Singapore, 23 March 2017 - Singapore Technologies Engineering Ltd (ST Engineering) today announced that Mr Koh Beng Seng and Mr Davinder Singh will be retiring as independent non-executive Directors of the Company at the 20th Annual General Meeting (“AGM”) of the Company to be held on 21 April 2017. Their retirement accords with good corporate governance and is in support of the Board’s plans for renewal and rejuvenation. Mr Koh will also be stepping down as Chairman of the Audit Committee (“AC”) upon his retirement.
Mr Koh has served as Director and Chairman of the AC since 2003. Under his leadership and guidance, the AC raised standards for tightening internal controls, not only in financials but also in the areas of IT and Human Resource. During his tenure on the AC, the whistle-blowing policy, which provides a framework to promote responsible and secure whistle-blowing, was implemented with feedback being channelled to the AC.
Mr Singh was appointed to the Board in 2007. He is also Chairman of the Budget and Finance Committee and Member of the Risk and Sustainability Committee. The Board has benefited from his wise counsel and independence of mind and his stewardship of the Budget and Finance Committee.
The Board of Directors would like to acknowledge its deep appreciation to Mr Koh and Mr Singh for their guidance and contributions.
Mr Quek See Tiat, an existing member of the AC, will be appointed Chairman of the AC to succeed Mr Koh, subject to him being re-elected at the 20th AGM of the Company to be held on 21 April 2017. Mr Quek was appointed to the Board on 1 July 2013 and was last re-elected on 24 April 2014. Mr Quek is a Fellow of the Institute of Chartered Accountants in England and Wales. With his qualifications and years of experience in an international audit firm, the Board is confident of Mr Quek's leadership as Chairman of the AC.
Subject to Mr Quek’s re-election, the AC will comprise the following members with effect from 21 April 2017. All members are considered independent directors for the purpose of Rule 704(8) of the Singapore Exchange Securities Trading Limited (“SGX-ST”) Listing Manual:
Mr Quek See Tiat (Chairman)
Dr Stanley Lai Tze Chang
Mr Khoo Boon Hui
Mr Lim Ah Doo
ST Engineering (Singapore Technologies Engineering Ltd) is an integrated defence and engineering group specialising in the aerospace, electronics, land systems and marine sectors. It has global presence with offices in Asia, the Americas, Europe and the Middle East and employs about 22,000 employees. Across the globe, its employees bring innovation and technology together to create smart engineering solutions for its customers in the defence, government and commercial segments. Headquartered in Singapore, ST Engineering reported revenue of S$6.68b in FY2016 and ranks among the largest companies listed on the Singapore Exchange. It is a component stock of the FTSE Straits Times Index, MSCI Singapore and the SGX Sustainability Leaders Index. Please visit www.stengg.com for more information.
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