SBI Offshore's independent non-executive director resigns

Published Sun, Sep 18, 2016 · 10:42 AM

SBI Offshore Ltd on Sunday said independent non-executive director Basil Chan, who was appointed in February 2015, has resigned with effect from Saturday (Sept 17).

In a filing to the Singapore Exchange on Sunday, the group said following the resignation, Mr Chan has relinquished his position as lead independent director, chairman of the audit and risk management committee and as a member of the remuneration committee, as well as nominating committee.

The filing said Mr Chan was of the view that "it is an opportune time to step down and pave the way for the new slate of directors to move the company forward", following the extraordinary general meeting on Friday.

With this development, the board will comprise non-executive non-independent chairman Mirzan Mahathir, executive director and chief executive Chan Lai Thong, and six independent directors.

The six are: Ahmad Subri Abdullah, Mahtani Bhagwandas, James Kho Chung Wah, Mark Edward Pawley, Ling Yew Kong and Lawrence Kwan Hon Kay.

SBI Offshore said it will announce the final compositions of the audit and risk management committee, nominating and remuneration committees, as well as appointment of lead independent director in due course.

On Friday, no less than 70 shareholders gathered to vote on a board shake-up that was triggered by a major shareholder's "mutiny" against the CEO, but it ended up being adjourned after two highly-charged hours.

Some shareholders were vexed by the company's loss-making status and were eager to oust the CEO from the board.

The meeting has been adjourned until there is more clarity on the investigations into Pricewaterhouse Coopers (PwC) findings and the outcome of the report lodged by the company with the Commercial Affairs Department on Thursday.

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