Three independent directors at Sheng Siong Group will step down from the board effective Dec 31 - Goh Yeow Tin, Francis Lee and Jong Voon Hi.
According to filings to the Singapore Exchange (SGX), the resignations are part of a move to “engender a renewal of independent directors”. Lee, Goh and Jong have sat on the board since June 2011.
Tan Huay Lim, Ko Chuan Aun and member of parliament Cheng Li Hui have been appointed as new independent directors at Sheng Siong effective Dec 22.
Tan, 65, previously served as a partner at KPMG Singapore for 23 years until his retirement in 2015. Ko, 64, is currently chairman of HSK Resources, and previously was president and executive director of listed developer KOP.
Meanwhile, Cheng, 45 has been a member of parliament representing the Tampines East ward of Tampines Group Representation Constituency since 2015.
Pursuant to their appointments, Patrick Chee will be re-designated as the lead independent director and chairman of the nominating committee, in place of Goh and Lee respectively with effect from Dec 31, while Tan Poh Hong will be re-designated as the chairman of the remuneration committee. She will also be appointed as a member of the nominating committee.
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Following their appointments to the board, all three of the new independent directors will join the audit, nominating and remuneration committees with Tan Huay Lim to be chairman of the audit committee, with effect from Dec 31.
Chee Teck Kwong Patrick would be re-designated as the Lead Independent Director and the Chairman of the NC of the Company in place of Mr. Goh and Mr. Lee respectively with effect from 31 December 2021. Ms. Tan Poh Hong would be re-designated as the Chairman of the RC in place of Mr. Goh and appointed as a member of the NC of the Company with effect from 31 December 2021.
As at 9.05am, Sheng Siong shares are trading flat at $1.45.
Photo: Albert Chua/The Edge Singapore
