[SINGAPORE] Keppel DC Real Estate Investment Trust (Reit) has announced director Low Huan Ping as new lead independent director and chairman of nominating and remuneration committee, as Kenny Kwan steps down.
The change in board positions will take effect from Tuesday (May 6). Low will also leave his position in the environmental, social and governance committee, while director of the manager Andrew Tan joins the committee as a member.
The Business Times previously reported that Kwan had failed to get re-elected at the annual general meeting on Apr 15. About 49.9 per cent of votes cast by unitholders endorsed his reappointment as a director and the rest were against the resolution.
In response to the article, chairman of Keppel DC Reit Management, Christina Tan had refuted claims that Kwan was not independent.
She stated that the narrow voting outcome was largely influenced by a proxy adviser’s recommendation, which was based on Kwan’s affiliation with A&O Shearman – a law firm that provides legal services for Keppel.
Tan said that Kwan held no substantial partnership interest with the firm. She also said that A&O Shearman had not provided services to Keppel DC Reit or its manager since Kwan’s appointment, and he is not employed by Keppel or any of its entities.
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“Kwan’s relationship with Keppel has been fully disclosed in Keppel DC Reit’s annual report, in line with best practices for corporate governance and transparency,” she added.
She stressed the importance of evaluating director independence within the context of Singapore’s regulatory framework and cautioned that a “blanket approach” may restrict board diversity and access to critical expertise.
Tan also thanked Kwan for his contributions to Keppel for the last six years, saying that his expertise in legal and capital markets matters have been “instrumental in supporting Keppel DC Reit’s growth and governance”.
Following the change, the board will comprise six directors, of whom four are independent directors.
Tan said: “The board and management remain committed to upholding high standards of corporate governance and transparency as we steer the Reit to deliver sustainable long-term value to our unitholders.”
As at 1.31 pm, shares of Keppel DC Reit were 0.9 per cent or S$0.02 higher at S$2.19.
