Change - Announcement of Cessation::Resignation of Independent and Non-Executive Director - Mr. Chong Eng Wee

Issuer & Securities

Issuer/ Manager
Stapled Security

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
22-Mar-2022 23:33:51
Announcement Sub Title
Resignation of Independent and Non-Executive Director - Mr. Chong Eng Wee
Announcement Reference
Submitted By (Co./ Ind. Name)
Chin Teck Oon
Executive Director & CEO
Description (Please provide a detailed description of the event in the box below)
Resignation of Mr. Chong Eng Wee ("Mr. Chong") as Independent and Non-Executive Director of the Company with effect from 21 March 2022.

Mr. Chong will, following his resignation, relinquish his roles as the Chairman of the Remuneration Committee and the Performance Share Scheme Committee and member of the Audit Committee and the Nominating Committee.

Additional Details

Name Of Person
Chong Eng Wee
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Please refer to the Company's announcement dated 22 March 2022 entitled "Proposed ratification of interested person transactions in relation to the provision of legal services by Chevalier Law LLC".

Mr. Chong is the Managing Director and a shareholder in Chevalier Law LLC. As advised by the Company Secretary, pursuant to the Code of Corporate Governance 2018 (the "Code"), provision of services by an entity (in which a director has at least 5% stake and the aggregate value of such services to be furnished over any financial year exceeds S$200,000) should generally lead to such director to be deemed non-independent.

Based on the above and the Company's current financial circumstances, in the interests of ensuring the Company's compliance with recommended practices within the Code and achieving costs savings for the Company in terms of directors' fees, the Company and Mr. Chong have mutually agreed that his cessation as an Independent and Non-Executive Director will be in the best interests of the Company.

In view of the ongoing independent review on the Group's branding, operation and procurement ("BOP") business, Mr. Chong has also committed to continue to render such assistance as may be required (in his capacity as a former director of the Company) for purposes of facilitating the independent review on the Group's BOP business.
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?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
If Yes, Please provide full details
Please refer to the section on "Detailed Reason(s) for Cessation" set out in this announcement.
Any other relevant information to be provided to shareholders of the listed issuer?
Date of Appointment to current position
Does the AC have a minimum of 3 members (taking into account this cessation)?
Number of Independent Directors currently resident in Singapore (taking into account this cessation)
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent and Non-Executive Director, RC Chairman, Chairman of Performance Share Scheme Committee, AC Member and NC Member
Role and responsibilities
Assumed the roles and responsibilities of an Independent and Non-Executive Director, Chairman of Remuneration Committee, Chairman of Performance Share Scheme Committee, Member of Audit Committee and Member of Nominating Committee.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Shareholding interest in the listed issuer and its subsidiaries?
Past (for the last 5 years)
Innopac Holdings Limited
CW Group Holdings Limited
Kennedys Legal Solutions Pte. Ltd.
Legal Solutions LLC
Wish Hospitality Holdings Private Limited
Kingsblade Asia Pte Ltd
Heatec Jietong Holdings Limited
GS Holdings Limited
OEL (Holdings) Limited
Chevalier Law LLC
Wish Health Management (Shanghai) Co. Ltd.