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Change - Announcement Of Cessation Of Independent Non-Executive Director - Tong Kai Cheong
Aug 01, 2023
| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Aug 1, 2023 19:14 |
| Status | New |
| Announcement Sub Title | Cessation of Independent Non-executive Director - Tong Kai Cheong |
| Announcement Reference | SG230801OTHRTOGJ |
| Submitted By (Co./ Ind. Name) | Leung Hon Shing |
| Designation | Executive Director and Company Secretary |
| Description (Please provide a detailed description of the event in the box below) | Resignation of Mr Tong Kai Cheong as Independent Non-executive Director ("INED"), Chairman of Remuneration Committee and Compliance Committee as well as Member of Audit Committee, Nomination Committee and Employee Share Option Scheme ("ESOS") Committee. |
| Additional Details | |
| Name Of Person | Tong Kai Cheong |
| Age | 62 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 01/11/2023 |
| Detailed Reason (s) for cessation | Resigned due to his belief that the Company's next phase of development should be helmed by a refreshed Board after the recent significant shareholding and leadership changes of the Company and his concern that, as a non-native Mandarin speaker, the language barrier may hinder him from effective communication with the current chairman of the Board in board meetings. |
| Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting? | No |
| Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer? | No |
| Any other relevant information to be provided to shareholders of the listed issuer? | No |
| Date of Appointment to current position | 01/06/2022 |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | No |
| Number of Independent Directors currently resident in Singapore (taking into account this cessation) | 0 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 5 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | INED, Chairman of Remuneration Committee and Compliance Committee as well as Member of Audit Committee, Nomination Committee and ESOS Committee. |
| Role and responsibilities | Independent Non-executive Director |
| Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries | No |
| Shareholding interest in the listed issuer and its subsidiaries? | No |
| Past (for the last 5 years) | Executive Director, Bank of Singapore Limited (2016 to 2018) Executive Director, Standard Chartered Bank Private Banking (2018 to 2021) |
| Present | Investment Representative, LVS Wealth Management Limited, Hong Kong |
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