Date : 20 June 2018

OTHERS Restructuring of the Board of Directors

MALAYSIAN RESOURCES CORPORATION BERHAD

Type Announcement
Subject OTHERS
Description
Restructuring of the Board of Directors

Malaysian Resources Corporation Berhad (“Company”) wishes to comply with Practice 4.1 of the Malaysian Code On Corporate Governance (“MCCG”). Practice 4.1 states that at least half of the Board of Directors of a listed company should comprise Independent Directors. It also states that for large companies (defined as those above RM2 billion market capitalization like the Company) the majority of the Board should comprise of Independent Directors. Presently, 5 out of the Company’s 8 Directors are Non-Independent Directors, and only 3 are Independent Directors.

Given the importance that the Company attaches to adhering to the highest standards of corporate governance, the Company will implement the following changes to the Board of Directors, which will enable the Company to comply with Practice 4.1 of the MCCG, thus meeting the high standards of corporate governance expected by all shareholders and the investing fraternity at large.

Tan Sri Azlan Zainol will be re-designated as an Independent Chairman of the Company and Tan Sri Mohamad Salim has expressed his intention to retire as the Group Managing Director of the Company.

Mohd Imran Tan Sri Mohamad Salim, the Executive Director of the Company will be re-designated as Group Managing Director.

The proposed changes shall take effect from 2nd July 2018.

After the above changes are effected, the new composition of the Board will be as follows:

Director

Position

Independent

Non- Independent

Tan Sri Azlan Zainol

Independent Chairman

?

 

Jamaludin Zakaria

Senior Independent Director

?

 

Hasman Yusri Yusoff

Independent Director

?

 

To’ Puan Janet Looi Lai Heng

Independent Director

?

 

Datuk Shahril Ridza Ridzuan

Non-Independent Non-Executive Director

 

?

Rohaya Mohammad Yusof

Non-Independent Non-Executive Director

 

?

Mohd Imran Tan Sri Mohamad Salim

Group Managing Director

 

?

 

 

4

3

 

 






Announcement Info

Company Name MALAYSIAN RESOURCES CORPORATION BERHAD
Stock Name MRCB
Date Announced 20 Jun 2018
Category General Announcement for PLC
Reference Number GA1-20062018-00025