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Starhill Global Reit manager announces board changes

Monday, October 24, 2016 - 18:36

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STARHILL Global real estate investment trust (Reit), which has a stake in Orchard Road's Wisma Atria and Ngee Ann City, said its Reit manager has made some changes to its board with effect from Nov 1.

STARHILL Global real estate investment trust (Reit), which has a stake in Orchard Road's Wisma Atria and Ngee Ann City, said its Reit manager has made some changes to its board with effect from Nov 1.

Keith Tay Ah Kee, 72, has resigned as lead independent non-executive director and chairman of the audit committee, following his reaching the nine-year mark as an independent director. The current code of corporate governance requires the independence of any director serving on a board beyond nine years from the date of his first appointment to be subject to "particularly rigorous review".

Starhill said that Mr Tay "has resigned first to facilitate a progressive renewal of the board". Mr Tay, a retired accountant who used to head KPMG Singapore, was recently at the centre of a deal disclosure controversy at postal service firm SingPost, where he was formerly lead independent director.

Replacing Mr Tay in his positions is Hong Hai, an existing independent non-executive director and member of the audit committee.

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Meanwhile, management and information technology professional Ching Yew Chye will be appointed an independent non-executive director and a member of the audit committee. From 1997 until his retirement in 2007, he assumed various regional senior management roles in consultancy Accenture.

Starhill last traded at S$0.82.

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