UOB-Kay Hian (UOBKH) has announced on Tuesday (Oct 17) the redesignation of Tang Wee Loke as a non-independent, non-executive director.

This comes after the company’s clarification on Oct 16 on its decision to continue designating Tang as an independent director.

The company responded to queries from Singapore Exchange Regulation (SGX RegCo) on Monday on whether the board of UOBKH and the nominating committee had exercised a more “rigorous review” of Tang’s independence in view of his ties with the company.

The main points of contention were Tang’s substantial shareholding, his past employment as a senior executive in the group, and long-standing position on the board of directors with the company.

Following UOBKH’s clarifications, the market regulator noted that Tang will no longer be eligible as an independent director and must resign or redesignate as a non-independent director by its annual general meeting to be held in April 2024.

Shares of UOBKH dropped 1.45 per cent, or S$0.02, at S$1.36 on Tuesday before the announcement.

GET BT IN YOUR INBOX DAILY

Start and end each day with the latest news stories and analyses delivered straight to your inbox.

Sign UpVIEW ALL