COSCO Pacific appoints independent non-ex ecutive director
The board of directors of COSCO Pacific Limited announces that Mr. FAN Ergang was appointed as an independent non-executive director of the Company with effect from 22nd August 2013. The Board would lik e to extend a warm welcome to Mr. FAN for joining the Board. Mr. FAN Ergang , aged 58, is currently the Vice Chairman of ICBC Financial Leasing Co., Ltd. Mr. FAN had been the General Manager of Legal Affairs Division of Indus trial and Commercial Bank of China Limited (“ICBC”), the Secretary of Party Committee and Head of ICBC Inner Mongolia Branch, and was the Deputy Secretary-Ge neral and Head of Legal Work Committee of China Banking Association and an arbitrator (financial law) of China Internati onal Economic and Trade Arbitration Commission, said in the company's press release.
Mr. FAN holds a B achelor of Laws degree from China University of Political Science and Law (for merly The Peking College of Political Science and Law). He has extensive experience in financial and law fields, a nd is a senior economist, a senior legal counsel and a practicing lawyer in th e People’s Republic of China. Mr. FAN has not held directorship s in any listed public companies during the past three years. Save as disclosed above, Mr. FAN does not hold any other positions with the Company and its subsidiaries or other members thereof and does not have any other relationships with any of the other directors, senior manageme nt, substantial shareholders or controlling shareh olders of the Company. A letter of appointment was entered into betw een the Company and Mr. FAN for appointing Mr. FAN as an independent non-executive director for an initial term fr om 22nd August 2013 to the conclusion of the annual genera l meeting of the Company to be held in 2014 (the “2014 AGM”). Upon that time and subject to his re-election by the sharehol ders of the Company (the “Shareholders”), the term of appointment of Mr. FAN shall then be for a pproximately three years commencing from the date of the 2014 AGM to the conclusion of the annual general meeting of the Company to be held in 2017 and subject to retire ment by rotation and re-election in accordance with the Bye-laws of the Company.
Pursuant to the le tter of appointment, the director’s fee of Mr. FAN is HK$260,000 per annum (or a pro rata amount for the duration of his directorship for an incomplete year). The director’s fee of Mr. FAN is recommended by the Remuneration Committee and determined by the Board with refe rence to his duties and responsibilities and prevailing market conditions and s ubject to the approval of the Shar eholders at the annual general meetings of the Company. 2 As at the date hereof, Mr. FAN does not have any in terest in the shares of the Company within the meaning of Part XV of The Securities and Future s Ordinance (Chapter 571 of the Laws of Hong Kong). Save as disclosed above, Mr. FAN confirmed that th ere are no other matters that need to be brought to the attention of the Sharehol ders in connection with his a ppointment and there is no other information that should be disclosed pursuant to Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited (the “Listing Rules”). Following the appointment of Mr. FAN as an inde pendent non-executive dire ctor of the Company, the Company has complied with the requirement of Rule 3.10A of the Listing Rules that the independent non-executive dire ctors must represent at l east one-third of the Board. In respect of the aforesaid appointment of inde pendent non-executive director, the Board confirms that there are no other matters th at need to be brought to the attention of the Shareholders. By Order of the Board COSCO Pacific Limited WANG Xingru Vice Chairman & Managing Director Hong Kong, 22nd August 2013 As at the date of this announcement and following the appointment of independent non-executive director, the Board comprises Mr. LI Yunpeng 2 (Chairman), Dr. WANG Xingru 1 (Vice Chairman & Managing Director), Mr. WAN Min 2 , Mr. FENG Jinhua 1 , Mr. FENG Bo 1 , Mr. WANG Haimin 2 , Mr. WANG Wei 2 , Mr. TANG Runjiang 1 , Dr. WONG Tin Yau, Kelvin 1 , Mr. QIU Jinguang 1 , Mr. Timothy George FRESHWATER 3 , Dr. FAN HSU Lai Tai, Rita 3 , Mr. Adrian David LI Man Kiu 3 , Mr. IP Sing Chi 3 and Mr. FAN Ergang 3 . 1 Executive Director 2 Non-Executive Director 3 Independent Non-executive Director