Change - Announcement of Cessation::Cessation of Non-Executive Director
Issuer & Securities
SINGAPORE REINSURANCE CORPORATION LIMITED
SINGAPORE REINSURANCE COR LTD - SG1J71891696 - S49
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
Cessation of Non-Executive Director
Submitted By (Co./ Ind. Name)
Tan Swee Gek
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.
Name Of Person
Ong Choo Eng
Is effective date of cessation known?
If yes, please provide the date
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?
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?
Any other relevant information to be provided to shareholders of the listed issuer?
If Yes, Please provide full details
Also resigned as Member of Executive, Investment, Audit, Nominating and Remuneration Committees
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.)
Member of Executive, Investment, Audit, Nominating and Remuneration Committees
Role and responsibilities
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?
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
Please see Attachment
Total size =15K