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News
Announcement Of Cessation As Executive Director
| Resignation Details |
| Name Of Person |
CHEN SHIN-YUNG |
| Age |
67 |
| Is Effective Date Of Cessation Known? |
Yes |
| Effective Date Of Cessation |
16/03/2012 |
| Detailed Reason(s) for Cessation |
Mr Chen serves as the Group's Director of Technical, Repair and Maintenance and is in charge of all repairs and maintenance of the Group's vessels. As Mr Chen's role often requires him to be working on board the Group's vessels for extended periods of time, this has on past occasions led to some constraints on his ability to attend board of directors' and shareholders' meetings of the Company. Mr Chen continues to serve as Director of Technical, Repair and Mantainance following his resignation as Executive Director. |
| Is there any difference of opinion on material matters between the person and the Board of directors? |
Yes |
| If yes, please elaborate |
Apart from the foregoing reasons from his resignation, prior to Mr Chen's resignation as executive director, there were some differences of opinion between him and senior management (and the board of directors) over the strategic business direction to be taken by the Group in view of the challenging conditions faced by the Group, for which no consensus was reached. |
| Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer? |
No |
| If yes, please elaborate |
NA |
| Any other relevant information to be provided to shareholders of the listed issuer? |
No |
| If yes, please elaborate |
NA |
| Date of Appointment to current position |
13/04/2005 |
| Job Title |
EXECUTIVE DIRECTOR |
| Role and Responsibilities |
Director of Technical, Repair and Maintenance and is in charge of all repairs and maintenance of the Group's vessels. |
| Does the AC have a minimum of 3 members (taking into account this resignation)? |
Yes |
| Number of Independent Directors currently resident in Singapore (taking into account this cessation) |
3 |
| Number of Cessations of Appointments specified in Listing Rule 704(7) over the past 12 months |
NONE |
| Interest in the listed issuer and its subsidiaries |
Deemed interest: 148,818,611 shares |
| Family relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidiaries |
NONE |
| Other Directorship |
| Past Directorship (for the last five years) |
Nil |
| Present Directorship |
Nil |
| Other Notes |
| Footnotes |
Nil |