Announcement Of Cessation As Independent Director Who Is An Audit Committee Member
BackDec 31, 2009
| Resignation Details | |
| Name Of Person | POON HON THANG, SAMUEL |
| Age | 60 |
| Is Effective Date Of Cessation Known? | Yes |
| Effective Date Of Cessation | 30/12/2009 |
| Detailed Reason(s) for Cessation | MR POON'S REASON FOR RESIGNATION IS THAT THE FORTHCOMING EGM HAS CAUSED SOME DISRUPTIONS AND INSTABILITIES TO THE COMPANY'S OPERATIONS. THE SHAREHOLDERS THAT CALLED FOR RESIGNATION OF ALL EXECUTIVE DIRECTORS HAVE SO FAR NOT SUGGESTED ALTERNATIVE MANAGEMENT TO RUN THE OPERATIONS OF THE COMPANY AND THAT HAS ADDED UNCERTAINTY TO THE FUTURE. AS HIS EFFORTS TO HELP IMPROVE THE SITUATION HAS FAILED AND HE DOES NOT SEE ANYTHING ELSE HE CAN CONTRIBUTE, HE HAS TENDERED HIS RESIGNATION AS AN INDEPENDENT DIRECTOR OF THE COMPANY. |
| Is there any difference of opinion on material matters between the person and the Board of directors? | No |
| If yes, please elaborate | NA |
| 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 | 15/05/2007 |
| Job Title | NOMINATING COMMITTEE CHAIRMAN AND MEMBER OF AUDIT AND REMUNERATION COMMITTEE |
| Role and Responsibilities | AS A NOMINATING COMMITTEE CHAIRMAN, MR POON'S DUTIES INCLUDE MAKING RECOMMENDATION TO THE BOARD ON ALL BOARD APPOINTMENTS AND ASSESSING THE EFFECTIVENESS OF THE BOARD AS A WHOLE AND THE CONTRIBUTION BY EACH DIRECTOR TO THE EFFECTIVENESS OF THE BOARD ON AN ANNUAL BASIS. AS A MEMBER OF THE AUDIT COMMITTEE, HIS RESPONSIBILITIES INCLUDE THE FOLLOWING: - REVIEWS WITH THE EXTERNAL AUDITORS THE AUDIT PLAN AND AUDIT REPORT ON EVALUATION OF THE SYSTEM OF INTERNAL CONTROLS AND TO MONITOR MANAGEMENT'S RESPONSE AND ACTIONS TO CORRECT ANY NOTED DEFICIENCIES; - DETERMINES THAT NO RESTRICTIONS ARE BEING PLACED BY MANAGEMENT UPON THE WORK OF EXTERNAL AUDITORS; - REVIEWS THE FINANCIAL STATEMENTS OF THE COMPANY AND THE CONSOLIDATED FINANCIAL STATEMENTS AS WELL AS THE AUDITORS' REPORT; - REVIEWS THE APPROPRIATENESS OF QUARTERLY AND FULL YEAR ANNOUNCEMENTS PRIOR TO SUBMISSION TO THE BOARD FOR ADOPTION FOR RELEASE; - REVIEWS INTERESTED PERSON TRANSACTIONS; - EVALUATES THE INDEPENDENCE OF EXTERNAL AUDITORS AND NOMINATES THEM FOR RE-APPOINTMENT. AS A MEMBER OF REMUNERATION COMMITTEE, HIS RESPONSIBILITIES INCLUDE: - REVIEW AND RECOMMEND TO THE BOARD IN CONSULTATION WITH SENIOR MANAGEMENT A FRAMEWORK OF REMUNERATION FOR EXECUTIVE DIRECTORS, CHIEF EXECUTIVE OFFICER AND SENIOR MANAGEMENT STAFF; - REVIEW THE REMUNERATION PACKAGES OF ALL MANAGERIAL STAFF THAT ARE RELATED TO ANY OF THE EXECUTIVE DIRECTORS OR CHIEF EXECUTIVE OFFICER. |
| 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) | 2 |
| Number of Cessations of Appointments specified in Listing Rule 704(7) over the past 12 months | 2 |
| Interest in the listed issuer and its subsidiaries | NONE |
| 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) | MR POON IS AN INDEPENDENT DIRECTOR OF ENVIRO-HUB HOLDING LIMITED SINCE 2006. |
| Present Directorship | MR POON IS CURRENTLY AN INDEPENDENT DIRECTOR OF ENVIRO-HUB HOLDING LIMITED AND E3 HOLDING LIMITED. |