UOB makes board changes, appoints Teo Lay Lim as independent director

UOB on Friday (Dec 17) announced 3 changes to its board of directors, as part of its ongoing board renewal.

The bank named Teo Lay Lim as independent director and a member of its executive committee with effect from Jan 1, 2022.

Teo, who graduated with a Bachelor of Business Administration from the National University of Singapore, has more than 30 years of experience with Accenture where she held several leadership roles across practices in the Asia-Pacific.

Teo was also chairman of Accenture Singapore from 2020 until her retirement in 2021. Prior to that, she was the country managing director for Accenture Singapore and chief executive for Accenture South-east Asia.

Currently, she serves as a member on the Future Economy Council, where she co-chairs the Modern Services sub-committee and chairs the Polytechnic & ITE Quality Assurance Framework External Review Panel for the Ministry of Education.

She also serves on the boards of SPH Media Trust, Workforce Singapore, the Singapore Accountancy Commission and the Institute for Human Resources Professionals.

Independent directors Ong Yew Huat and Alexander Hungate will be stepping down from their positions with effect from Jan 1, 2022 and Dec 31 respectively.

Ong is stepping down after having served the full tenure of 9 years as an independent director.

Hungate has decided to resign after more than 4 years of service in order to avoid conflict of interest in his new role as chief operating officer of Grab Holdings.