DBS names Olivier Lim new lead independent director

OLIVIER Lim Tse Ghow took over as the new lead independent director of DBS Group Holdings from Ho Tian Yee with effect from Wednesday, the mainboard-listed bank announced in a bourse filing. 

Mr Ho, who was appointed as lead independent director and chairman of the Nominating Committee in November 2018, has been re-designated as a non-executive director after nine years of service as independent director. On Wednesday, he stepped down from the Nominating Committee. He will be succeeded on the committee by Tham Sai Choy.

Separately, in a clarification note on its website, DBS refuted "some reports that have suggested that DBS does not have a majority independent" board.  "We would like to clarify that this is factually incorrect. DBS has, at all times, been in compliance with the Banking (Corporate Governance) Regulations 2005, which require its Board of Directors to comprise majority independent directors," the bank said.

DBS' latest board changes come after it announced the appointment of two new independent directors, Anthony Lim and Punita Lal, in March. Both joined the DBS Board on April 1. In all, DBS' board now has 11 members, of whom six are independent directors. 

Shares of DBS closed at S$19.20 on Wednesday, up S$0.13.