Latest news with #ChengYan-chee
RTHK
a day ago
- Business
- RTHK
'All MPF schemes to be onboarded to eMPF this year'
'All MPF schemes to be onboarded to eMPF this year' The managing director of the MPFA Cheng Yan-chee says the platform is expected to save administration costs of up to HK$40 billion over 10 years. Photo: RTHK The managing director of the Mandatory Provident Fund Schemes Authority (MPFA), Cheng Yan-chee, on Saturday said the authority aims to transfer all MPF accounts to the eMPF Platform within this year. The one-stop platform, which came into operation in June last year, aims to streamline and automate the administrative work of MPF schemes. Speaking on a radio programme, Cheng said the authority is undergoing the second phase of onboarding schemes to the platform, and all MPF accounts can be viewed on the site within this year. "We had our first phase of onboarding from June to October last year, involving small-scale trustees. They have fewer employee and employer accounts. They account for two percent of the total number of accounts in the city," he said. "The second phase is from March to August, dealing with midsize trustees who have more accounts. After this phase, one-fourth of all accounts will be onboarded to the platform." The director said he expects the platform to help reduce administration costs and save up to HK$40 billion in the coming 10 years. Meanwhile, Cheng said the authority is reviewing the maximum and minimum levels of MPF contributions, considering factors such as the socioeconomic situation and income distribution, and will hand in a report to the government next year.
Yahoo
24-02-2025
- Business
- Yahoo
Hong Kong raises ESG disclosure standards for MPF managers
Hong Kong's pension regulator said money managers would need to raise their disclosure standards on environment, social and governance (ESG) funds to help contributors understand their risk management and investment strategies The 12 participating fund managers, or trustees, including HSBC and Manulife, should improve the transparency levels on ESG-related reporting in their pension schemes, the Mandatory Provident Fund Schemes Authority (MPFA) said on Monday. The trustees must clearly state ESG strategies and focus on risk management in their brochures, as well as how they monitor and measure the ESG factors in their funds, managing director Cheng Yan-chee said. They should also assess their achievements and disclose them in annual governance reports to investors, he added. Do you have questions about the biggest topics and trends from around the world? Get the answers with SCMP Knowledge, our new platform of curated content with explainers, FAQs, analyses and infographics brought to you by our award-winning team. "This approach enables scheme members to evaluate whether the funds' ESG performance aligns with their expectations," Cheng said. "It is also intended to help deepen their understanding of ESG funds and make better investment decisions." Managing director Cheng Yan-chee (left) and executive director (members and supervision) Kenneth Chan, speak at a media briefing in Wan Chai on February 24, 2025. Photo: Enoch Yiu alt=Managing director Cheng Yan-chee (left) and executive director (members and supervision) Kenneth Chan, speak at a media briefing in Wan Chai on February 24, 2025. Photo: Enoch Yiu> A total of 47 ESG-related funds with HK$36.6 billion (US$4.71 billion) of assets will be affected by the new measure, according to Kenneth Chan, an executive director in charge of MPF members and supervision. New ESG-themed funds would also need to comply when launched, he added. While the directive was effective immediately, the fund managers would be given until September 30 to ensure their ESG disclosure levels match the new guidelines, Cheng added. The MPF scheme is a compulsory government-run retirement plan established in 2000, involving the city's 4.75 million salaried workers. The scheme had HK$1.326 trillion in total assets on September 30, including investment gains. Its members may choose to cash in after reaching 65. The MPFA said it was important that fund managers applied serious investment and risk tools to weigh climate change and other sustainability elements while chasing returns. Incorporating sustainability factors would allow MPF members to also contribute to a more sustainable future, Cheng said. The MPFA's move to elevate ESG disclosure falls in line with efforts to make the local capital markets "greener" by cutting pollution and minimising the impact of climate change. Hong Kong's biggest listed firms, which together account for nearly two-thirds of the city's market capitalisation, were required to disclose greenhouse gas emissions from their operations, according to rules introduced by bourse operator Hong Kong Exchanges and Clearing. They would be required to disclose emissions attributable to their supply chain partners from 2026. Ayesha Macpherson Lau, chairwoman of Mandatory Provident Fund Schemes Authority. Photo: Edmond So alt=Ayesha Macpherson Lau, chairwoman of Mandatory Provident Fund Schemes Authority. Photo: Edmond So> Meanwhile, the MPFA would also kick off the second phase of its eMPF Platform on March 5 as part of its sustainability efforts, chairwoman Ayesha Macpherson Lau said on Monday. The eMPF project aims to reduce costs and paper consumption, making the MPF operations more eco-friendly, she added. "Our aim in the long run is to continue to move towards a greener operating environment, with the ultimate goal of being fully paperless and 100 per cent digital," she said. The eMPF's goal is to introduce a single platform to replace several separate systems adopted by the fund managers or trustees since the MPF was launched in 2000. This article originally appeared in the South China Morning Post (SCMP), the most authoritative voice reporting on China and Asia for more than a century. For more SCMP stories, please explore the SCMP app or visit the SCMP's Facebook and Twitter pages. Copyright © 2025 South China Morning Post Publishers Ltd. All rights reserved. Copyright (c) 2025. South China Morning Post Publishers Ltd. All rights reserved. Sign in to access your portfolio
