News
Change - Announcement Of Appointment Of Chief Financial Officer ("CFO")
BackSep 30, 2020
| Announcement Title | Change - Announcement of Appointment |
| Date & Time of Broadcast | Sep 30, 2020 17:44 |
| Status | New |
| Announcement Sub Title | Appointment of Chief Financial Officer ("CFO") |
| Announcement Reference | SG200930OTHRXLCS |
| Submitted By (Co./ Ind. Name) | Goh Toh Sim |
| Designation | Executive Director & CEO |
| Description (Please provide a detailed description of the event in the box below) | Mr. Wang Feng, the Acting Chief Financial Officer of the Company, has been promoted to Chief Financial Officer ("CFO") of the Company. |
| Additional Details | |
| Date Of Appointment | 01/10/2020 |
| Name Of Person | Wang Feng |
| Age | 45 |
| Country Of Principal Residence | Singapore |
| The Board's comments on this appointment (including rationale, selection criteria, and the search and nomination process) | Mr. Wang is currently the Acting Chief Financial Officer of the Manager where he is responsible for the overall finance, accounting, tax, treasury, risk management functions for EC World REIT as well as overseeing compliance matters and the implementation of EC World REIT's short and medium-term business plans, and REIT management activities. Mr. Wang has assumed the role of the Acting CFO since 10 Jan 2020 and has proven his competencies. The Audit and Risk Committee ("ARC") and the Nominating and Remuneration Committee ("NRC") have reviewed the experience and credentials of Mr. Wang and are satisfied that Mr. Wang is appropriately qualified and competent for the CFO role. Based on the ARC's and NRC's recommendation, the Board is satisfied that Mr. Wang Feng is suitable to assume the role as CFO of the Company and therefore approved the appointment of Mr. Wang as CFO of the Manager. Mr. Wang will continue to be responsible for the overall finance, accounting, tax and treasury matters concerning EC World REIT as well as overseeing the implementation of EC World REIT's short and medium-term business plans, and REIT management activities. |
| Whether appointment is executive, and if so, the area of responsibility | Executive. Responsible for all finance, accounting, tax and treasury matters concerning EC World REIT as well as overseeing the implementation of EC World REIT's short and medium-term business plans, and REIT management activities. |
| Job Title (e.g. Lead ID, AC Chairman, AC Member etc.) | Chief Financial Officer |
| Professional qualifications | Mr Wang currently holds a FCCA (Fellow member of Association of Chartered Certified Accountants), a Chartered Accountant (CA) with the Institute of Singapore Chartered Accountants and a Certified Internal Auditor (CIA) accredited by the Institute of Internal Auditors. |
| Any relationship (including immediate family relationships) with any existing director, existing executive officer, the issuer and/ or substantial shareholder of the listed issuer or any of its principal subsidiaries | No |
| Conflict of interests (including any competing business) | No |
| Working experience and occupation(s) during the past 10 years | Mr. Wang joined the EC World Asset Management Pte. Ltd. (the "Manager" of EC World REIT) on 1 November 2016 and last held as the Acting CFO of the Company. Prior to this, Mr. Wang was heading the compliance and risk management functions of the Manager and was responsible for internal audit, risk management and compliance with requirements under the Securities and Futures Act and the Code on Collective Investment Schemes for ECW and the Manager, and advising the Manager on its risk management and compliance processes as well as assisted in EC World REIT's refinancing exercise in 2019. Prior to joining the Manager, Mr. Wang was an Audit Manager with KPMG Singapore. He spent over 5 years at KPMG providing audit and review services and has in-depth knowledge on key corporate reporting issues including valuation, lease and revenue recognition. In addition, Mr. Wang has had more than 12 years' experience as a project manager in real estate development industry before joining KPMG. |
| Undertaking submitted to the listed issuer in the form of Appendix 7.7 (Listing Rule 704(7)) Or Appendix 7H (Catalist Rule 704(6)) | Yes |
| Shareholding interest in the listed issuer and its subsidiaries? | Yes |
| Shareholding Details | 20,490 units in EC World REIT |
| # 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) | NIL |
| Present | 1) ECW Treasure Pte. Ltd. 2) ECW Treasure 1 Pte. Ltd. 3) Fullwealth Investment Pte. Ltd. 4) Richport Investment Pte. Ltd. 5) Richwin Investment Pte. Ltd. 6) Magnasset Investment Pte. Ltd. 7) JY Logistics Investment Pte. Ltd. 8) Prorich Investment Pte. Ltd. 9) Realtime Assets Global Pte. Ltd. |
| (a) Whether at any time during the last 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 the 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 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 |
| Any prior experience as a director of an issuer listed on the Exchange? | No |
| If no, please state if the director has attended or will be attending training on the roles and responsibilities of a director of a listed issuer as prescribed by the Exchange | N.A. |