IF not, should we question the INTEGRITY of TAN TENG BOO??
City of London Investment Management Co Ltd has written a letter to fund manager Tan Teng Boo to explain why it and Laxey Partners Ltd, the single largest shareholder of icapital.biz with 11.39%, plan to vote against the reappointment of Tunku Abdul Aziz Tunku Ibrahim as a director was due to the length of time he has been retired.
"Directors should not start a new term in office if they have retired from active employment for more than five years. City of London believes that the skills and contributions of a director outside this criterion may be too far removed from current business practices or thinking to truly add value to the board over the long term," City of London's portfolio manager Oliver Marchner said in a copy of the letter sent to SunBiz.
It also pointed out that Tunku Aziz as a board member has no "requisite experience and knowledge of a listed closed-end funds (CEFs) and has retired from active employment for more than five years.
In relation to the composition of the board, City of London's portfolio manager Oliver Marchner made reference to Section IV paragraph 2a of its Statement on Corporate Governance and Voting Policy for Closed-End Funds (9th Edition).
The Statement on Corporate Governance and Voting Policy for Closed-End Funds can be found here.
1 comments:
we should question the ang moh's integrity, if they hav any in the 1st and last place. the letter is sent to ttb, y didn't the ang moh send to the 3000 plus yellow skin, board of dir and bursa ? y only 1 newspaper carry the article ? ttb invited them to come the adjourned agm to explain in person. looks like they have no balls. choose to ignore the 3000 yellow skin and reply in this patronising manner. worst of all, a few yellow skin still think so highly of ang moh.