economies and in 1997 co-founded the Zagreb Journal of Economics. His books include The International Monetary System: Conflict and Reform (Montreal: Private Planning Association of Canada 1965); Man and Economics (New York: McGraw-Hill 1968); International Economics New York: Macmillan 1968); Monetary Theory: Interest, Inflation and Growth in the World Economy (Pacific Palisades, CA: Goodyear 1971); The New International Monetary System (ed. with J. J. Polak) (1977); and Monetary Agenda for the World Economy (ed. with Jack Kemp) (1983).
Prof. Sir James A. Mirrlees
1996 Nobel Memorial Prize in Economic Sciences
Distinguished Professor of Economics, University of Macau
Fellow, British Academy
Member, American Academy of Arts and Sciences
Distinguished Professor-at-Large & Master of Morningside College, Chinese University of Hong Kong
Professor Sir James A. Mirrlees was born in 1936 in Scotland. He obtained his first and second degrees in Mathematics from the University of Edinburgh and the University of Cambridge, and his PhD in Economics from Cambridge in 1963. He was Edgeworth Professor of Economics and Fellow of Nuffield College in Oxford from 1968 to 1995 and after 1995, Professor of Political Economy at Cambridge. Since 2002 he has been Distinguished Professor-at-Large at The Chinese University of Hong Kong and in 2009 he became Master of Morningside College, established in The Chinese University of Hong Kong.
Sir James has also held Visiting Professorships at MIT, UC Berkeley and Yale. He was President of the Royal Economic Society from 1989 to 1992, and is a fellow of the British Academy, the Royal Society of Edinburgh and the Econometric Society, and a Foreign Honorary Member of the U.S. National Academy of Sciences and the American Economic Association.
He was awarded a Nobel Prize in 1996 for his fundamental contributions to the economic theory of incentives under asymmetric information. He was knighted for contributions to economic science in 1997.
In the work that earned the Nobel Prize, he studied the problem of optimal income taxation in a situation where individuals take the tax schedule into account when choosing his work effort and government does not have information on the productivity of individual citizens. In such a case, a high tax rate will discourage people from working hard while a low tax rate will result in government budget deficits. The theory shows how to derive an optimal tax schedule, balancing efficiency and equity, and taking into account the limited information about individuals that is available to the government.
Another significant contribution deals with the problem of moral hazard. For example, full insurance coverage encourages individuals not to take precautions against risk and as a result lowers the insurance company profits. The theory shows how to construct contracts that provide correct incentives for behaviour that cannot be observed. This work also allows companies to design contract terms that give their employees incentives to act, as much as possible, in accordance with the companies’ objective of profit maximization. Sir James’s work laid the foundation for the modern analysis of complex information and incentive problems, which can be applied to many other similar situations.
Board of Advisors
Dr. Cheng Kar-shun, Henry, GBS
Chairman and Executive Director, New World Development Company Limited
Appointed as Director in October 1972, Executive Director in 1973, became Managing Director from 1989 and Chairman from March 2012. Dr. Cheng is a member of the Remuneration Committee and the chairman of the Nomination Committee and Executive Committee of the Board of Directors of the Company. Dr. Cheng is the chairman and executive director of NWS Holdings Limited, Chow Tai Fook Jewellery Group Limited and International Entertainment Corporation, the chairman and non-executive director of New World Department Store China Limited, Newton Resources Ltd and FSE Engineering Holdings Limited, an independent non-executive director of HKR International Limited and Hang Seng Bank Limited, and a non-executive director of SJM Holdings Limited, all of them are listed public companies in Hong Kong. He is the chairman and managing director of New World China Land Limited, a listed public company in Hong Kong until its delisting on 4 August 2016. He was a non-executive director of Lifestyle International Holdings Limited, a listed public company in Hong Kong, up to his retirement on 4 May 2015. Dr. Cheng is also the chairman of New World Hotels (Holdings) Limited and a director of certain subsidiaries of the Group. He is a director of Cheng Yu Tung Family (Holdings) Limited, Cheng Yu Tung Family (Holdings II) Limited, Chow Tai Fook Capital Limited, Chow Tai Fook (Holding) Limited and Chow Tai Fook Enterprises Limited, all of them are substantial shareholders of the Company. Dr. Cheng is the chairman of the Advisory Council for The Better Hong Kong Foundation and a Standing Committee Member of the Twelfth Chinese People’s Political Consultative Conference of The People’s Republic of China. In 2001, Dr. Cheng was awarded the Gold Bauhinia Star by the Government of the Hong Kong Special Administrative Region. Dr. Cheng is the father of Dr. Cheng Chi-Kong, Adrian and Ms. Cheng Chi-Man, Sonia, the brother-in-law of Mr. Doo Wai-Hoi, William, the brother of Mr. Cheng Kar-Shing, Peter and the uncle of Mr. Cheng Chi-Heng.
