The board of directors of Power Assets Holdings Limited announced that Mr. George Colin Magnus has been re-designated from a non-executive director to an independent non-executive director of the company with effect from September 28, 2012. Mr. George Colin Magnus, aged 76, was appointed to the Board in 1985 and was Chairman of the Board from 1993 to October 2005. He was re-designated as a non-executive director of the company in November 2005.

He is also a director of The Hongkong Electric Company, Limited. Mr. Magnus is a non-executive director of Cheung Kong (Holdings) Limited, Hutchison Whampoa Limited and Cheung Kong Infrastructure Holdings Limited. Mr. Magnus is also a director (independent) of Husky Energy Inc.