Change - Announcement of Appointment::Appointment of Independent Non-Executive Director

Issuer & Securities

Issuer/ Manager
HONG LEONG FINANCE LIMITED
Securities
HONG LEONG FINANCE LIMITED - SG1M04001939 - S41
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
10-Jun-2019 17:43:08
Status
New
Announcement Sub Title
Appointment of Independent Non-Executive Director
Announcement Reference
SG190610OTHR9MDU
Submitted By (Co./ Ind. Name)
Yeo Swee Gim, Joanne
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Appointment of Mr Peter Chay Fook Yuen as an Independent Non-Executive Director, as Chairman of the Remuneration Committee ("RC") and the Hong Leong Finance Share Option Scheme 2001 Committee ("SOSC") and as a member of the Board Risk Committee ("BRC").

Additional Details

Date Of Appointment
11/06/2019
Name Of Person
Peter Chay Fook Yuen
Age
59
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process)
The appointment of Mr Peter Chay as an Independent Non-Executive Director, as Chairman of the RC and SOSC and as a member of the BRC, was recommended by the Nominating Committee ("NC") and approved by the Board, after taking into consideration Mr Chay's qualifications and extensive experience in auditing and advisory work across various industries, and specific experience in corporate restructuring, insolvency and corporate finance related work. The Board looks forward to the contribution of his skills and knowledge in enhancing the current core competencies of the Board.
Whether appointment is executive, and if so, the area of responsibility
No
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Director, Chairman of the RC and SOSC, and member of the BRC
Professional qualifications
Bachelor of Commerce (majoring in Accounting, Finance and Systems), University of New South Wales, Australia
Fellow of Institute of Singapore Chartered Accountants
Member of Institute of Chartered Accountants, Australia
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
February 2018 - current: Managing Director, Advisory Plus Pte Ltd
2010 - September 2017: Deputy Managing Partner, KPMG LLP
2005 - 2009: Head of Financial Advisory Services, KPMG LLP
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?
No
Other Principal Commitments* Including Directorships#
*"Principal Commitments" has the same meaning as defined in the Code
# 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)
KPMG Corporate Finance Pte Ltd
Present
Singapore Business Federation Foundation Limited
Advisory Plus Pte Ltd
Advisory Plus Sdn Bhd
Stirling Coleman Consultancy Sdn Bhd
(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
Disclosure applicable to the appointment of Director only.
Any prior experience as a director of an issuer listed on the Exchange?
No
If no, please state if the director has attended or will be attending training on the roles and responsibilities of a director of a listed issuer as prescribed by the Exchange
See below.
Please provide details of relevant experience and the nominating committee's reasons for not requiring the director to undergo training as prescribed by the Exchange (if applicable)
Current role as Director of Singapore Business Federation Foundation Limited, an institution of public character ("IPC"), was also the Chairman of its Audit Committee ("AC") from 2013 to 2017, and currently a member of the AC.

Previous role as Director of The Esplanade Co., Ltd., an IPC and was also Chairman (2006 to 2011) and member (2011 to 2013) of its AC.

As Chairman and member of the AC of the above-mentioned IPCs, Mr Chay, together with other AC members, plays a critical role in ensuring the integrity of their financial reports, oversees the IPC's financial reporting, internal accounting control system, and audit function.

The NC is of the view that based on Mr Chay's extensive experience in auditing and advisory work, especially in connection with the advisory work provided to listed companies, and taking into account his past and present experience as a director and audit committee member for two IPCs, he has sufficient knowledge on the roles and responsibilities of a listed company director and does not need to attend the relevant training as prescribed by the Exchange for directors with no prior experience as a director of a listed company.