The Bank of East Asia, Limited Announces Board Changes
November 30, 2017 at 04:06 am EST
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The Bank of East Asia, Limited announced the following re-designation of Directors and changes of Members of Board Committees of the Bank. Dr. the Hon. Rita FAN HSU Lai-tai, an Independent Non-executive Director of the Bank, will be appointed as member of the Nomination Committee (NC) with effect from 1 December, 2017 and will remain as Chairman of the Remuneration Committee (RC). Dr. Delman LEE, an INED of the Bank, will be appointed as member of the NC and the Audit Committee (AC) with effect from 1 December, 2017 and will remain as member of the Risk Committee (RIC). Mr. Winston LO Yau-lai, an INED of the Bank, will be re-designated as Non-executive Director (NED) of the Bank and will cease as Chairman of the AC and member of the NC, the RC and the RIC with effect from 1 January, 2018. Dr. Daryl NG Win-kong, an INED of the Bank, will be re-designated as NED of the Bank and will cease as member of the AC and the NC with effect from 1 January, 2018. He will remain as member of the RIC. Professor Arthur LI Kwok-cheung, Deputy Chairman and an NED of the Bank, will be appointed as member of the RC and will cease as member of the RIC with effect from 1 January, 2018. Dr. Allan WONG Chi-yun, Deputy Chairman and an INED of the Bank, will cease as Chairman of the RIC with effect from 1 January, 2018. He will remain as Chairman of the NC and member of the AC, the RC and the RIC. Mr. Aubrey LI Kwok-sing, an NED of the Bank, will cease as member of the RC with effect from 1 January, 2018. He will remain as member of the RIC. Mr. Meocre LI Kwok-wing, an INED of the Bank, will take over Mr. Winston Lo's role as Chairman of the AC with effect from 1 January, 2018. He will remain as member of the RIC. The Hon. CHAN Kin-por, an INED of the Bank, will take over Dr. Allan Wong's role as Chairman of the RIC with effect from 1 January, 2018. He will remain as member of the AC. Following the aforesaid re-designation of Directors and changes of Members of Board Committees, the Board of the Bank will comprise 17 Directors, including 3 Executive Directors, 8 NEDs and 6 INEDs, with over one-third of the Directors being INEDs. A majority of the members of each of the Board Committees of the Bank are INEDs. Mr. Winston Lo, SBS, BSc, MSc, aged 76, was appointed a Director of the Bank on 15 August, 2000. He was re-designated as an INED on 4th October, 2000. He is currently an INED, Chairman of the AC and Member of the NC, the RC and the RIC of the Bank. Following the aforesaid re-designation which will take effect on 1 January, 2018, Mr. Winston Lo will be an NED of the Bank and will not serve on any of the Board Committees of the Bank. In accordance with the Articles of Association of the Bank, Mr. Winston Lo shall retire as a Director at the 2019 Annual General Meeting (AGM) of the Bank and, being eligible, shall be re-elected for a term of not more than approximately 3 years expiring at the conclusion of the AGM of the Bank held in the third year following the year of his election and on expiration of his term he shall be deemed a retiring Director and eligible for re-election. Dr. Daryl Ng, was appointed an INED of the Bank on 1 June, 2015. He is currently an INED and member of the AC, the NC and the RIC of the Bank. Following the aforesaid re-designation which will take effect on 1 January, 2018, Dr. Daryl Ng will be an NED and will remain as member of the RIC of the Bank. Dr. Daryl Ng is an Executive Director and Deputy Chairman of Sino Land Company Limited, Tsim Sha Tsui Properties Limited and Sino Hotels (Holdings) Limited.
Bank of East Asia Ltd is a company mainly engaged in the banking business. The Company operates its business through nine segments. The Mainland China Operations segment mainly include the back office unit for Mainland China operations in Hong Kong, all subsidiaries and associates operating in Mainland China, except those subsidiaries carrying out data processing and other back office operations for Hong Kong operations in Mainland China. The Corporate Banking segment provides corporate lending and loan syndication, asset-based lending, commercial lending, securities lending and trade financing activities with correspondent banks and corporates. The Personal Banking segment is engaged in the branch operations, personal internet banking, consumer finance, property loans and credit card business to individual customers. The Overseas Operations segment provides back office unit for overseas banking operations in Hong Kong, Macau Branch, Taiwan Branch and all branches, subsidiaries and ass