Change - Announcement of Cessation::Announcement of Cessation of Independent Director (Mr Simon Stewart Davidson)

Issuer & Securities

Issuer/ Manager
FSL TRUST MANAGEMENT PTE. LTD.
Securities
FIRST SHIP LEASE TRUST - SG1U66934613 - D8DU
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
08-Nov-2016 19:22:23
Status
New
Announcement Sub Title
Announcement of Cessation of Independent Director (Mr Simon Stewart Davidson)
Announcement Reference
SG161108OTHR1T9J
Submitted By (Co./ Ind. Name)
Elizabeth Krishnan
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Announcement of Cessation of Independent Director (Mr Simon Stewart Davidson)

Additional Details

Name Of Person
Simon Stewart Davidson
Age
55
Is effective date of cessation known?
Yes
If yes, please provide the date
07/11/2016
Detailed Reason (s) for cessation
Mr Davidson tendered his resignation. He gave as his reason his unhappiness over the procedure and process of the appointment of, and the terms of reference for, the new CFO; in particular what he perceived as haste in the appointment. He had expressed his unhappiness in an email to board members on 28 September 2016 but had not indicated at that time that he wished to resign as director.
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?
Yes
If Yes, Please provide full details
In appointing the new CFO in September 2016, the Board was of the view that the position had been vacant for too long (since 1 November 2014) and that it was crucial to fill the appointment. The Board is of the view that the procedure and process followed and the terms of reference for the new CFO were appropriate.
Date of Appointment to current position
17/06/2013
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)
3
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
2
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Lead Independent Director; Member of the Audit and Risk Committee and the Remuneration Committee.
Role and responsibilities
Assumed the roles and responsibilities of a Lead Independent Director and a member of the Audit and Risk Committee and the Remuneration Committee.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
None
Present
Barometer Services Pte. Ltd.