Mr. Chung Po Yang, SBS, OBE, JP
Co-founder & Chairman Emeritus, DHL Express (Hong Kong) Limited
Chairman, The Hong Kong Institute of Service Leadership & Management
Dr. Anthony Siu-wing Lau, BBS
Chairman and Chief Executive, BALtrans Holdings Limited
Executive Charman, Pacific Air Limited
DR. ANTHONY LAU founded the Pacific Air Limited in 2002 as a wholly owned subsidiary of BALtrans Holding Ltd in 2002. Anthony is one of the pioneers and veteran of the air cargo and logistics business. He founded BALtrans Holdings Ltd in 1982 and led the group to list on the Hong Kong Stock Exchange in 1992. The group had become the largest Hong Kong based public listed global logistics group with a sales turnover of US$650M before he exited his interest to Toll Holdings, the Australian logistics conglomerate in 2008. Prior to setting up BALtrans, Anthony Lau also set up Lep International (FE), the wholly owned subsidiary company of The Group, the second largest UK based public forwarding group then in Asia with his British lifetime working partner developing its business throughout Asia.
He had served as the Chairman of HAFFA from 1998 to 2000 providing leadership in the development of the airfreight and logistics business in Hong Kong establishing Hong Kong as a market leader in growth and setting professional standards in the industry. He has also been the President of the Chartered Institute of Logistics and Transport (CILT) Hong Kong from 2006 to 2008.
Anthony has served on many other public industry bodies and has received many awards including the Bronze Bauhinia Star (BBS) by the Hong Kong SAR Government for his contribution to the Hong Kong logistics industry. He is a Member of the Hong Kong Institution of Engineers. He is also a Fellow of CILT Hong Kong and a Fellow of the Chartered Institute of Marketing (CIM). Anthony Lau is the lead author of a book “The Challenges and Opportunities Facing the Hong Kong Logistics Industries” published in March 2012. He has been appointed an Adjunct Associate Professor and the Chairman of Asian Institute of Supply Chain and Logistics since April 2015 by the Chinese University of Hong Kong. He has also been appointed a Board Advisor of the Asia-Pacific Academy of Economics and Management, University of Macau.
Mr. David Hsu
Chairman, Jardine Matheson (China) Limited
Director, Jardine Matheson Limited
David Hsu joined the Jardine Matheson Group in April 2011 as chairman of Jardine Matheson (China) Limited with responsibility for supporting the development of the Group’s business activities in mainland China, Taiwan and Macau. He is a director of Group management company, Jardine Matheson Limited.
Prior to joining Jardines, Mr Hsu was chief executive of J.P. Morgan Asset Management in the Asia Pacific Region since 2003. In addition to supervising eight offices across the Region, he was responsible for establishing J.P. Morgan’s mutual fund operations in mainland China, Korea and India.
He first joined the Group’s former investment banking joint venture, Jardine Fleming, in Taiwan in 1986, where he remained following its acquisition by J.P. Morgan in 2000. He has extensive business experience in Greater China and Asia.
He is a vice chairman of the China Committee of the Hong Kong General Chamber of Commerce, a member of the Investment Product Advisory Committee of the Hong Kong Securities and Futures Commission, and Chairman of FTSE TWSE Taiwan Index Series Advisory Committee.
He is a past chairman of the Taiwan Securities Investment Trust and Consulting Association, and a former vice chairman of the Taiwan Pension Association.
Mr Hsu was born in Taiwan in 1958. He graduated from the National Chiao Tung University with a bachelor’s degree (first class honours) in management in 1980 and obtained an MBA from the National Cheng Chih University in Taiwan. He attended the Senior Executive Programme at London Business School in 1993, and was a member of the Wharton Society of Fellows at the University of Pennsylvania in 2000. Mr Hsu is married and has a son.
