SINGAPORE – Wilmar International announced the resignation of board member George Yeo, a move that allows it to have additional independent non-executive directors.
Yeo had to step down so the company could comply with the Code of Corporate Governance 2012, which says that for companies where the chairman and chief executive are the same person, at least 50% of the board should be independent.
Wilmar also announced the appointment of Lim Siong Guan and Shan Weijian to the board as independent non-executive directors.
Guan is former chairman of GIC, a global investment firm, and currently chairman of Honour, a non-profit Singapore-based organization dedicated to promoting a culture of honor.
Weijian is chairman and chief executive of Hong Kong-based PAG, an independent alternative management group with $18 billion under management.
Yeo’s resignation is effective Dec. 31 and the new appointments take effect on Jan. 1, 2018.