News
Jul 03, 2023
Change - Announcement Of Appointment Of Non-Executive And Independent Director
| Announcement Title | Change - Announcement of Appointment |
| Date & Time of Broadcast | Jul 3, 2023 20:51 |
| Status | New |
| Announcement Sub Title | Appointment of Non-Executive and Independent Director |
| Announcement Reference | SG230703OTHRWURR |
| Submitted By (Co./ Ind. Name) | Catherine Yeo |
| Designation | Company Secretary |
| Description (Please provide a detailed description of the event in the box below) | Appointment of Non-Executive and Independent Director, member of the Audit Committee ("AC") and member of the Sustainability and Remuneration Committee ("SRMC") of Frasers Property Limited ("FPL"). |
| Additional Details | |
| Date Of Appointment | 05/07/2023 |
| Name Of Person | David Wong See Hong |
| Age | 69 |
| Country Of Principal Residence | Hong Kong |
| The Board's comments on this appointment (including rationale, selection criteria, board diversity considerations, and the search and nomination process) | Dr Wong has over 30 years of experience in the banking sector and has extensive knowledge and experience in treasury and financial products. He was, amongst other past appointments, the Deputy Chief Executive of the Bank of China (Hong Kong) Group from 2008 to 2013. In addition, he is and has been a director of several listed companies and the chairman of audit committees. Dr Wong is known to the Nominating Committee ("NC") as he is currently serving as a non-executive and non-independent director of Frasers Hospitality Asset Management Pte. Ltd., the manager of Frasers Hospitality Real Estate Investment Trust ("FH-REIT"), and Frasers Hospitality Trust Management Pte. Ltd., the trustee-manager of Frasers Hospitality Business Trust ("FH-BT") (collectively, the "FHT Appointments"). FH-REIT and FH-BT constitute the stapled trust known as Frasers Hospitality Trust ("FHT"), which is listed on the Singapore Exchange Securities Trading Limited ("SGX-ST"). After having considered the qualifications, expertise, experience and independence of Dr Wong, the Board, with the recommendation of the NC, approved the appointment of Dr Wong as a Non-Executive and Independent Director of FPL as well as a member of each of the AC and the SRMC. The Board is of the view that Dr Wong's appointment would provide further diversity to the core competencies and skill set of the Board. The Board considers Dr Wong to be independent for the purposes of Rule 704(8) of the Listing Manual of SGX-ST. |
| Whether appointment is executive, and if so, the area of responsibility | Non-Executive |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Non-Executive and Independent Director, member of the AC and member of the SRMC |
| Professional qualifications | - Bachelor of Business Administration, University of Singapore - Master of Science in Investment Management, Hong Kong University of Science and Technology - Doctor in Transformational Leadership, Bethel Bible Seminary, Hong Kong - Financial Industry Certified Professional, Institute of Banking and Finance, Singapore |
| 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 | Nil |
| Conflict of interests (including any competing business) | In relation to Dr Wong's FHT Appointments, there could be potential areas of conflicts arising from such appointments given that the principal strategy of FHT is to invest in income-producing hospitality assets which is also a key asset class of the FPL Group. Dr Wong is also an independent director of EC World Asset Management Pte. Ltd., manager of EC World Real Estate Investment Trust ("EC World REIT") which is listed on the SGX-ST and whose investment strategy includes investing in logistics real estate with an initial geographical focus on the People's Republic of China. Although the asset classes of the FPL Group and EC World REIT both include logistics, given the different geographical focus for such assets, the potential areas of conflict are limited. In view of the above, in the event of any possible conflicts of interest arising in relation to a proposed transaction, Dr Wong will abstain and/or recuse himself from any discussion and decision in relation to such transactions. |
| Working experience and occupation(s) during the past 10 years | From 2008 to 2013: - Deputy Chief Executive, Bank of China (Hong Kong) Group - Director, BOC Group Life Assurance Company Limited - Chairman, BOC International-Prudential Trustee Limited |
| 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? | No |
| # 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) | 1. Director, HDR Global Trading Limited 2. Director, Tahoe Life Assurance Company Limited 3. Director, EKPAC International Group (Holdings) Limited |
| Present | 1. Director, Frasers Hospitality Asset Management Pte. Ltd., the manager of Frasers Hospitality Real Estate Investment Trust, and Director, Frasers Hospitality Trust Management Pte. Ltd., the trustee-manager of Frasers Hospitality Business Trust 2. Director, China Merchants Bank Co., Ltd 3. Director, EC World Asset Management Pte Ltd, manager of EC World REIT 4. Chairman, Halftime Hong Kong Limited 5. Finance Management Committee Member, Hong Kong Management Association |
| (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 | No |
| (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 | Dr Wong is a director of (a) each of Frasers Hospitality Asset Management Pte. Ltd., the manager of Frasers Hospitality Real Estate Investment Trust, and Frasers Hospitality Trust Management Pte. Ltd., the trustee-manager of Frasers Hospitality Business Trust (Frasers Hospitality Real Estate Investment Trust and Frasers Hospitality Business Trust constitute the stapled trust known as Frasers Hospitality Trust), and (b) EC World Asset Management Pte. Ltd., manager of EC World REIT. |
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In this Data Protection and Privacy Statement, “Personal Data” refers to any data, whether true or not, about an individual who can be identified from that data or from that data in combination with other information, to which we may have access.
In this Data Protection and Privacy Statement, “Personal Data” refers to any data, whether true or not, about an individual who can be identified from that data or from that data in combination with other information, to which we may have access.