General Announcement::(1) Change of Chairman and (2) Changes to Composition of the Board
Issuer & Securities
SING INVESTMENTS & FINANCE LIMITED
SING INVESTMENTS & FINANCE LTD - SG1S02002305 - S35
Date &Time of Broadcast
Announcement Sub Title
(1) Change of Chairman and (2) Changes to Composition of the Board
Submitted By (Co./ Ind. Name)
Chan Kum Kit
Description (Please provide a detailed description of the event in the box below)
(1) CHANGE OF CHAIRMAN
The Board of Directors of Sing Investments & Finance Limited (the "Company") is pleased to announce the appointment of Mr Ng Tat Pun as the Non-Executive Chairman of the Board in place of Mr Lee Sze Leong, with effect from 1st May 2015. This is in line with the recommendation of Guideline 3.1 of the Code of Corporate Governance 2012 where the Chairman and the Chief Executive Officer ("CEO") should in principle be separate persons, to ensure an appropriate balance of power, increased accountability and greater capacity of the Board for independent decision making.
As Non-Executive Chairman of the Board, Mr Ng Tat Pun will be responsible for, amongst others, setting the Board meeting agenda to ensure that adequate time is available for discussion of all agenda items, in particular strategic issues and promoting high standards of corporate governance. Besides ensuring effective communication with shareholders, he will also act as facilitator to the Non-Executive Directors for them to effectively contribute to the Board and Company.
Mr Lee Sze Leong, the current Chairman of the Board cum Managing Director/CEO of the Company, will step down as Chairman of the Board on 1st May 2015 and will remain on the Board as an executive director and continue to be the Managing Director/CEO of the Company. He will focus on managing the business and operations of the Company, in particular, driving the financial performance and spearheading the strategic development of the Company and execution of the strategic plans set out by the Board. He will also ensure that the Directors are kept updated and informed of the Company's business.
Following the aforementioned change, the appointment of Lead Independent Director, currently also held by Mr Ng Tat Pun, will cease as it is no longer required.
The Board would like to express its appreciation to Mr Lee Sze Leong for his leadership, contributions and efforts during his tenure as the Chairman of the Board. The Board is confident that in his continuing role as the Managing Director/CEO of the Company, Mr Lee will continue to strive tirelessly to bring the Company to greater heights.
(2) CHANGES TO COMPOSITION OF THE BOARD
Following the appointment of Mr Ng Tat Pun as the Non-Executive Chairman, the Board of Directors of the Company will comprise the following:
1) Ng Tat Pun - Non-Executive Chairman and Independent Director
2) Lee Sze Leong - Managing Director
3) Lee Sze Siong - Deputy Managing Director
4) Joseph Yeong Wee Yong - Non-Independent and Non-Executive Director
5) Lim Poh Suan - Independent Director
6) Kim Seah Teck Kim - Independent Director
7) Chee Jin Kiong - Independent Director
There is no change in the composition of all the Board / working committees, namely the Audit, Nominating, Remuneration, Loan and Risk Management Committees.
By Order of the Board
CHAN KUM KIT
27th April 2015