Two independent directors leave Lian Beng board

Former minister of state Wan Soon Bee chaired the audit and nominating committees and was a member of the remuneration committee. Member of Parliament Sitoh Yih Pin was chairman of the board's remuneration committee and a member of its audit and nomi
Member of Parliament Sitoh Yih Pin was chairman of the board's remuneration committee and a member of its audit and nominating committees.
Former minister of state Wan Soon Bee chaired the audit and nominating committees and was a member of the remuneration committee. Member of Parliament Sitoh Yih Pin was chairman of the board's remuneration committee and a member of its audit and nomi
Former minister of state Wan Soon Bee chaired the audit and nominating committees and was a member of the remuneration committee.

Two independent directors, including Member of Parliament Sitoh Yih Pin, have resigned from the board of civil engineering and construction group Lian Beng after having held the posts for more than a decade.

The move was "due to differences in opinion from the management over certain company affairs", said the firm in a late-night filing with the Singapore Exchange last Friday. No further details were provided.

Mr Sitoh, 51, who is Potong Pasir MP, was also chairman of the board's remuneration committee and a member of its audit and nominating committees.

Mr Ko Chuan Aun, 57, the president of property and entertainment company KOP, was appointed as an independent director last Friday and took over those roles.

The second independent director to leave was former minister of state Wan Soon Bee, 75. He chaired the audit and nominating committees and was a member of the remuneration committee.

The roles have been taken over by Mr Low Beng Tin, 65, the managing director of OEL (Holdings), who was named as an independent director earlier last week.

The firm said: "The company takes this opportunity to refresh the board in line with the spirit of the Code of Corporate Governance." It thanked Mr Sitoh and Dr Wan for their contributions to the company.

The announcements came as a surprise because they have been with the board for years. They were both appointed to their roles on April 1, 1999.

In May, UOB Kay Hian started coverage on Lian Beng, saying that it expects the company's core profit to show a compounded annual growth rate of 8.3 per cent for the 2014-17 period, mainly from recurring rental income.

Lian Beng's business segments include workers' dormitories.

Last year, it sold its stake in a hotel development in Middle Road.

It said at the time a stronger war chest would allow it to seek out more opportunities.

A version of this article appeared in the print edition of The Straits Times on July 13, 2015, with the headline 'Two independent directors leave Lian Beng board'. Print Edition | Subscribe