FRASERS Property on Tuesday (Oct 25) announced changes to its board composition with effect from the same day.

Charles Mak has retired as the board’s lead independent director as well as chairman of the audit committee (AC). Together with Philip Eng, Mak has also retired as a member of the AC.

Both remain on the board as non-executive and non-independent directors together with Chan Heng Wing and Weerawong Chittmittrapap, who were also redesignated after serving more than nine years as independent directors.

All four redesignated directors – Mak, Eng, Chan and Chittmittrapap – will remain on the board and their respective board committees for a transitional period to facilitate the orientation of new appointments. This is to “effect an orderly and smooth handover” relating to the group’s annual reporting for the financial year ended Sep 30, and “for continuity of knowledge and experience”, said the group.

Chin Yoke Choong, who was named non-executive and independent director of the company effective Sep 19 this year, has been appointed in Mak’s place as lead independent director and chairman of the AC.

Wee Joo Yeow, a non-executive and independent director of the company, was appointed as a member of the nominating committee, the remuneration committee, as well as the sustainability and risk management committee (SRMC).

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Non-executive and independent director Tan Pheng Hock has been appointed as a member of the SRMC.

Frasers Property said these appointments and changes to its board composition come in line with its plans for board refreshment and renewal.

The group said it will make further announcements on its board transition plans in due course. 

Shares of Frasers Property : TQ5 0% ended last Friday S$0.01 or 1.1 per cent lower at S$0.895.