Sateri appoints Armin Meyer as a non-executive director, effective June 1; he is currently deputy chairman and independent non-executive director of Amcor
June 2, 2014
– The board of directors (the “Board”) of Sateri Holdings Limited (the “Company”) is pleased to announce that Mr. Armin MEYER (“Mr. Meyer”) has been appointed as a Non-executive Director
with effect from 1 June 2014.
Mr. Meyer, aged 64, has broad international corporate experience and is a qualified electrical engineer. He is currently an independent non-executive director and the deputy chairman of Amcor Limited, a company listed on the Australian Securities Exchange. Mr. Meyer served as the chairman of the board and the chief executive officer of Ciba Ltd from 2001 to 2007 and as its chairman of the board from 2008 to 2009. From 1995 to 2000, Mr. Meyer was an executive vice president and a member of the group executive committee of ABB Ltd, a company listed on the stock exchanges of Zurich, Stockholm and New York. Mr. Meyer was previously a director of Zurich Financial Services Ltd from 2001 to 2013 and a member of the executive committee and the foundation board of IMD International Institute for Management Development from 1999 to 2011. Mr. Meyer was appointed as an advisor to the Board of the Company on 1 June 2011 and his appointment ended with effect from 1 June 2014.
Mr. Meyer obtained a master’s degree in electrical engineering in 1974 and a doctoral degree in science and technology in 1976, both from the Swiss Federal Institute of Technology. Mr. Meyer does not have a specific term of appointment, and shall be subject to the retirement, re-nomination and re-election provisions of the Company’s Bye-laws and any other applicable laws and regulations, where the Company shall be entitled to terminate his appointment in accordance with the provisions of the Company’s Bye-laws or the provisions of any law, appointment letter or regulation.
In accordance with the Bye-laws of the Company, Mr. Meyer will hold office until the next following annual general meeting and be subject to re-election at such meeting. Mr. Meyer is entitled to a director’s fee of HK$500,000 per annum (on a pro rata basis) for the year ending 31 December 2014, which was recommended by the Remuneration Committee and approved by the Board with reference to the prevailing market level of remuneration for a similar position and also his duties, responsibilities and experience. Other than the aforesaid, Mr. Meyer is not entitled to any other emoluments for holding office as a Non-executive Director.
Saved as disclosed above and as of the date of this announcement, Mr. Meyer does not hold any other position with the Company or other members of the Group or has not held any other directorships in any other listed company in Hong Kong or overseas during the past three years. Mr. Meyer does not have any relationship with any Directors, senior management, or substantial or controlling shareholders of the Company, nor does he have any interest in the shares of the Company which is required to be disclosed pursuant to Part XV of the Securities and Futures Ordinance. Mr. Meyer is not aware of any other matters that are required to be disclosed pursuant to the requirements of Rule 13.51(2)(h) to (v) of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited or any other matters that need to be brought to the attention of the shareholders of the Company.
Following the aforesaid appointment, the composition of the respective Board Committees remains unchanged.
The Board would like to extend its warmest welcome to Mr. Meyer on his joining the Board.
By Order of the Board
Sateri Holdings Limited
John Jeffrey YING
Hong Kong, 2 June 2014
As at the date of this announcement, the Board comprises Mr. TEY Wei Lin (Chief Executive Officer) as Executive Director; Mr. Armin MEYER as Non-executive Director; and Mr. John Jeffrey YING (Chairman), Mr. Jeffrey LAM Kin Fung, Mr. David YU Hon To, Mr. LIM Ah Doo and Mr. LOW Weng Keong as Independent Non-executive Directors.