Magnus Energy's independent non-executive director resigns

Published Wed, Jun 24, 2020 · 02:04 PM

MAGNUS Energy Group announced on Wednesday that independent non-executive director and non-executive chairman of the company Anthony Kuek has resigned.

Effective on Wednesday, he also relinquished his chairmanship of the nominating committee and of the remuneration committee, and his membership in the audit committee.

The board of directors now comprises executive director and chief executive officer Charles Madhaven and independent non-executive director Farooq Ahmad Mann.

Magnus said that it is aware that it now does not comply with the Catalist rules and the Companies Act, which requires audit committees to have at least three members. Currently, independent non-executive director Mr Farooq chairs the auditing committee.

It added that it will try to fill the vacancy within two months, and no later than Aug 11. It will also seek to fill vacancies in the nominating committee and remuneration committee "as soon as possible".

The nominating committee also does not meet the minimum of two members under the company's constitution, with only Mr Farooq on the committee. In order for the respective board committees to be reconstituted with the minimum required quorum of members, the board will collectively evaluate and approve the appointment of any additional director(s) once suitable candidate(s) have been identified, it said.