Change - Announcement of Cessation::Retirement of Lead Independent Director

Issuer & Securities

Issuer/ Manager
GS HOLDINGS LIMITED
Securities
GS HOLDINGS LIMITED - SG1CF0000001 - 43A
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
13-Jun-2023 22:23:10
Status
New
Announcement Sub Title
Retirement of Lead Independent Director
Announcement Reference
SG230613OTHRNEMP
Submitted By (Co./ Ind. Name)
Pang Pok
Designation
Chief Executive Officer and Executive Director
Description (Please provide a detailed description of the event in the box below)
Retirement of Lead Independent Director

Additional Details

Name Of Person
Chong Eng Wee
Age
43
Is effective date of cessation known?
Yes
If yes, please provide the date
28/06/2023
Detailed Reason (s) for cessation
Mr. Chong Eng Wee ("Mr. Chong") will not be seeking re-election and will retire as an Independent Director of the Company at the close of the Annual General Meeting on 28 June 2023 to focus on his personal and/or other principal work commitments. Mr. Chong will step down from his position as the Lead Independent Director of the Company, Chairman of the Nominating Committee, and member of the Audit and Risk Committee and Remuneration Committee.

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?
Yes
If Yes, Please provide full details
In view of Mr Chong's retirement, each of the Nominating Committee, Remuneration Committee and Audit and Risk Committee (respectively) will fall below the minimum of 3 directors as required under the Code of Corporate Governance 2018.

The Company is also cognizant of Catalist Rule 704(7), which states that in the event of any cessation which renders the audit committee unable to meet the minimum number (not less than three) the issuer should endeavour to fill the vacancy within two months, but in any case not later than three months. The Company will be sourcing for a new Independent Director to fill the aforementioned vacancies and ensure compliance with the provisions of the Code of Corporate Governance 2018 and the Catalist Rules, and will provide shareholders with further updates on the foregoing matter in due course.
Any other relevant information to be provided to shareholders of the listed issuer?
No
Date of Appointment to current position
10/01/2019
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)
2
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 of the Company, Chairman of the Nominating Committee, and member of the Audit and Risk Committee and Remuneration Committee
Role and responsibilities
As above.
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)
1. CW Group Holdings Limited
2. Innopac Holdings Limited
3. Kennedys Legal Solutions Pte Ltd
4. Legal Solutions LLC
5. KTL Global Limited
6. Kingsblade Asia Pte. Ltd.
7. Wish Hospitality Holdings Private Limited
8. Wish Health Management (Shanghai) Co. Ltd.
Present
1. Heatec Jietong Holdings Ltd.
2. OEL (Holdings) Limited
3. Chevalier Law LLC
4. Chevalier CS Pte. Ltd.
5. Coronet Ventures (Singapore) Pte. Ltd.