Hang Seng Bank has appointed Henry K S Cheng, chairman and executive director of New World Development Company Limited and Chow Tai Fook Jewellery Group as new independent non-executive director (INED) of the Bank.
According to the Articles of Association of the Bank, the above appointment will cease after the conclusion of the Bank’s 2015 Annual General Meeting ("AGM").
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Upon that time and subject to his election by the shareholders, the term of appointment of Dr Cheng as an INED of the Bank shall then be for three years, which will expire at the conclusion of the Bank’s AGM in 2018. Particulars of Dr Cheng are set out in the note below.
Save as disclosed herein, Cheng does not currently hold any other position with the Bank or its subsidiaries. He has no relationship with any Directors, senior management or substantial or controlling shareholders of the Bank and does not have any interests in the shares of the Bank within the meaning of Part XV of the Securities and Futures Ordinance.
There is no other matter in relation to the appointment of Dr Cheng which needs to be brought to the attention of the shareholders, and there is no information which needs to be disclosed pursuant to any of the requirements set out in paragraphs 13.51(2)(h) to (v) of the Listing Rules.
Dr Cheng will receive a Director’s fee in the amount approved from time to time by shareholders at AGMs of the Bank, currently being HK$450,000 per annum. There is no service contract signed between the Bank and Cheng.
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