Former KPMG Asia Pacific chair Carlson Tong joins Standard Chartered

01 March 2019 2 min. read

Standard Chartered has appointed ex-KPMG Asia Pacific chair Carlson Tong as an independent non-executive director, while two board members step down.

Former KPMG veteran and Asia Pacific chairman Carlson Tong has joined blue-chip bank Standard Chartered as an independent non-executive director, with Hang Seung-Soo and Om Bhatt stepping down from the board after nine and six years respectively. In addition to his director role, Tong will also join Standard Chartered committees for Audit, Risk and Financial Crime Risk.

Before retiring in 2011 to take on the head watchdog role at the Securities and Futures Commission, Tong had served with KPMG and its predecessors for more than 30 years – joining Peat, Marwick, Mitchell & Co. in Cardiff in 1980 before returning with the firm to Hong Kong. In 1989 (after the KMG and Peat Marwick merger) he was made an auditing partner, and in 1996 became the firm’s first Chinese HR partner.

A decade later and Tong was elected joint chair of KPMG in China and Hong Kong, taking on sole local responsibility in 2009 and adding the regional chairmanship of KPMG Asia Pacific. Tong has further served as the chair or on the board of numerous other public entities, including the Airport Authority Hong Kong, English Schools Foundation, Hong Kong Sports Institute, and Institute of Certified Public Accountants.Standard Chartered brings in ex-KPMG Asia Pacific chair Carlson Tong“Carlson has a deep understanding and knowledge of operating across mainland China, Hong Kong and the wider Asia Pacific region as well as an acute awareness of the financial services sector, the regulatory framework and the sensitivities and relationships in some of our key markets,” said Standard Chartered group chairman José Viñals, who was formerly with the International Monetary Fund.

Announced in conjunction with Tong’s appointment was the resignation of UN Special Envoy and former South Korean prime minister Hang Seung-Soo, who was also a member of the Standard Chartered Brand, Values & Conduct committee, and Om Bhatt, former chairman of the State bank of India – who is reportedly being examined by India’s Central Bureau of Investigation in respect to loans made to the highly indebted Kingfisher Airlines.

“On behalf of the Board I would like to thank Dr Han Seung-soo for his substantial contributions to the Group over the past nine years, as well as his considerable insight into Asia, particularly Korea. We wish Dr Han Seung-soo all the very best for the future. I would also like to thank Om Bhatt for his important contribution to the Group over the past six years, in particular his insight into banking and India. We wish him well for the future,” Viñals said.

In line with the disclosure requirements for Hong-Kong listed companies, Standard Chartered notes that Tong’s remuneration for his board and various committee roles will be approximately $275,000 per annum. Tong joins a number of other remaining Independent Non-Executive Directors at Standard Chartered, including Senior Director and 20-year Capgemini UK chairwoman Christine Hodgson.