Change - Announcement of Appointment::Re-designation of Independent Director to Independent Non-Executive Chairman of the Board

Issuer & Securities

Issuer/ Manager
LY CORPORATION LIMITED
Securities
LY CORPORATION LIMITED - SG1EC1000003 - 1H8
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
29-Apr-2022 18:08:10
Status
New
Announcement Sub Title
Re-designation of Independent Director to Independent Non-Executive Chairman of the Board
Announcement Reference
SG220429OTHRO0YJ
Submitted By (Co./ Ind. Name)
Tan Yong Chuan
Designation
Executive Director and Chief Executive Officer
Description (Please provide a detailed description of the event in the box below)
Re-designation of Independent Director to Independent Non-Executive Chairman of the Board - Mr Oh Seong Lye

This announcement has been prepared by LY Corporation Limited (the "Company") and its contents have been reviewed by the Company's sponsor, Xandar Capital Pte Ltd (the "Sponsor").


This announcement has not been examined or approved by the Singapore Exchange Securities Trading Limited (the "SGX-ST") and the SGX-ST assumes no responsibility for the contents of this announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement.


The contact person for the Sponsor is Ms Pauline Sim, Head of Corporate Finance, at 3 Shenton Way, #24-02, Shenton House, Singapore 068805, telephone (65) 6319 4954.

Additional Details

Date Of Appointment
29/04/2022
Name Of Person
Oh Seong Lye
Age
73
Country Of Principal Residence
Malaysia
Date of last re-appointment (if applicable)
25/04/2019
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
The re-designation of Mr Oh Seong Lye ("Mr Oh") from Independent Director to Independent Non-Executive Chairman of the Board of Directors ("Board") of the Company was reviewed and approved by the Nominating Committee and the Board, after taking into account his qualifications and working experience, is of the view that the re-designation of Mr Oh as Independent Non-Executive Chairman of the Board will strengthen the independent element of the Board. Mr Oh had abstained from the deliberations and decision of his re-designation.

Following Mr Oh's re-designation, he will remain as the Chairman of the Audit and Risk Committee, a member of the Nominating Committee and Remuneration Committee.
Whether appointment is executive, and if so, the area of responsibility
Non-executive and independent.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
1. Independent Non-Executive Chairman of the Board
2. Chairman of the Audit and Risk Committee
3. NC Member
4. RC Member
Professional qualifications
1. Fellow member of the Institute of Chartered Accountants of England and Wales;
2. Chartered Accountant of Institute of Singapore Chartered Accountants;
3. Chartered Accountant of Malaysian Institute of Accountants ("MIA"); and
4. Executive Master of Business Administration from United Business Institutes (Belgium).
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
No
Conflict of interests (including any competing business)
No
Working experience and occupation(s) during the past 10 years
Senior Partner of an Audit Firm registered under MIA
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?
Yes
Shareholding Details
Direct interest: 115,000
# 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)
Independent Non-Executive Director of Inari Amertron Berhad and Insas Berhad, both listed on Bursa Malaysia, Kuala Lumpur
Senior Partner of an Audit Practice registered under MIA
Present
Principal of a Non-Audit Firm registered under MIA
(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
Present:
LY Corporation Limited, (from 20 December 2017 to current) (listed on SGX, Singapore)

Past:
Inari Amertron Berhad (from 2010 to 2021) (listed on Bursa Malaysia, Kuala Lumpur)
Insas Berhad (from 2009 to 2021) (listed on Bursa Malaysia, Kuala Lumpur)