Mr. Peter Wong
Former Deputy Chairman & Chief Executive, Haitong International Securities Group (formerly known as Taifook Securities Group)
WONG Siu Hoi, Peter was the former Deputy Chairman and Chief Executive of Haitong International Securities Group (formerly known as Taifook Securities Group) and possesses over 40 years of experience in the financial services industry.
Mr. Wong serves the community under a variety of avenues. He is the Director of Hong Kong Securities Institute and the Immediate Past Chairman of The Hong Kong Institute of Directors. He also serves the Hong Kong Polytechnic University in a number of Capacities namely as a member of College Council for the College of Professional and Continuing Education, a member of Executive Committee and Fellow Member of the IfE CEO Club.
Mr. Wong was a listing committee member of The stock Exchange of Hong Kong Limited, a member of the Securities and Futures Appeals Panel, Standing Committee on Company Law Reform, a member of Financial Services Advisory Committee and Professional Services Advisory Committee of the Hong Kong Trade Development Council, a lay member of Insider Dealing Tribunal, a member of the Share Registrars’ Disciplinary Committee of the Securities and Futures Commission of Hong Kong (SFC) and also served various committees and working groups for the SFC.
Ms. Akiko Takahashi
Executive Vice President & Chief Officer, Human Resources/Corporate Social Responsibility,
Melco Crown Entertainment Limited
Ms. Akiko Takahashi is the Executive Vice President and Chief Officer, Human Resources/Corporate Social Responsibility in Melco Crown Entertainment Limited since December 2008. Prior to that, she held the title Group Human Resources Director from December 2006, when she joined the company. Before joing Melco Crown Entertainment Limited, Ms. Takahashi worked as a consultant in her own consultancy company from 2003 to 2006, where she conducted “C-level” executive searches for clients and assisted with brand/service culture alignment for a luxury hotel in New York City, and where her last engagement prior to joining our Company was to lead the human resources integration for the largest international hospitality joint venture in Japan between InterContinental Hotels Group and ANA Hotels. She was the Global Group Director of Human Resources for Shangri-la Hotels and Resorts, an international luxury hotel group headquartered in Hong Kong, from 1995 to 2003. Between 1993 and 1995, she was the Senior Vice President of Human Resources and service quality for Bank of America, Hawaii, FSB. She served as Regional Human Resources Manager for Sheraton Hotels Hawaii / Japan from 1985 to 1993. She started her hospitality career as a training manager for Halekulani Hotel. She began her career in the fashion luxury retail industry in merchandising, operations, training and human resources. Ms. Takahashi attended the University of Hawaii.
Mr. Susumu Ishihara
Chairman, Board of Governors, NHK, Nippon Hoso Kyokai (Japan Broadcasting Corporation)
Senior Executive Adviser, Kyushu Railway Company
Mr. Yong Kwek Ping
Chief Executive Officer, Inventis Investment Holdings (China) Ltd
Senior Fellow, the Wharton School, University of Pennsylvania
Yong Kwek Ping is the CEO of Inventis Investment Holdings, the largest foreign private equity growth fund based in Shanghai, China with over USD 6.2 billion of capital under management spread across three different funds: the Greater China-focused fund, a global investment fund and a Korean country specific fund.
Kwek Ping started his first USD private equity China-focused growth fund in 2001 and has since made more than forty investments in different cities in China across various industries, including manufacturing, mining, energy, food and beverage, and the retail sector. With over 15 years of private equity experience, Kwek Ping has also planned and executed many successful exits through trade sales and pre-IPO transactions.
Kwek Ping is a TED speaker and the author of two acclaimed books on China, Private Equity in China: Challenges and Opportunities (Wiley 2012) and Due Diligence in China: Beyond the Checklists (Wiley 2013).
Kwek Ping’s track record is well recognized, and he is frequently invited to speak at many international conferences and summits. Kwek Ping teaches private equity courses at the Singapore Management University, Imperial College Business School, Skolkovo Moscow School of Management and he is a Senior Fellow of the Wharton School, University of Pennsylvania, USA. He also sits on the Board of Advisors, the Asia Pacific Academy of Economics and Management (APAEM), University of Macau, China and is the Centre Director of the Greater China Centre for Private Equity (GCCPE), University of Macau, China.
Mr. Jiang Jianbiao
Chairman, Te Xi Da Science and Technology Company, Beijing, China
Mr. Cham Si
Executive and Design Director, TCDI Macau