It is noted that a director of a listed issuer must
attend at least 50% of the total board meetings held during a financial year
pursuant to paragraph 15.05(3)(c) of the Main LR (“50% Requirement”). What
happens if a director fails to comply with the 50% Requirement? Will that
particular director be deemed to have automatically vacated his office?
Pursuant to the Main LR, the office of the
director shall become vacant if the director fails to comply with the 50%
Requirement. In this regard, the vacation of the office would be automatic and
the listed issuer must make an immediate announcement of the vacation of office
pursuant to paragraph 15.05(3)(c) of the Main LR.