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

Issuer & Securities

Issuer/ Manager
TAI SIN ELECTRIC LIMITED
Securities
TAI SIN ELECTRIC LIMITED - SG1F88861140 - 500
Stapled Security
No

Announcement Details

Announcement Title
Change - Announcement of Appointment
Date &Time of Broadcast
29-Oct-2024 17:28:08
Status
New
Announcement Sub Title
Appointment of Independent Non-Executive Director
Announcement Reference
SG241029OTHRMU9K
Submitted By (Co./ Ind. Name)
Hazel Chia
Designation
Company Secretary
Description (Please provide a detailed description of the event in the box below)
Appointment of Mr. Yeo Rankin Brandt as an Independent Non-Executive Director.

Additional Details

Date Of Appointment
29/10/2024
Name Of Person
Yeo Rankin Brandt
Age
58
Country Of Principal Residence
Singapore
The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process)
The Board of Directors of the Company (the "Board"), as part of succession planning and Board renewal, and having considered the recommendation of the Nominating Committee and independence of Mr. Yeo Rankin Brandt ("Mr. Yeo") and assessed the qualifications, expertise, experience and suitability of Mr. Yeo, proposed the appointment of Mr. Yeo as Independent Non-Executive Director of the Company, subject to approval by shareholders at the Company's Annual General Meeting to be held on 29 October 2024 ("2024 AGM"), pursuant to Article 97 of the Constitution of the Company. Mr. Yeo was with Deloitte for over 30 years, of which he spent more than 20 years as an audit partner.

The Board is of the view that Mr. Yeo has the requisite capabilities to assume the duties and responsibilities as an Independent Non-Executive Director of the Company and Mr. Yeo's appointment as Director will strengthen the Board's capability and contribute towards the core competencies, skills and diversity of the present Board.

If Mr. Yeo is appointed a Director of the Company at the 2024 AGM, he will, with effect from 30 October 2024, be appointed Chairman of the Remuneration Committee ("RC") and a member of the Nominating Committee ("NC").
Whether appointment is executive, and if so, the area of responsibility
Non-Executive and Independent.
Job Title (e.g. Lead ID, AC Chairman, AC Member etc.)
Independent Non-Executive Director, Chairman of RC (with effect from 30 October 2024) and Member of NC (with effect from 30 October 2024).
Professional qualifications
Bachelor in Business Administration - Accounting (with Honours)

Certified Public Accountant / Chartered Accountant / Public Accountant - Singapore (2001 to 2023)

Certified Public Accountant - United States (Inactive) (1991 to present)
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
Mr. Yeo was an audit partner of Deloitte & Touche LLP ("Deloitte"), the external auditors of the Company and all the subsidiaries of the Company (the Company together with its subsidiaries, referred to as the "Group") incorporated in Singapore, and he was the audit partner in charge of the Group's audit for the financial years ended 30 June 2018 to 30 June 2022.

Mr. Yeo has retired from Deloitte on 31 May 2023 and has not been the audit partner in charge of the Group's audit since 1 July 2022. As an audit partner, Mr. Yeo had previously held less than 5% interest in Deloitte.

For each of the last 3 financial years including the financial year ended 30 June 2024 ("FY2024"), the aggregate fees paid to Deloitte as external auditors of the Company and the Group's subsidiaries incorporated in Singapore were S$342,000 for the financial year ended 30 June 2022 ("FY2022"), S$405,000 for the financial year ended 30 June 2023 ("FY2023") and S$476,000 for FY2024. The audit fees received by Deloitte for Tai Sin group are not material or significant in the context of Deloitte for each of FY2022, FY2023 and FY2024.

After assessment, the Nominating Committee has determined that the above relationship will not interfere with Mr. Yeo's exercise of his independent business judgement in the best interests of the Company. The Board concurred with the Nominating Committee's view and considers Mr. Yeo to be independent.
Conflict of interests (including any competing business)
None
Working experience and occupation(s) during the past 10 years
1 July 2001 to 31 May 2023:
Partner, Deloitte & Touche 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)
Automobile Association of Singapore, General Committee Member, Treasurer
Present
Automobile Association of Singapore, General Committee Member
(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
The Company will arrange for Mr. Yeo to attend relevant training on the roles and responsibilities of a director of a company listed on the Exchange, as prescribed by the Exchange.