Change - Announcement Of Appointment Of Independent Director
BackOct 28, 2015
| Announcement Title | Change - Announcement of Appointment |
| Announcement Subtitle | Appointment of Independent Director |
| Securities | GRAND BANKS YACHTS LIMITED (GRANDBK) |
| Date & Time of Broadcast | Oct 28, 2015 19:12 |
| Submitted By | Ler Ching Chua CompanySecretary |
| Description | Announcement of appointment as Independent Director. |
| Appointment Details | |
| Date of appointment | Oct 28, 2015 |
| Name of person | Gary James Weisman |
| Age | 64 |
| Country of principal residence | US |
| The Board's comments on this appointment | The Nominating Committee periodically reviews the existing attributes and competencies of the Board in order to determine the desired expertise required to strengthen or supplement the Board. This assists the Nominating Committee in identifying and nominating suitable candidates for appointment to the Board. In this particular instance, an existing director proposed Mr. Weisman as a potential director. Subsequently, the Nominating Committee considered the desired qualifications, skill sets, competencies and experience, which are required to supplement the Board's existing attributes. After careful consideration, the Nominating Committee determined that Mr. Weisman was a suitable candidate given his nearly 40 years of professional experience in the yachting industry including a lifelong knowledge of the American boat market which will enable him to assist the current Board of Directors with the Company's largest market today. In addition, Mr. Weisman has fished and cruised over 50,000 miles aboard his vessels and in 2016, his family will launch a new Grand Banks 60 foot yacht for further adventure. The Board of Directors, having considered the Nominating Committee's recommendation, approved the nomination of Mr. Weisman as an Independent Director of the Company and called for him to stand for election at the Annual General Meeting earlier today whereby shareholders elected him to the Board of Directors. |
| Whether appointment is executive, and if so, the area of responsibility | Non-Executive |
| Job title | Independent Director, Risk Management and Audit Committee member. |
| Familial relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidiaries | None |
| Conflict of interests (including any competing business) | None |
| Working experience and occupation(s) during the past 10 years | Retired for the last two years. Eight years prior, President of North Sales, now the world's leading sailmaking company and the largest division in the North Technology Group (NTG). NTG is a family of companies dedicated to advancing water sports through innovation and superior technology. |
| Shareholding interest in the listed issuer and its subsidiaries | Yes |
| Shareholding details | He has 275,000 shares in the listed issuer. |
| Other Directorships | |
| Note: These fields are not applicable for announcements of appointments pursuant to Listing Rule 704(9) or Catalist Rule 704(8) | |
| Past (for the last 5 years) | North Technology Group. Edge Water Power Boats Co. |
| Present | SYRF - Sailing Yacht Research Foundation - Non Profit |
| Information Required Persuant To Listing Rule 704(7)(H) | |
| (a) Whether at any time during the past 10 years, an application or a petition under any bankruptcy law of any jurisdiction was filed against him or against a partnership of which he was a partner at the time when he was a partner or at any time within 2 years from the date he ceased to be a partner? | No |
| (b) Whether at any time during the last 10 years, an application or a petition under any law of any jurisdiction was filed against an entity (not being a partnership) of which he was a director or an equivalent person or a key executive, at any time when he was a director or an equivalent person or a key executive of that entity or at any time within 2 years from the date he ceased to be a director or an equivalent person or a key executive of that entity, for the winding up or dissolution of that entity or, where that entity is the trustee of a business trust, that business trust, on the ground of insolvency? | No |
| (c) Whether there is any unsatisfied judgment against him? | No |
| (d) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving fraud or dishonesty which is punishable with imprisonment, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such purpose? | No |
| (e) Whether he has ever been convicted of any offence, in Singapore or elsewhere, involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or has been the subject of any criminal proceedings (including any pending criminal proceedings of which he is aware) for such breach? | No |
| (f) Whether at any time during the last 10 years, judgment has been entered against him in any civil proceedings in Singapore or elsewhere involving a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, or a finding of fraud, misrepresentation or dishonesty on his part, or he has been the subject of any civil proceedings (including any pending civil proceedings of which he is aware) involving an allegation of fraud, misrepresentation or dishonesty on his part? | No |
| (g) Whether he has ever been convicted in Singapore or elsewhere of any offence in connection with the formation or management of any entity or business trust? | No |
| (h) Whether he has ever been disqualified from acting as a director or an equivalent person of any entity (including the trustee of a business trust), or from taking part directly or indirectly in the management of any entity or business trust? | No |
| (i) Whether he has ever been the subject of any order, judgment or ruling of any court, tribunal or governmental body, permanently or temporarily enjoining him from engaging in any type of business practice or activity? | No |
| (j) Whether he has ever, to his knowledge, been concerned with the management or conduct, in Singapore or elsewhere, of the affairs of:- | |
| (i) any corporation which has been investigated for a breach of any law or regulatory requirement governing corporations in Singapore or elsewhere; or | No |
| (ii) any entity (not being a corporation) which has been investigated for a breach of any law or regulatory requirement governing such entities in Singapore or elsewhere; or | No |
| (iii) any business trust which has been investigated for a breach of any law or regulatory requirement governing business trusts in Singapore or elsewhere; or | No |
| (iv) any entity or business trust which has been investigated for a breach of any law or regulatory requirement that relates to the securities or futures industry in Singapore or elsewhere, in connection with any matter occurring or arising during that period when he was so concerned with the entity or business trust? | No |
| (k) Whether he has been the subject of any current or past investigation or disciplinary proceedings, or has been reprimanded or issued with any warning, by the Monetary Authority of Singapore or any other regulatory authority, exchange, professional body or government agency, whether in Singapore or elsewhere? | No |
| Information Required persuant to Listing Rule 704(7)(I) | |
| Note: Disclosure applicable to the appointment of Director only | |
| Any prior experience as a director of a listed company? | No |
| If yes, please provide full details | Mr. Weisman has served as a director for two privately-held companies. In addition, the Company will assist Mr. Weisman in securing certain training. |