Change - Announcement of Cessation::Announcement of Cessation of Independent Director (Mr Esben Poulsson)

Issuer & Securities

Issuer/ Manager
FSL TRUST MANAGEMENT PTE. LTD.
Securities
FIRST SHIP LEASE TRUST - SG1U66934613 - D8DU
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Cessation
Date &Time of Broadcast
29-Sep-2016 17:50:11
Status
New
Announcement Sub Title
Announcement of Cessation of Independent Director (Mr Esben Poulsson)
Announcement Reference
SG160929OTHR1U5Y
Submitted By (Co./ Ind. Name)
Timothy James Reid
Designation
Non-Independent Non-Executive Chairman
Description (Please provide a detailed description of the event in the box below)
Announcement of Cessation of Independent Director (Mr Esben Poulsson)

Additional Details

Name Of Person
Esben Sofren Poulsson
Age
67
Is effective date of cessation known?
Yes
If yes, please provide the date
27/09/2016
Detailed Reason (s) for cessation
Mr Poulsson resigned from the board. After his resignation he stated that he had done so because he had been at odds with the Chairman and certain independent directors, on a number of issues and on several occasions.
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?
Yes
If Yes, Please provide full details
There have been have been strong disagreement between Mr Poulsson and the Chairman and some Board members over process in HR matters, where decisions have been reached by a majority of the Board. Mr Poulsson was of the view that a well functioning Board should work in a consensual manner; Mr Poulsson indicated that he believed that he had no option but to resign. The Board and Mr Poulsson do not believe that the unresolved differences of opinion includes 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?
Yes
If Yes, Please provide full details
Mr Poulsson has, subsequent to his resignation, expressed the view that an independent party ought to be appointed as Chairman.
Any other relevant information to be provided to shareholders of the listed issuer?
Yes
If Yes, Please provide full details
Even after Mr Poulsson's resignation, the Board consists two thirds of independent directors, including a lead independent director.
Date of Appointment to current position
30/09/2014
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)
4
Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months
1
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Director; Member of the Audit and Risk Committee and the Remuneration Committee.
Role and responsibilities
Assumed the roles and responsibilities of an Independent Director and a member of the Audit and Risk Committee and the Remuneration Committee.
Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries
None
Shareholding interest in the listed issuer and its subsidiaries?
No
Past (for the last 5 years)
TORM Singapore Pte. Ltd.
PST Management Pte. Ltd.
FR8 Holdings Pte. Ltd.
Avra Commodities Pte. Ltd.
Avra Shipping Pte. Ltd.
ContainerCo Pte. Ltd.
EPIC Shipping (Chartering) Pte. Ltd.
Epic Shipping (Singapore) Pte. Ltd.
Epic Ship Management Pte. Ltd.
Intermediate Holdco 2 Pte. Ltd.
Kina Properties Pte. Ltd.
Present
Avra International Pte. Ltd.
Avra Properties Pte. Ltd.
Cap San Artemissio Pte. Ltd.
Cap San Maleas Pte. Ltd.
Cap San Sounio Pte. Ltd.
Cap San Tainaro Pte. Ltd.
Enesel Pte. Ltd.
Evergreen Asset Group Company Pte. Ltd.
Hamburg Sud Asset Group Co. Pte. Ltd.
Intermediate Holdco 1 Pte. Ltd.
Thalassa Avra Pte. Ltd.
Thalassa Axia Pte. Ltd.
Thalassa Doxa Pte. Ltd.
Thalassa Elpida Pte. Ltd.
Thalassa Hellas Pte. Ltd.
Thalassa Mana Pte. Ltd.
Thalassa Niki Pte. Ltd.
Thalassa Patris Pte. Ltd.
Thalassa Pistis Pte. Ltd.
Thalassa Tyhi Pte. Ltd.
X-Press feeders Limited (BVI)
Cambiaso Risso Asia Pte. Ltd.
Hafnia Tankers Shipholding Singapore Pte. Ltd.