HONG KONG, April 30 (Xinhuanet) -- A selection panel has been set up to identify and consider suitable candidates for appointment as Securities & Futures Commission (SFC) Chairman, upon the expiry ofthe contract of incumbent Andrew Sheng on Sept. 30, the Hong Kong government said Saturday.

According to the government, the selection panel is chaired by Financial Secretary Henry Tang and comprises Tsang Yok-sing, Charles Lee, Christopher Cheng, Marvin Cheung and Secretary for Financial Services & the Treasury Frederick Ma.

To further strengthen the commission's internal governance, thegovernment introduced the Securities & Futures (Amendment) Bill 2005 into the Legislative Council on April 6 to split the current executive chairman post into a chairman post and a chief executiveofficer post.

The chairman will be appointed by the chief executive in accordance with the present appointment system for public and statutory bodies while the CEO will be recruited through a world-wide search. The bill is currently being considered by the council.

The selection panel will commence a global recruitment of the proposed CEO of the commission, who will be entitled chairman under the existing legal provisions but CEO upon the passage of the bill.

Recruitment advertisements have been placed in the local and international press starting Saturday. An executive search firm has been appointed as the recruitment agent to assist the selection panel in the exercise.