Andrew Sheng
Encyclopedia
Datuk Seri Panglima Andrew Sheng (born 1946) is a Malaysian accountant. He served as chairman of the Hong Kong
Securities and Futures Commission (SFC) before his replacement by Martin Wheatley
in 2005.
. He grew up in British North Borneo (today Sabah
, Malaysia). He left Malaysia in 1965 to attend the University of Bristol
in England
, where he studied economics.
and joined Arthur Andersen
to train as a chartered accountant
. After seven years in England, he came back to Malaysia in 1972, and four years later took up a position at Bank Negara Malaysia
, where he did work involving banking regulation. In 1989 he was seconded to the World Bank
office in Washington, DC; he came back to Asia in 1993 to serve as the deputy chief executive of the Hong Kong Monetary Authority
. After that, he was appointed to his position on Hong Kong's SFC in October 1998; Tung Chee Hwa
re-appointed him in October 2003 for a further two years. In 2005, he stepped down in favour of Wheatley, who had joined the SFC the year prior after being removed from his position at the London Stock Exchange
.
, Sheng is a director at Khazanah Nasional
. He is a member of Malaysia's National Economic Action Council, holds an advisory role on the China Banking Regulatory Commission
, and sits on the boards of the Qatar Financial Centre
Regulatory Authority and Sime Darby
.
Hong Kong
Hong Kong is one of two Special Administrative Regions of the People's Republic of China , the other being Macau. A city-state situated on China's south coast and enclosed by the Pearl River Delta and South China Sea, it is renowned for its expansive skyline and deep natural harbour...
Securities and Futures Commission (SFC) before his replacement by Martin Wheatley
Martin Wheatley
-In London:Wheatley worked for the London Stock Exchange for 18 years, including six years on its board. He rose to the position of deputy chief executive, and was closely involved with the failed merger with Deutsche Borse which resulted in Gavin Casey's resignation from the LSE...
in 2005.
Early life
Sheng is Malaysian ChineseMalaysian Chinese
Malaysian Chinese is a Malaysian of Chinese origin. Most are descendants of Chinese who arrived between the fifteenth and the mid-twentieth centuries. Within Malaysia, they are usually simply referred to as "Chinese" in all languages. The term Chinese Malaysian is also sometimes used to refer to...
. He grew up in British North Borneo (today Sabah
Sabah
Sabah is one of 13 member states of Malaysia. It is located on the northern portion of the island of Borneo. It is the second largest state in the country after Sarawak, which it borders on its southwest. It also shares a border with the province of East Kalimantan of Indonesia in the south...
, Malaysia). He left Malaysia in 1965 to attend the University of Bristol
University of Bristol
The University of Bristol is a public research university located in Bristol, United Kingdom. One of the so-called "red brick" universities, it received its Royal Charter in 1909, although its predecessor institution, University College, Bristol, had been in existence since 1876.The University is...
in England
England
England is a country that is part of the United Kingdom. It shares land borders with Scotland to the north and Wales to the west; the Irish Sea is to the north west, the Celtic Sea to the south west, with the North Sea to the east and the English Channel to the south separating it from continental...
, where he studied economics.
Career
Following his graduation, Sheng moved to LondonLondon
London is the capital city of :England and the :United Kingdom, the largest metropolitan area in the United Kingdom, and the largest urban zone in the European Union by most measures. Located on the River Thames, London has been a major settlement for two millennia, its history going back to its...
and joined Arthur Andersen
Arthur Andersen
Arthur Andersen LLP, based in Chicago, was once one of the "Big Five" accounting firms among PricewaterhouseCoopers, Deloitte Touche Tohmatsu, Ernst & Young and KPMG, providing auditing, tax, and consulting services to large corporations...
to train as a chartered accountant
Chartered Accountant
Chartered Accountants were the first accountants to form a professional body, initially established in Britain in 1854. The Edinburgh Society of Accountants , the Glasgow Institute of Accountants and Actuaries and the Aberdeen Society of Accountants were each granted a royal charter almost from...
. After seven years in England, he came back to Malaysia in 1972, and four years later took up a position at Bank Negara Malaysia
Bank Negara Malaysia
Bank Negara Malaysia is the Malaysian central bank. Established on January 26, 1959 as the Bank Negara Malaya, its main purpose was to issue currency, act as banker and adviser to the Government of Malaysia and regulate the country's credit situation...
, where he did work involving banking regulation. In 1989 he was seconded to the World Bank
World Bank
The World Bank is an international financial institution that provides loans to developing countries for capital programmes.The World Bank's official goal is the reduction of poverty...
office in Washington, DC; he came back to Asia in 1993 to serve as the deputy chief executive of the Hong Kong Monetary Authority
Hong Kong Monetary Authority
The Hong Kong Monetary Authority or HKMA is Hong Kong's central banking institution . It is a government authority founded on 1 April 1993 via the consolidation of "Office of the Exchange Fund" and the "Office of the Commissioner of Banking"...
. After that, he was appointed to his position on Hong Kong's SFC in October 1998; Tung Chee Hwa
Tung Chee Hwa
Tung Chee Hwa, GBM was the first Chief Executive and President of the Executive Council of the Hong Kong Special Administrative Region of the People's Republic of China....
re-appointed him in October 2003 for a further two years. In 2005, he stepped down in favour of Wheatley, who had joined the SFC the year prior after being removed from his position at the London Stock Exchange
London Stock Exchange
The London Stock Exchange is a stock exchange located in the City of London within the United Kingdom. , the Exchange had a market capitalisation of US$3.7495 trillion, making it the fourth-largest stock exchange in the world by this measurement...
.
, Sheng is a director at Khazanah Nasional
Khazanah Nasional
Khazanah Nasional Berhad is the investment holding arm of the Government of Malaysia entrusted to hold and manage the commercial assets of the government and to undertake strategic investments. Khazanah was incorporated under the Companies Act 1965 on 3 September 1993 as a public limited company...
. He is a member of Malaysia's National Economic Action Council, holds an advisory role on the China Banking Regulatory Commission
China Banking Regulatory Commission
The China Banking Regulatory Commission is an agency of the People's Republic of China authorised by the State Council to regulate the banking sector of the PRC except the territories of Hong Kong and Macau, both of which are special administrative regions...
, and sits on the boards of the Qatar Financial Centre
Qatar Financial Centre
Established in March 2005, The Qatar Financial Centre is a business and financial centre located in Doha, providing legal and business infrastructure for financial services...
Regulatory Authority and Sime Darby
Sime Darby
Sime Darby is Malaysia's leading multinational conglomerate involved in five core sectors: plantations, property, industrial, motors and energy & utilities, with a growing presence in healthcare...
.
Quotes
- "Why should a financial engineer be paid four to a hundred times more than a real engineer? A real engineer builds bridges. A financial engineer builds dreams and, when those dreams turn out to be nightmares, other people pay for it." —Andrew Sheng, in an interview for the 2010 financial industry documentary Inside JobInside Job (film)Inside Job is a 2010 documentary film about the late-2000s financial crisis directed by Charles H. Ferguson. The film is described by Ferguson as being about "the systemic corruption of the United States by the financial services industry and the consequences of that systemic corruption." In five...
.