Trendlines seeks new board member after independent director retires

THE Trendlines Group is looking to appoint a suitable candidate to its board following the departure of independent director (ID) Stephen Haslett, who retired effective Apr 13 citing “personal and family commitments”. 

Haslett was also chairperson of Trendlines’ nominating committee as well as a member of the audit and remuneration committees. He relinquished these positions with his retirement, which was announced earlier this year in March. 

In a bourse filing on Tuesday (Apr 19) the Catalist-listed company said it was aware that with Haslett's departure, it will not be able to comply with certain provisions of the Code of Corporate Governance (CG) for listed companies in Singapore. 

Such provisions require IDs to make up a majority of the board where the chairman is not independent, and that the remuneration committee comprise at least 3 directors. 

Once a suitable candidate has been identified, Trendlines intends to review the composition of its board and board committees, and put through the necessary appointment to ensure the composition is in accordance with the CG code and applicable Catalist rules. 

Shares of Trendlines ended Monday up S$0.003 or 2.9 per cent at S$0.107.