29 Apr 2021
Change - Announcement Of Retirement Of Non-Executive And Non-Independent Director
|Announcement Title||Change - Announcement of Cessation|
|Date & Time of Broadcast||Apr 29, 2021 18:02|
|Announcement Sub Title||Retirement of Non-Executive and Non-Independent Director|
|Submitted By (Co./ Ind. Name)||Yang Haishan|
|Designation||Non-Executive and Non-Independent Director|
|Description (Please provide a detailed description of the event in the box below)||Announcement of retirement of Non-Executive and Non-Independent Director.
Mr Hu Bing was appointed as Executive Director on 17 August 2017 and the Group Chief Executive Officer ("CEO") on 14 June 2019. He ceased to be the Executive Director and Group CEO on 7 December 2020, and accordingly was re-designated as a Non-Executive and Non-Independent Director.
|Name Of Person||Hu Bing ("Mr Hu")|
|Is effective date of cessation known?||Yes|
|If yes, please provide the date||29/04/2021|
|Detailed Reason (s) for cessation||Mr. Hu is due for retirement from his office as Director at the Annual General Meeting ("AGM") pursuant to Article 106 of the Company's Constitution. Pursuant to Article 108 of the Company's Constitution, the Company at the meeting at which a Director retires under Article 106 of the Company's Constitution may by ordinary resolution fill the vacated office by electing a person thereto. In default, the retiring Director shall be deemed to have been re-elected unless, inter alia, at such meeting it is expressly resolved not to fill such vacated office.
The Board, with the concurrence of the Nominating Committee, has resolved that the Company will not be filling the vacated office of Mr. Hu Bing.
The Ordinary Resolution 4 relating to the vacation of, and resolution not to fill, Mr Hu Bing's office as a Director has been passed by shareholders of the Company at the AGM held on 29 April 2021. Accordingly, Mr. Hu Bing retired as the Non-Executive and Non-Independent Director of the Company and shall not be deemed to have been re-elected as Director at the conclusion of the said AGM.
|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||07/12/2020|
|Does the AC have a minimum of 3 members (taking into account this cessation)?||Yes|
|Number of Independent Directors currently resident in Singapore (taking into account this cessation)||2|
|Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months||4|
|Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)||Non-Executive and Non-Independent Director|
|Role and responsibilities||Non-Executive and Non-Independent Director|
|Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries||Nil|
|Shareholding interest in the listed issuer and its subsidiaries?||No|
|Past (for the last 5 years)||Director of EBA (Beijing) Asset Management Co., Ltd.|