Change - Announcement of Cessation::CESSATION OF INDEPENDENT DIRECTOR
Issuer & Securities
GSS ENERGY LIMITED
GSS ENERGY LIMITED - SG1AG6000007 - 41F
Change - Announcement of Cessation
Date &Time of Broadcast
Announcement Sub Title
CESSATION OF INDEPENDENT DIRECTOR
Submitted By (Co./ Ind. Name)
Ng Say Tiong
Chief Financial Officer
Description (Please provide a detailed description of the event in the box below)
Announcement on the cessation of Chee Sanford as Independent Director
This announcement has been reviewed by the Company's sponsor, Stamford Corporate Services Pte. Ltd. (the "Sponsor"). It 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 correctness of any of the statements or opinions made or reports contained in this announcement.
The contact person for the Sponsor is Mr Bernard Lui.
Tel: 6389 3000 Email: email@example.com
Name Of Person
Is effective date of cessation known?
If yes, please provide the date
Detailed Reason (s) for cessation
Mr. Chee Sanford is retiring from the Board at the forthcoming Annual General Meeting to be held on 23 April 2021, pursuant to Regulation 89 of the Constitution of the Company and Rule 720(4) of the Listing Manual Section B: Rules of Catalist of the Singapore Exchange Securities Trading Limited ("Catalist Rules"). He has decided not to seek for re-election to the Board to facilitate Board rotation, as he has served the Board for approximately seven (7) years.
Upon his retirement at the conclusion of the forthcoming AGM, Mr. Chee Sanford will cease to be an Independent Director, the Chairman of the Audit Committee and member of the Nominating and Remuneration Committees.
After having interviewed Mr. Chee Sanford and to the best of its knowledge, the Company s Sponsor, Stamford Corporate Services Pte. Ltd., is satisfied that save as disclosed in this announcement, there are no other material reasons for the cessation of Mr. Chee Sanford as an Independent Director of the Company.
The Company will take appropriate action (i.e. appointing an additional Independent Director) to fill the vacancy so as to meet the requirements of the Catalist Rules, including the minimum number of members in the Audit Committee (within two months, but in any case not later than three months).
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?
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.)
Role and responsibilities
Roles and responsibilities as an Independent Non-Executive Director of the Company, AC Chairman, NC member and RC member.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
Mr. Chee Sanford has no family relationship with any director and/or substantial shareholders of the Company.
Shareholding interest in the listed issuer and its subsidiaries?
Direct interest of 700,000 ordinary shares in the Company
Past (for the last 5 years)