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| Announcement Title | Change - Announcement of Cessation |
| Date & Time of Broadcast | Aug 8, 2024 6:52 |
| Status | New |
| Announcement Sub Title | Retirement of Non-Executive and Independent Director |
| Announcement Reference | SG240808OTHRSVZ6 |
| Submitted By (Co./ Ind. Name) | Michelle Heng |
| Designation | Company Secretary |
| Description (Please provide a detailed description of the event in the box below) | Retirement of Non-Executive and Independent Director |
| Additional Details | |
| Name Of Person | Kazumichi Mandai |
| Age | 73 |
| Is effective date of cessation known? | Yes |
| If yes, please provide the date | 30/08/2024 |
| Detailed Reason (s) for cessation | Mr Kazumichi Mandai ("Mr Mandai") has served as an Independent Director of the Company for an aggregate period of more than 9 years. In view of the new requirements that impose a hard tenure limit for independent director and the need for Board renewal, Mr Mandai has expressed his intention not to seek for re-election and will retire upon the conclusion of the annual general meeting to be held on 30 August 2024. Following his retirement from the Board, Mr Mandai will also step down as a member of the Audit Committee and Remuneration Committee. The Board and Management would like to express their gratitude to Mr Mandai for his invaluable contributions and guidance to the Board and the Stamford Tyres Group. |
| Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting? | No |
| Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer? | No |
| Any other relevant information to be provided to shareholders of the listed issuer? | No |
| Date of Appointment to current position | 01/12/2012 |
| Does the AC have a minimum of 3 members (taking into account this cessation)? | No |
| Number of Independent Directors currently resident in Singapore (taking into account this cessation) | 1 |
| Number of cessations of appointments specified in Listing Rule 704 (7) or Catalist Rule 704 (6) over the past 12 months | 0 |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Member of the Audit Committee; member of the Remuneration Committee |
| Role and responsibilities | Non-Executive and Independent Director |
| Familial relationship with any director and/ or substantial shareholder of the listed issuer or of any of its principal subsidiaries | None |
| Shareholding interest in the listed issuer and its subsidiaries? | No |
| Past (for the last 5 years) | Nil |
| Present | Nil |