In the News: 2003

HK - Bank of China appoints independent non-executive director

The Asian Banker
30 November 2003

The Board of Directors (the "Board') of BOC Hong Kong (Holdings) Limited ("the Company", Stock Code 2388; US OTC: BHKLY) today announced the appointment of Ambassador Linda Tsao Yang () as an Independent Non-executive Director of the Company and Bank of China (Hong Kong) Limited ("BOCHK"), the principal operating subsidiary of the Company, with effect from November 12, 2003.

Ambassador Linda Tsao Yang, aged 77, currently chairs the Asian Corporate Governance Association (ACGA), a non-profit organisation based in Hong Kong for promoting corporate governance practices among Asian business enterprises. She is also an adviser to Lombard Investments, a private equity investment firm in San Francisco and serves on various public organisations. Ambassador Yang was appointed by President Clinton as the U.S. Executive Director at the Asia Development Bank ("ADB") from 1993 to 1999.

Upon her retirement in 1999, then U.S. Secretary of the Treasury presented her with the Distinguished Service Award of the Treasury Department for her contributions at ADB during her tenure of office. Before that, she had served in various public capacities including, California's Savings and Loan Commissioner and Vice President of the Board of Administration of the Public Employees' Retirement System of the State of California (CalPERS). Ambassador Yang graduated from St. John's University in Shanghai and earned her Master of Philosophy degree (Economics) from Columbia University of New York.

The Board welcomes Ambassador Yang and believes that her experience in corporate governance will prove invaluable for bringing international best practices into the Company.

Together with Ambassador Yang, there are four Independent Non-executive Directors ("INEDs") in the Company's Board of 12. The other INEDs are Dr Victor Fung Kwok King, Mr Shan Weijian and Mr Tung Chee Chen. Mr Neoh Anthony Francis is Senior Adviser to the Board. The Board also intends to appoint an additional INED. Further announcements will be made when appropriate.