Suntar Eco-City Limited announced the following changes to the Board and the respective Board Committees of the Company: In compliance with the Code and the relevant rules and regulations to ensure appropriate level of independence and diversity of thought and background in its composition to enable it to make decisions in the best interests of the Company, Dr Lan Weiguang will step down as the Non-Executive Non-Independent Chairman of the Board, as well as member of the Audit Committee, Nominating Committee and
Remuneration Committee respectively, upon the conclusion of the forthcoming Annual General Meeting to be held on 29 April 2024 ("AGM"). He will still remain as the Non-Executive Non-Independent Director of the Company. The Board of the Company wishes to announce that Mr. Pan Shimo, who is an independent Director will be appointed as the Independent Chairman of the Board with effect from the conclusion of the AGM, upon his re-election as the Director of the Company at the forthcoming AGM. He will remain as the Chairman of the Nominating Committee and Remuneration Committee, and member of Audit Committee. Mr. Foong Daw Ching is currently the Lead Independent Director and Chairman of the
Audit Committee. Mr. Foong was re-elected to the Board on 28 April 2022 (under the mandatory two-tier voting processes in line with Rule 210(5)(d)(iii) which had since been removed on 11 January 2023). Under the new SGX Listing Rules ­ Rule 210 (5) (d) (iv) ("Rule 210(5)(d)"), which came into effect on 11 January 2023, the tenure of independent director serving on the boards of listed issuers is now limited to 9 years. Mr. Foong Daw Ching, from the date of his appointment to the financial year ended 31 December 2023 ("FY2023"), has served on the Board of the Company for more than nine years and hence not deemed as independent. At the conclusion of the forthcoming AGM, Mr. Foong Daw Ching will step down as the Lead Independent Director and Chairman of the Audit Committee. Audit Committee: Mr. Hu Yu Gan (Chairman), Mr. Foong Daw Ching (Member), Mr. Pan Shimo (Member). Nominating Committee: Mr. Pan Shimo (Chairman), Mr. Foong Daw Ching (Member), Hu Yu Gan (Member). Remuneration Committee: Mr. Pan Shimo (Chairman), Mr. Foong Daw Ching (Member), Hu Yu Gan (Member).