Change - Announcement of Appointment::Appointment of Independent Non-Executive Chairman

Issuer & Securities

Issuer/ Manager
THAKRAL CORPORATION LTD
Securities
THAKRAL CORPORATION LTD - SG1AJ2000005 - AWI
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
10-Apr-2024 19:16:04
Status
New
Announcement Sub Title
Appointment of Independent Non-Executive Chairman
Announcement Reference
SG240410OTHR62XD
Submitted By (Co./ Ind. Name)
Anil Daryanani
Designation
Chief Financial Officer
Description (Please provide a detailed description of the event in the box below)
Appointment of Mr. Lim Swe Guan as the Independent Non-Executive Chairman of the Board, the Chairman of Compensation Committee and Investment Committee, and a Member of Audit Committee and Nomination Committee of Thakral Corporation Ltd (the "Company").

Additional Details

Date Of Appointment
26/04/2024
Name Of Person
Lim Swe Guan @ Lim Swee Guan
Age
69
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process)
A working committee was formed to search for a suitable Independent Non-Executive Chairman of the Board to replace the current Chairman who will be retiring at the 2024 Annual General Meeting due to the 9-year tenure limit for independent directors.

The working committee completed its search and interview process and recommended the appointment of Mr. Lim Swe Guan @ Lim Swee Guan to the Nomination Committee ("NC"). The NC after reviewing the credentials and extensive experience of Mr. Lim concluded that he would be well-suited to replace the retiring Independent Non-Executive Chairman and recommended him to the Board.

The Board has accepted the recommendation of the NC which had reviewed Mr. Lim's qualifications, leadership skills and extensive experience, including in investment management and real estate sectors, and taking into consideration the current needs of the Company to succeed its long-serving Independent Non-Executive Chairman, and is satisfied that Mr. Lim's relevant knowledge and extensive experience will provide further diversity of skills, insights and valuable contribution to the Board, and recommended the appointment of Mr. Lim as the Independent Non-Executive Chairman of the Board, the Chairman of the Compensation and Investment Committees, and a member of the Audit and Nomination Committees.

The NC and the Board consider Mr. Lim to be independent for the purposes of Rule 704(8) of the Listing Manual of the Singapore Exchange Securities Trading Limited.
Whether appointment is executive, and if so, the area of responsibility
Non-executive
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Chairman
Chairman of Compensation Committee and Investment Committee
Member of Audit Committee and Nomination Committee
Professional qualifications
- Bachelor of Science in Estate Management (Honours), University of Singapore
- Master of Business Administration from the Colgate Darden Graduate School of Business, The University of Virginia
- Chartered Financial Analyst, Institute of Chartered Financial Analysts
Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries
None
Conflict of interests (including any competing business)
None
Working experience and occupation(s) during the past 10 years
2008 to 2011
GIC Real Estate
Managing Director

1997 to 2008
Government of Singapore Investment Corporation
Held various positions where last held position was Regional Manager.
Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6))
Yes
Shareholding interest in the listed issuer and its subsidiaries?
No
# These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8).
Past (for the last 5 years)
- Director, General Property Trust Group
- Independent Director, Sunway Berhad
Present
Principal Commitments:
- Chair and Independent Non-Executive Director, Cromwell EREIT Management Pte. Ltd. (Manager of Cromwell European REIT)
- Independent Advisor, CIMB-Trust Capital Advisors
- Independent Investment Committee Member, Fife Capital Singapore Pte Limited
- Director, Asia Pacific Real Estate Association Limited
(a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner?
No
(b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency?
No
(c) Whether there is any unsatisfied judgment against him?
No
(d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose?
No
(e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach?
No
(f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part?
No
(g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust?
No
(h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust?
No
(i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity?
No
(j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :-
(i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or
No
(ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or
No
(iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or
No
(iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust?
No
(k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere?
No
Any prior experience as a director of an issuer listed on the Exchange?
Yes
If Yes, Please provide details of prior experience
Mr. Lim is the Chair and Independent Non-Executive Director of Cromwell EREIT Management Pte. Ltd., the Manager of SGX-listed Cromwell European REIT.
Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable)
N.A.