Singapore O&G independent director to retire

AN independent director at Singapore O&G will retire at its upcoming annual general meeting (AGM).

Chan Heng Toong will not seek re-election at the April 23 AGM, to "enable younger independent directors to come in to rejuvenate the board" and to focus on his personal commitments, Singapore O&G said in a regulatory statement on Monday.

Mr Chan, 71, is the chairman of the nominating committee, and a member of the audit committee and remuneration committee.

To comply with the requirement of the Catalist rules on the minimum of three members in the audit committee, the company will take appropriate action to fill the vacancy.

The counter closed flat at S$0.26 on Monday.