WILMAR Internationa : F34 0%l on Friday (Apr 19) announced that it has appointed former minister George Yeo to its board as an independent non-executive director, with immediate effect. The 69-year-old Yeo holds 400,000 shares in the agribusiness giant as at the time of his appointment, the board said in a filing to the Singapore bourse.
He was formerly a non-executive, non-independent director of Wilmar from November 2014 to December 2017. Although he was not a nominee of either the Kuok Group or Kerry Group when he was on Wilmar’s board, he was considered a non-independent director because of his association with them.
The Kuok and Kerry groups of companies are substantial shareholders of Wilmar but not related corporations, Wilmar explained.
The company’s nominating committee and board of directors have considered that more than six consecutive fiscal years have passed since Yeo served as a director at Wilmar. He also has no current appointment within Wilmar, as well as Kuok and Kerry groups. He has not had business relationships with Wilmar since he left its board in December 2017. He also has not had any dealings with the Kuok or Kerry groups since May 2021, when he ceased being a senior adviser to the groups, Wilmar said.
Yeo has also confirmed that he is not under any obligation, whether formal or informal, to act in accordance with the directions, instructions or wishes of the Kuok or Kerry groups in relation to Wilmar’s the corporate affairs.
He is currently an independent non-executive director of Hong Kong-listed AIA Group, Nasdaq-listed Pinduoduo and Singapore-listed Creative Technology. He was a member of Singapore’s Parliament from 1998 to 2011, and served in various senior positions including Minister for Information and the Arts, Minister for Health, Minister for Trade and Industry, and Minister for Foreign Affairs.
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Wilmar’s board of directors said that it approved Yeo’s appointment after reviewing its nominating committee’s recommendations and considering his “qualifications, experience, suitability and independence”. The board said that it recognises the need for progressive board membership renewal. Yeo will also be able to “provide valuable insights on global business and political issues”; the board said that this “will be of great assistance” to the company, which operates in more than 50 countries.
Shares of Wilmar were up 0.6 per cent or S$0.02 to close at S$3.40 on Friday.
