HKBN Ltd. hereby announces that Mr. Stanley CHOW and Mr. Yee Kwan Quinn LAW will retire from the office by rotation at the forthcoming annual general meeting of the Company to be held on 15 December 2023 to devote more time to pursue their personal interests. Accordingly, Mr. Chow will retire as an Independent Non-executive Director, the chairman of the Remuneration Committee and a member of the Audit Committee, the Nomination Committee, and the Environmental, Social and Governance Committee of the Company, and Mr. Law will retire as an Independent Non-executive Director, the chairman of the Audit Committee and a member of the Nomination Committee and the Remuneration Committee of the Company, with effect from the conclusion of the AGM. The Board also announces that Ms. Cordelia CHUNG (``Ms. Chung'') has been appointed as an Independent Non-executive Director and a member of the Nomination Committee and the Remuneration Committee of the Company with effect from the conclusion of the AGM. Ms. Cordelia CHUNG, aged 64, has been appointed as an Independent Non-executive Director and a member of the Nomination Committee and the Remuneration Committee of the Company with effect from the conclusion of the AGM. Ms. Chung is an independent non-executive director, chairperson of the remuneration committee and member of the nomination committee of Hang Seng Bank Limited (stock code: 0011); an independent non-executive director, member of the nomination committee and the remuneration committee of Hysan Development Company Limited (stock code: 0014); and an independent non-executive director of Arup Group Limited (``Arup''), a company headquartered in the UK with operations in 141 countries. Ms. Chung is a member of the risk committee, assurance committee and leadership appointments committee of Arup. Ms. Chung also serves on the Human Resources Planning Commission of HKSAR Government, the Court of City University Hong Kong, and is the chairperson of Maryknoll Convent School Foundation Limited, the school sponsoring body of her alma mater. Ms. Chung is a corporate leader with extensive multinational and industry experience, specialised in information technology, with knowledge in building industry, and trained and practised as a lawyer. Ms. Chung spent over 20 years with IBM, a leader in information technology, and was the first Asian female executive to sit on IBM Chairman & CEO's Strategy Team, setting strategic directions for IBM globally spanning 175 countries. She held senior leadership positions in IBM including Regional General Manager in charge of all Southeast Asian countries (IBM ASEAN), General Manager for IBM China/Hong Kong Limited, as well as Vice President and General Counsel for Asia Pacific. During her IBM career, she was posted to Tokyo, Beijing, Shanghai and Singapore. Ms. Chung was awarded the Directors of the Year Award by the Hong Kong Institute of Directors in 2022 for statutory and non-profit organizations category for her distinguished service as an independent non-executive director in Hong Kong Science and Technology Parks Corporation. She holds a bachelor's honours degree in law and a postgraduate certificate in laws, both from the University of Hong Kong, and a diploma in Chinese law from China University of Political Science and Law. Ms. Chung practised with the international law firm Baker & McKenzie in her early career. She is a member of The Law Society of Hong Kong and was admitted as a solicitor in Hong Kong, England and Wales, Singapore and Australia. Following the Retirements, the new appointments of (i) Ms. Kit Yi Kitty CHUNG, an Independent Non-executive Director, as the chairman of the Audit Committee and a member of the Nomination Committee of the Company; (ii) Mr. Bradley Jay HORWITZ, an Independent Non-executive Director, as the chairman of the Remuneration Committee of the Company; and (iii) Ms. Ming Ming Anna CHEUNG, an Independent Non-executive Director, as a member of the Remuneration Committee of the Company, will be effective from the conclusion of the AGM. The composition of the Board committees of the Company with effect from the conclusion
of the AGM shall be as follows: Audit Committee: Ms. Kit Yi Kitty CHUNG (Chairman), Mr. Liyang ZHANG and Mr. Bradley Jay HORWITZ. Nomination Committee: Mr. Bradley Jay HORWITZ (Chairman), Ms. Shengping YU and Ms. Cordelia CHUNG, Ms. Kit Yi Kitty CHUNG; Remuneration Committee: Mr. Bradley Jay HORWITZ (Chairman), Mr. Liyang ZHANG, Ms. Cordelia CHUNG and Ms. Ming Ming Anna CHEUNG; Environmental, Social and Governance Committee: Ms. Ming Ming Anna CHEUNG (Chairman), Mr. Ni Quiaque LAI and Ms. Kit Yi Kitty CHUNG.