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SINGAPORE : China Aviation Oil (CAO) was in the spotlight on Thursday, a day after the firm announced the resignation of independent director Lee Suet Fern.
In her letter of resignation, she said it was becoming increasingly difficult for her to properly discharge her role, as a result of CAO's approach to information flow and the management of decision making, review and oversight.
The Securities Association of Singapore (SIAS) said this is worrying as the interest of minority shareholders is at stake.
SIAS called on the CAO board to clarify, and also expressed concern that the position of chief executive had been left vacant for the past two years.
In response, CAO said it was committed to continually enhancing their corporate governance standards. - CNA /ls
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