The government of Hong Kong has appointed Chow Chung-Kong and Timothy Freshwater as members of the board of Hong Kong Exchanges and Clearing Limited. They will serve a term of two years that will begin on April 23 and continue until the annual general meeting in 2014. Chow is currently the deputy chairman of the Hong Kong General Chamber of Commerce, while Freshwater is a former vice chairman of Goldman Sachs. Ronald Arculli, the board chairman, has been also been reappointed for a one-year term. Laura Cha Shih May-lung and Moses Cheng Mo-chi will step down from the board.