Tan Sri Dr. Jeffrey Cheah relinquishes Chairman position at Sunway Reit Management to enhance board independence

Tan Sri Dr. Jeffrey Cheah relinquishes Chairman position at  Sunway Reit Management to enhance board independence

Bandar Sunway, 29 September 2016 – The Board of Directors of Sunway REIT Management Sdn. Bhd. REIT Manager, the manager of Sunway Real Estate Investment Trust Sunway REIT, announced today that Tan Sri Dato’ Seri Dr Jeffrey Cheah Fook Ling (Tan Sri Cheah), will resign as the Non-Independent Non-Executive Chairman of the Manager effective 30 September 2016.

Following the resignation of Tan Sri Cheah, the Board of the REIT Manager has appointed Tan Sri Ahmad Bin Mohd Don (Tan Sri Ahmad Don), Senior Independent Non-Executive Director of Sunway REIT Management as the Independent Non-Executive Chairman with effect from 1 October 2016. 

The change from a non-independent Chairman to an independent Chairman is line with the REIT Manager’s endeavour to continuously enhance its corporate governance best practices which are consistent with the principles and recommendations of the Malaysian Corporate Governance Code 2012.

Consequential to the resignation of Tan Sri Cheah as a director of the Board of the REIT Manager, the Board of Directors will comprise 7directors of which the ratio of independent directors to non-independent directors is 3:4. The composition of the Board of Directors is optimal in capacity and well equipped with diverse expertise and experience. The Board of Directors will comprise the following members:

BOARD OF DIRECTORS DESIGNATION

Tan Sri Ahmad Bin Mohd Don –  Independent Non-Executive Chairman

Tengku Nurul Azian Binti Tengku Shahriman  – Independent Non-Executive Director

Elvin A/L Berty Luke Fernandez  – Independent Non-Executive Director

Dato’ Jeffrey Ng Tiong Lip  – Chief Executive Officer & Non-Independent Executive Director

Sarena Cheah Yean Tih  – Non-Independent Non-Executive Director

Ng Sing Hwa  – Non-Independent Non-Executive Director

Chan Hoi Choy –  Non-Independent Non-Executive Director

Tan Sri Cheah will also retire from the Remuneration Committee and Nomination Committee with effect from 30 September 2016. The Board of the REIT Manager has appointed Ms Sarena Cheah Yean Tih as a  member of the Remuneration Committee and Nomination Committee with effect from 1 October 2016 to replace Tan Sri Cheah.

The Board of Directors expressed their deepest gratitude to the outgoing Chairman, Tan Sri Cheah for his extraordinary vision and leadership since the inception of Sunway REIT in 2010.

“I would like to thank all the stakeholders for your continuous support during my tenure as the Chairman of the REIT Manager. Sunway REIT and the REIT Manager are in good standing as the  REIT Manager is well-managed by a team of professionals since the listing of Sunway REIT in 2010.

I am confident that the REIT Manager will continue to deliver its commitment to the unitholders of Sunway REIT under the leadership of Tan Sri Ahmad Don,” said Tan Sri Cheah.

Tan Sri Cheah added, “I believe in giving to society and nurturing new generations of leaders. It is my wish to contribute to Malaysia by dedicating my time through greater involvement in the areas of philanthropy, education and sustainability.” 

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