Change - Announcement of Cessation::Cessation of Non-Executive Director

Issuer & Securities

Issuer/ Manager
SINGAPORE REINSURANCE CORPORATION LIMITED
Securities
SINGAPORE REINSURANCE COR LTD - SG1J71891696 - S49
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
31-Dec-2015 15:31:46
Status
New
Announcement Sub Title
Cessation of Non-Executive Director
Announcement Reference
SG151231OTHRHSOA
Submitted By (Co./ Ind. Name)
Tan Swee Gek
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Cessation of Mr Ong Choo Eng as non-executive director of Singapore Reinsurance Corporation Limited effective 31 December 2015.

Additional Details

Name Of Person
Ong Choo Eng
Age
72
Is effective date of cessation known?
Yes
If yes, please provide the date
31/12/2015
Detailed Reason (s) for cessation
Mr Ong Choo Eng has been a non-executive director of the Company since 1 June 2002. As mentioned in the FY2014 Annual Report, the Insurance (Corporate Governance) Regulations 2013 ( CG Regulations ) requires that the Board must comprise at least one-third of directors who are independent directors as defined in the CG Regulations by 2016. A director who has served on the board for a continuous period of 9 years or longer would not come within the definition of an independent director under the CG Regulations. Accordingly, to ensure the Company s compliance with the CG Regulations, Mr Ong together with two other directors are stepping down.
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
Also resigned as Member of Executive, Investment, Audit, Nominating and Remuneration Committees
Date of Appointment to current position
01/06/2002
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
0
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Member of Executive, Investment, Audit, Nominating and Remuneration Committees
Role and responsibilities
Non-Executive Director
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Yes, father of Mr Ong Eng Yaw, non-executive director of the Company
Shareholding interest in the listed issuer and its subsidiaries?
Yes
Shareholding Details
Direct shareholding of 24,200 shares and indirect shareholding (deemed interest) via the 140,800 shares held by Ely Investment in Singapore Reinsurance Corporation Limited
Past (for the last 5 years)
Please see Attachment
Present
Please see Attachment

Attachments