SINGAPORE - Two directors of transport operator SBS Transit will retire along with chairman Lim Jit Poh next month.

In a statement on Thursday (March 25), the company said Mr Benny Lim, a former deputy police commissioner who joined the board in 2018, and veteran unionist John De Payva, who has been on the board since 2003, will also be stepping down at the next annual general meeting on April 29.

The chairman's retirement, reported by The Straits Times on Wednesday, had long been anticipated. Mr Lim said it was part of a board renewal which began four years ago.

"I believe the time is right for me to hand over the reins to a new chairman who will lead the group through its next phase of growth," he said. "The board, as it stands now, is well balanced in terms of tenure, age and gender."

Mr Lim has been chairman of SBS Transit since 2003. His tenure with the public transport group, however, goes back to 1997, when he joined SBS Bus Services as a director, and subsequently sat on the board of DelGro Corp after SBS was restructured.

Mr Lim will remain as senior adviser of SBS Transit to "provide continuity to the group as it navigates a changing environment in a tightly regulated industry", SBS Transit said on Thursday.

Mr Lim added: "At the board and management level, we are always cognisant of the fact that SBS Transit is not just any listed entity, it is also a public transport operator with a sizeable workforce. Our responsibilities go beyond just our shareholders, they also extend to the commuting public, the union and the regulator."

In the 12th Annual Governance and Transparency Index Survey 2020, which assessed listed companies on corporate governance disclosures and practices, as well as timeliness, accessibility and transparency of their financial results announcements, SBS Transit improved its score from 87 to 106 to be ranked in the 17th spot from its previous 40th position.