YEO Guat Kwang – a former member of parliament (MP) from the People’s Action Party (PAP) – will retire as the lead independent non-executive director of water purification company SIIC Environment.

Announcing his retirement via a bourse filing on Friday (Apr 26), SIIC said that Yeo was due for retirement in order to comply with the latest listing rules from the Singapore Exchange Regulation (SGX RegCo) setting a hard limit for independent directors.

The frontline regulator had removed a two-tier vote mechanism – requiring independent directors serving more than nine years to surrender their independent status unless they are approved through two tiers of voting – effectively barring companies from retaining independent directors who had served more than nine years.

SGX RegCo had allowed those who have already exceeded the term limit to continue to be considered independent until the company’s annual general meeting (AGM) is held for the financial year ending on or after Dec 31, 2023.

The listing rules meant that Yeo, who was an MP for various constituencies between 1997 and 2015, would be due for retirement at SIIC’s upcoming AGM next Monday. Hence, he will not be seeking re-election and will be stepping down after the AGM.

Kimmis Pun, managing director of Fiduciary Asia Family Office, will be replacing Yeo.

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Separately, Dr John Chen, who was minister of state for national development between 1999 and 2001, will also be retiring as executive chairman of investment holding company Pavillon Holdings on Friday.

The company said in a bourse filing on the same day that Dr Chen will be given the title of chairman emeritus in recognition of his contributions after taking on the role since 2001.

Meanwhile, property company Wee Hur announced that Raymond Lye, a PAP candidate in the last general election, has been appointed as its independent director.

Lye, who is the managing partner of law firm Union Law, contested in Sengkang Group Representation Constituency against the Workers’ Party but lost.