SINGAPORE (THE BUSINESS TIMES) - Former minister George Yeo has stepped down from Wilmar International's board in order to make way for additional independent non-executive directors.
The palm oil producer has appointed former GIC group president Lim Siong Guan and Hong Kong-based PAG chairman and chief executive Shan Weijian to the board. Both will be independent directors.
Mr Yeo, a non-independent non-executive director, had to step down so that the firm can comply with the recommendation in the Code of Corporate Governance 2012, said Wilmar.
This stipulates that for companies where the chairman and chief executive are the same person, at least 50 per cent of the board should be independent.
Mr Yeo's resignation takes effect from Dec 31, while the appointment of the two new directors takes effect from Jan 1 next year.
With these changes, Wilmar will have two executive directors, four non-independent non-executive directors and six independent directors.