The Management Board is the governing body of MPFA. As required by the MPF legislation, it consists of not fewer than 10 directors. A majority of them are non-executive directors to ensure the effective exercise of independent judgment, and all directors exercise a reasonable degree of care and diligence to ensure that MPFA performs its functions properly.
Roles of the Management Board of MPFA include:
- determining key corporate strategies and policies;
- overseeing the delivery of planned results;
- endorsing the corporate plan and budget of MPFA; and
- ensuring that MPFA’s operations are conducted prudently within the framework of applicable laws, regulations and policies.
The Management Board gives directions to the executives of MPFA for the administration of MPFA’s affairs, and delegates the management of day-to-day operations to the executives.
The roles and powers of the Chairman and the Managing Director are segregated but complementary. The Chairman, a Non-executive Director, is responsible for the leadership and effective operations of MPFA, and the Managing Director, an Executive Director, is the administrative head responsible for administering the affairs of MPFA, subject to the direction of the Management Board.