UOB, OCBC make board changes

UOB has appointed Accounting and Corporate Regulatory Authority (Acra) chairman Ong Chong Tee as an independent director, the bank announced on Friday (Dec 23).

The 61-year old’s appointment will take effect from Jan 1, 2023. Ong was also appointed as a member of the bank’s executive committee and board risk management committee.

He was selected as the bank’s nominating committee and the board agreed that he possesses the necessary experience, skills and qualifications to be appointed as an independent director of the committee.

He was formerly the deputy managing director of financial supervision at the Monetary Authority of Singapore from September 2013 to March 2021.

Aside from his post as Acra chairman, he is also a director of several other companies and a council member at GIC’s Risk Committee and the Council for Board Diversity.

Separately, OCBC has appointed a new chairman as its current chairman, Ooi Sang Kuang, will retire on Jan 31, 2023.

SEE ALSO

Ong Chong Tee to succeed Tan Ching Yee as Acra chairman starting Jul 1

The bank named Andrew Lee Kok Keng as non-executive board chairman with effect from Feb 1, 2023. OCBC said the nominating committee had assessed both internal and external candidates before choosing Lee for the role.

Lee is an existing non-executive and independent director of OCBC. His nomination was approved by the board.