| Announcement Title |
Change - Announcement of Cessation |
| Date & Time of Broadcast |
Oct 26, 2018 21:34 |
| Status |
New |
| Announcement Sub Title |
Cessation of Independent Director |
| Announcement Reference |
SG181026OTHRZP25 |
| Submitted By (Co./ Ind. Name) |
Ong Chin Sum |
| Designation |
Chief Executive Officer and Executive Director |
| Effective Date and Time of the event |
26/10/2018 18:00:00 |
| Description (Please provide a detailed description of the event in the box below) |
Announcement of Cessation of Independent Director |
| Additional Details |
| Name Of Person |
Alan John Crawford |
| Age |
53 |
| Is effective date of cessation known? |
Yes |
| If yes, please provide the date |
26/10/2018 |
| Detailed Reason (s) for cessation |
Mr. Crawford is a Director of Ernst & Young LLP, a UK firm which is part of the EY group worldwide.
Although Mr Crawford accepted the appointment as an independent director of CosmoSteel Holdings Limited after checking and clearing conflicts with his UK firm, subsequent to his appointment which was duly announced by the Company on 23 April 2018, he was advised by EY s global Independence & Risk team (IRT) that his appointment would not be compliant with EY s universal internal policy on personal appointments and directorships as the prohibition applies to any listed entity, regardless of the country.
In view of the foregoing, Mr Crawford has had to tender his resignation to the Company and has expressed his apologies for the inconvenience caused. |
| 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? |
No |
| 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 |
| Any other relevant information to be provided to shareholders of the listed issuer? |
No |
| Date of Appointment to current position |
23/04/2018 |
| 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) |
3 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months |
3 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) |
Independent Director
Audit Committee Chairman
Nominating Committee Member
Remuneration Committee Member |
| Role and responsibilities |
To perform the functions of an Independent Director, Chairman of the Audit Committee and a member of the Nominating Committee and Remuneration Committee. |
| Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries |
No |
| Shareholding interest in the listed issuer and its subsidiaries? |
No |
| Past (for the last 5 years) |
None |
| Present |
Director of EY (formerly known as Ernst & Young) |
