News
Change - Announcement Of Re-Designation Of Independent Director To Independent Non-Executive Chairman Of The Board
BackFeb 01, 2024
| Announcement Title | Change - Announcement of Appointment |
| Date & Time of Broadcast | Feb 1, 2024 23:01 |
| Status | New |
| Announcement Sub Title | Re-designation of Independent Director to Independent Non-Executive Chairman of the Board |
| Announcement Reference | SG240201OTHRT03S |
| Submitted By (Co./ Ind. Name) | Tan Yong Chuan |
| Designation | Executive Director and Chief Executive Officer |
| Description (Please provide a detailed description of the event in the box below) | Re-designation of Independent Director to Independent Non-Executive Chairman of the Board - Mr Yeo Kian Wee Andy This announcement has been prepared by LY Corporation Limited (the "Company") and its contents have been reviewed by the Company's sponsor, Xandar Capital Pte Ltd (the "Sponsor") for the compliance with the relevant rules of the Singapore Exchange Securities Trading Limited (the "SGX-ST") Listing Manual Section B: Rules of Catalist. This announcement has not been examined or approved by the SGX-ST and the SGX-ST assumes no responsibility for the contents of this announcement, including the accuracy, completeness or correctness of any of the information, statements or opinions made or reports contained in this announcement. The contact person for the Sponsor is Ms Pauline Sim, Head of Corporate Finance, at 3 Shenton Way, #24-02, Shenton House, Singapore 068805, telephone (65) 6319 4954. |
| Additional Details | |
| Date Of Appointment | 01/02/2024 |
| Name Of Person | Yeo Kian Wee Andy |
| Age | 52 |
| Country Of Principal Residence | Singapore |
| Date of last re-appointment (if applicable) | 28/06/2021 |
| The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process) | The re-designation of Mr Yeo Kian Wee Andy ("Mr Yeo") from Independent Director to Independent Non-Executive Chairman of the Board of Directors ("Board") of the Company was reviewed and approved by the Nominating Committee and the Board, after taking into account his qualifications and working experience, is of the view that the re-designation of Mr Yeo as Independent Non-Executive Chairman of the Board will strengthen the independent element of the Board. Mr Yeo had abstained from the deliberations and decision of his re-designation. Following Mr Yeo's re-designation, he will remain as the Chairman of the Remuneration Committee, a member of the Audit and Risk Committee. |
| Whether appointment is executive, and if so, the area of responsibility | Non-Executive and Independent |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | 1. Independent Non-Executive Chairman of the Board 2. Chairman of the Remuneration Committee 3. Member of Audit and Risk Committee |
| Professional qualifications | Mr Yeo graduated with a Bachelor of Laws from the National University of Singapore in 1996 and admitted as an advocate and solicitor in Singapore in 2000. He is a non-practicing solicitor of England and Wales, having been admitted to the Roll of Solicitors of England and Wales in 2010. Mr Yeo has been an accredited international mediator of the Thailand Arbitration Centre since 2016 |
| Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries | No |
| Conflict of interests (including any competing business) | No |
| Working experience and occupation(s) during the past 10 years | Eldan Law LLP Partner, since June 2019 Allen and Gledhill Partner, January 2006 - June 2019 |
| Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6)) | Yes |
| Shareholding interest in the listed issuer and its subsidiaries? | Yes |
| Shareholding Details | Direct interest: 115,000 ordinary shares in the capital of the Company. |
| # These fields are not applicable for announcements of appointments pursuant to Listing Rule 704 (9) or Catalist Rule 704 (8). | |
| Past (for the last 5 years) | None |
| Present | Eldan Law LLP Fintex Pte Ltd Jedefx Pte Ltd Tee International Limited The Necessary Stage Ltd |
| (a) Whether at any time during the last 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner? | No |
| (b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at the time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency? | No |
| (c) Whether there is any unsatisfied judgment against him? | No |
| (d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose? | No |
| (e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach? | No |
| (f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part? | No |
| (g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust? | No |
| (h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust? | No |
| (i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity? | No |
| (j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of :- | |
| (i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or | Yes |
| If Yes, Please provide full details | Mr Yeo is currently the Independent Non-Executive Chairman of Tee International Limited. As announced by Tee International Limited on 18 February 2022 and by the Company on 22 February 2022, Tee International Limited was requested to produce various documents to the Commercial Affairs Department ("CAD") to assist with an investigation into an offence under the Securities and Futures Act 2001 pursuant to provisions of the Criminal Procedure Code 2010. Mr Yeo is not aware of the status of the investigation by CAD. |
| (ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or | No |
| (iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or | No |
| (iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust? | No |
| (k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere? | No |
| Any prior experience as a director of an issuer listed on the Exchange? | Yes |
| If Yes, Please provide details of prior experience | Present: LY Corporation Limited, (from 20 December 2017 to current) (listed on SGX, Singapore) Tee International Limited (from 20 December 2020 to current) (listed on SGX, Singapore) Past: None |