Pine Capital makes board changes amid search for more directors

CATALIST-LISTED financial services firm Pine Capital Group on Friday night announced further board changes, in its continuing attempt to achieve a board composition in compliance with the Catalist rules and code of corporate governance.

With effect from Oct 4, Chan Wai Leung has been appointed an independent non-executive director, as well as chairman of the audit committee, and a member of the nominating and remuneration committees.

Mr Chan had been appointed a director of Pine Capital unit Advance Capital Partners Asset Management at an extraordinary general meeting on Aug 12.

The only other two board members were re-designated. Non-executive director David Sarkis, who was appointed on Sept 12, will be re-designated as an executive director, as the chairman of the remuneration committee, and as a member of the audit committee. He will also remain a member of the nominating committee.

Executive chairman Tomi-Jae Wanlun Tjio, who was re-designated from non-executive chairman to executive chairman with effect from Sept 12, will be re-designated as a member of the remuneration committee. He will remain chairman of the nominating committee and a member of the audit committee.

Noting that the current board composition is not in compliance with the Catalist rules and code of corporate governance, Pine Capital said it is in the midst of sourcing for additional non-executive or independent directors to fill the vacancy of the board and the board committees.

Trading of Pine Capital's shares has been suspended since March 22 at the firm's request.