Companies & Markets

SUBSCRIBERS

Sunright's test of new ID rule vexes minorities

Minority shareholders voted against reappointing long-serving Francis Lee as independent director, but firm insists on keeping him by redesignating his role

Anita Gabriel

Published Wed, Nov 25, 2020 · 09:50 PM

semiconductors

SUNRIGHT, a mainboard-listed semiconductor firm with a market value of some S$47 million, remarkably failed to read the ground at its annual general meeting (AGM) on Monday.

Francis Lee, one of two long-serving independent directors (IDs), did not pass the two-tier vote for his continued appointment as an ID.

But Sunright, a manufacturer of burn-in equipment and provider of semiconductor test and burn-in services, was still insistent on having Mr Lee as director.

He was almost immediately re-designated as a non-independent, non-executive director, with the board citing Mr Lee's expertise and years of contribution for its decision to keep him.

Mr Lee joined the board in 1994…