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Board changes at Olam

COMMODITIES trader Olam International named one new director to its board on Monday after two retired, leaving the board slightly smaller.

It appointed Rachel Eng Yaag Ngee, 47, to Olam's board as a non-executive and independent director effective on Monday, it said in a Singapore Exchange (SGX) filing after the market closed.

Ms Eng, who is also deputy chairman of law firm WongPartnership, will sit on three board committees: audit and compliance; governance and nomination; and human resources and compensation.

The two Olam directors who retired on Monday were Michael Lim Choo San, 70, and Robert Michael Tomlin, 71. Both were non-executive independent directors and had been on the board since 2004.

Their stepping down was part of an ongoing board renewal plan initiated in 2012, Olam said in separate filings.

Mr Lim had been lead independent director and chaired the audit and compliance committee plus the governance and nomination committee. Mr Tomlin had chaired the board risk committee.