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Stock Exchange Announcements and Reports

Change - Announcement Of Cessation Of Independent Director (Mr Simon Stewart Davidson)

BackNov 08, 2016

Announcement Title	Change - Announcement of Cessation
Announcement Subtitle	Announcement of Cessation of Independent Director (Mr Simon Stewart Davidson)
Securities	FIRST SHIP LEASE TRUST (FSTRUST)
Date & Time of Broadcast	Nov 8, 2016 19:22
Submitted By	Elizabeth Krishnan Company Secretary
Description	Announcement of Cessation of Independent Director (Mr Simon Stewart Davidson)
Cessation Details
Name of person	Simon Stewart Davidson
Age	55
Is effective date of cessation known?	Yes
Effective date for cessation	Nov 7, 2016
Detailed reason(s) for cessation	Mr Davidson tendered his resignation. He gave as his reason his unhappiness over the procedure and process of the appointment of, and the terms of reference for, the new CFO; in particular what he perceived as haste in the appointment. He had expressed his unhappiness in an email to board members on 28 September 2016 but had not indicated at that time that he wished to resign as director.
Are there any unresolved differences in opinion on material matters between the person and the board of directors, including matters which would have a material impact on the group or its financial reporting?	No
Is there any matter in relation to the cessation that needs to be brought to the attention of the shareholders of the listed issuer?	No
Any other relevant information to be provided to shareholders of the listed issuer?	Yes
If yes, please provide full details	In appointing the new CFO in September 2016, the Board was of the view that the position had been vacant for too long (since 1 November 2014) and that it was crucial to fill the appointment. The Board is of the view that the procedure and process followed and the terms of reference for the new CFO were appropriate.
Date of appointment to current position	Jun 17, 2013
Does the AC have a minimum of 3 members (taking into account this cessation)?	Yes
Number of independent directors currently resident in Singapore (taking this account this cessation)	3
Number of cessations of appointments specified in Listing Rule 704(7) or Catalist Rule 704(6) over the past 12 months	2
Job Title	Lead Independent Director; Member of the Audit and Risk Committee and the Remuneration Committee.
Role and responsibilities	Assumed the roles and responsibilities of a Lead Independent Director and a member of the Audit and Risk Committee and the Remuneration Committee.
Familial relationship with any director and/or substantial shareholder of the listed issuer or of any of its principal subsidaries	None
Shareholdings interest in the listed issuer and its subsidaries?	No
Other directorships
Past (for the last 5 years)	None
Present	Barometer Services Pte. Ltd.