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Change In Boardroom - Composition of Board of Directors and Executive Committee

BackAug 17, 2011
Date Announced : 17/08/2011  

Type : Announcement
Subject :

Description :
Change in Boardroom

Announcement Details/Table Section :

CapitaMalls Malaysia REIT Management Sdn. Bhd. (“CMRM”), a subsidiary of CapitaMalls Asia Limited (“CMA”) (listed on the Singapore Exchange Securities Trading Limited) and the manager of CapitaMalls Malaysia Trust (“CMMT”), wishes to announce the following changes with effect from 18 August 2011.

(1)       Re-designation of Mr Kee Teck Koon as an Independent and Non-Executive Director of CMRM

Mr Kee Teck Koon was appointed as the Chairman and non-executive director of CMRM on 10 June 2010.  Under the Guidelines on Real Estate Investment Trusts (“REIT Guidelines”) and the Corporate Governance Guide (“CG Guide”), an independent director is one who is independent of management and free from any business or other relationship that could interfere with the exercise of independent judgement or the ability to act in the best interests of a company. Mr Kee has always satisfied this condition in relation to his role as a Chairman and Director of CMRM, the manager of CMMT. However, the CG Guide also required that an independent director should not have been an officer of a related company within the last two years. As Mr Kee was an officer of CapitaLand Limited (a related corporation of CMRM) until 31 July 2009, CMRM had at the time of his appointment designated him as a non-independent director. However, more than two years have passed since Mr Kee’s retirement from CapitaLand Limited. As such, CMRM has now re-designated Mr Kee as an independent director in accordance with the REIT Guidelines and CG Guide.

(2)          Appointment of Mr Goh Soon Yong as a Non-Executive Director and a member of the Executive Committee of CMRM

Mr Goh Soon Yong is currently the Chief Asset Management Officer of CMA. Prior to his position as the Chief Asset Management Officer of CMA, Mr Goh was the Chief Executive Officer of CMA China based in Beijing, China. Mr Goh has over 20 years of real estate experience, ranging from public housing estate management, town council property management and business development and was previously the General Manager of Raffles City Shanghai.

The Chairman and Directors of CMRM welcome Mr Goh to the Board. Mr Goh’s international experience in the retail real estate sector will strengthen the range of expertise within the Board and assist it in the management of the CMMT.

(3)       Resignation of Mr Lock Wai Han as a Non-Executive Director and a member of the Executive Committee of CMRM

Mr Lock Wai Han has served the Board since 10 June 2010. On 1 January 2011, he was appointed Deputy Chief Executive Officer, CMA China and on 1 June 2011, he assumed the position of Chief Executive Officer, CMA China. As part of his new role, Mr Lock has relocated to Beijing, China. In view of his new position, Mr Lock has decided to step down from the Board to focus on his other areas of responsibilities within CMA. The Board of Directors of CMRM would like to express its thanks and appreciation to Mr Lock for his contributions. 

Following the aforesaid changes, the Board of Directors and Executive Committee of CMRM will comprise the following members:

Board of Directors

Mr Kee Teck Koon, Chairman and Independent Non-Executive Director

Mr Lim Beng Chee, Non-Independent Non-Executive Director

Mr Ng Kok Siong, Non-Independent Non-Executive Director

Mr Goh Soon Yong, Non-Independent Non-Executive Director

Datuk Mohd. Najib Bin Hj. Abdullah, Non-Independent Non-Executive Director

Mr Gnanachandran S Ayadurai, Independent Non-Executive Director

Ms Tan Siew Bee, Independent Non-Executive Director

Mr Peter Tay Buan Huat, Independent Non-Executive Director

Ms Sharon Lim Hwee Li, Non-Independent Executive Director

Executive Committee

Mr Lim Beng Chee

Mr Ng Kok Siong

Mr Goh Soon Yong

Ms Sharon Lim Hwee Li

The detailed template announcements pursuant to Paragraph 9.19 of the Main Market Listing Requirements of Bursa Malaysia Securities Berhad ("Bursa Malaysia"), in relation to the above matters, are being released separately to the Bursa Malaysia.

This announcement is dated 17 August 2011.