COSCO SHIPPING Ports announced appointment of independent non-executive director

The board of directors of the Company (the “Board”) announces that Mr. YANG Liang Yee Philip has been appointed as an Independent Non-executive Director of the Company with effect from 29 April 2020.

 

Mr. YANG, aged 71, is currently an independent non-executive director of COSCO SHIPPING Holdings Co., Ltd. (“COSCO SHIPPING Holdings”, a controlling shareholder of the Company which is dually listed in Hong Kong and Shanghai) and Orient Overseas (International) Limited (a subsidiary of COSCO SHIPPNG Holdings which is listed in Hong Kong). He is a full-time arbitrator in international commercial and maritime arbitration, the Honorary Chairman of Hong Kong International Arbitration Centre, the member of the Expert Committee of China International Commercial Court of the Supreme People’s Court of China, the International Advisory Board of China International Economic and Trade Arbitration Commission, the Asian International Arbitration Centre in Malaysia, the Korean Commercial Arbitration Board, and the General Committee of Singapore Chamber of Maritime Arbitration.

 

Mr. YANG had been the Chairman of Hong Kong International Arbitration Centre, the Vice Chairman of the Documentary Committee of the Baltic International Maritime Council in Denmark, the President of Asia-Pacific Regional Arbitration Group, the Hong Kong representative of ICC International Court of Arbitration, the Chairman of the East Asia Branch of the Chartered Institute of Arbitrators.

 

Mr. YANG as a full-time arbitrator has extensive experience in dealing with cases related to international commercial, maritime and trade law and is very familiar with laws and practice in such areas. He acts as an arbitrator in Hong Kong, London, Singapore, Malaysia, Australia, Austria, Korea, the USA and Mainland China and has published/issued over 650 arbitration awards in the past over 30 years as a sole or co-arbitrator. He has also published many books and articles in English and Chinese on international commercial, maritime and trade law and practice. Mr. YANG has also devoted himself to the educational activities in various law schools in Hong Kong and Mainland China and is a visiting professor in more than ten universities.

 

Save as disclosed herein, Mr. YANG has not hold any directorships in any listed public companies during the past three years, nor does he hold any other positions with the Company or other members of the Company and its subsidiaries or have any other relationships with any of the other Directors, senior management of the Company, substantial shareholders or controlling shareholders of the Company.

 

Pursuant to the letter of appointment entered into between the Company and Mr. YANG, Mr. YANG was appointed as an Independent Non-Executive Director of the Company for an initial term from 29 April  2020  to  the  conclusion  of  the  annual  general  meeting  of the Company to be held on 21 May 2020 (the “AGM”), and the term of appointment of Mr. YANG is subject to retirement and re-election in accordance with the Bye-laws of the Company (the “Bye-laws”). If Mr. YANG is re-elected at the AGM, a new letter of appointment will be entered into by the Company with him upon which he will be appointed for a term of approximately three years from the date of the AGM to the conclusion of the annual general meeting of the Company to be held in 2023 and subject to retirement by rotation and re-election in accordance with the Bye-laws. According to the letter of appointment, Mr. YANG will receive HK$280,000 (or a pro rata amount for the duration of his directorship for an incomplete year) for the year ended 31 December 2020. The Director’s fee of Mr. YANG is recommended by the Remuneration Committee of the Company and determined by the Board with reference to his duties and responsibilities and prevailing market conditions.

 

As at the date of this announcement, Mr. YANG does not have any interest in the shares of the Company within the meaning of Part XV of the Securities and Futures Ordinance (Chapter 571 of the Laws of Hong Kong).

 

Save as disclosed herein, Mr. YANG has confirmed that there are no other matters that need to be brought to the attention of the shareholders of the Company (the “Shareholders”) in connection with his appointment and there is no other information that should be disclosed pursuant to Rule 13.51(2) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.

 

In respect of the appointment of Mr. YANG, the Board confirms that there are no other matters that need to be brought to the attention of the Shareholders.

 

Source:COSCO SHIPPING Ports

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