CapitaLand Ascendas REIT Announces Board and Committee Changes

Key Points Investors Should Note

• Resignation of Ms Ong Lee Keang Maureen: Ms Ong has resigned as Non-Executive Independent Director and as a Member of the Audit and Risk Committee, citing health reasons.
• Appointment of Ms Choo Oi Yee: Ms Choo Oi Yee is appointed as a Non-Executive Independent Director and a Member of the Audit and Risk Committee, effective January (exact date not specified).
• Board regards Ms Choo as Independent: The Board considers Ms Choo to be independent for the purposes of the SGX-ST Listing Manual.
• Reconstitution of Board Committees: The composition of the Board and its committees has been updated.

Details That May Be Price Sensitive for Shareholders

The resignation of Ms Ong Lee Keang Maureen, due to health reasons, may be viewed as a loss of experience and stability on the Board, potentially affecting investor confidence, especially given her role as an Independent Director and member of the important Audit and Risk Committee. However, the immediate appointment of Ms Choo Oi Yee, who is also considered independent, helps mitigate concerns about governance continuity.

The Board has formally extended its well wishes to Ms Ong for her recovery and acknowledged her valuable contributions to both the Company and CapitaLand Ascendas REIT. This transition is significant as it affects the composition of the Audit and Risk Committee, a key Board committee responsible for overseeing financial reporting and risk management, areas closely watched by investors.

Updated Composition of the Board and Key Committees

Board of Directors (Effective January)

• Dr Beh Swan Gin – Chairman, Non-Executive Independent Director
• Mr William Tay Wee Leong – Chief Executive Officer, Executive Non-Independent Director
• Mr Daniel Cuthbert Ee Hock Huat – Non-Executive Independent Director
• Mr Chinniah Kunnasagaran – Non-Executive Independent Director
• Ms Choo Oi Yee – Non-Executive Independent Director (newly appointed)
• Mr Manohar Khiatani – Non-Executive Non-Independent Director
• Mr Tham Wei Hsing, Paul – Non-Executive Non-Independent Director

Audit and Risk Committee

• Mr Daniel Cuthbert Ee Hock Huat – Chairman
• Mr Chinniah Kunnasagaran – Member
• Ms Choo Oi Yee – Member (newly appointed)

Investment Committee

• Mr Manohar Khiatani – Chairman
• Dr Beh Swan Gin – Member
• Mr William Tay Wee Leong – Member
• Mr Chinniah Kunnasagaran – Member
• Ms Choo Oi Yee – Member
• Mr Tham Wei Hsing, Paul – Member

Nominating and Remuneration Committee

• Dr Beh Swan Gin – Chairman
• Mr Daniel Cuthbert Ee Hock Huat – Member
• Mr Manohar Khiatani – Member

Implications for Investors

Changes in board and committee composition, especially regarding the Audit and Risk Committee, are important for shareholders to monitor. The Audit and Risk Committee oversees the company’s financial integrity and risk controls. The seamless appointment of Ms Choo Oi Yee, who is regarded as an independent director, should provide reassurance regarding the maintenance of strong corporate governance standards.

There is no indication of any operational or financial distress related to these changes. However, investors should always monitor future disclosures, especially regarding potential impacts from changes in board oversight or strategic direction.

Conclusion

CapitaLand Ascendas REIT has managed the transition with promptness and transparency. The Board’s appreciation for Ms Ong’s service and their well wishes for her health reaffirm the REIT’s commitment to governance and care for its leaders. The reconstitution of board committees ensures continued oversight and compliance with regulatory requirements.

Disclaimer: This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own research or consult with a financial advisor before making investment decisions.

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