Nov 2024 Financial News

Massy Holdings Ltd. - Notice of Change in Board Structure and Retirement of Directors

Nov 25, 2024

MASSY HOLDINGS LIMITED

NOTICE OF CHANGE IN BOARD STRUCTURE AND RETIREMENT OF DIRECTORS

In March 2024, the Board of Massy Holdings Ltd. (the Board) commissioned a governance review to facilitate the continuous improvement and increased robustness of Massy's existing governance framework. Recommendations coming out of this review will improve the structure and governance of the Massy Group which, when implemented, will better position the Group for sustainable growth and enhanced shareholder value. One key recommendation was Board optimisation; improving the structure and composition of the (parent) Company's Board.

Therefore, the Company wishes to advise that the Board will move to a structure that is in alignment with global best practice for large, listed companies. The number of Directors on the Board will be reduced from thirteen (13) to nine (9), with seventy percent (70%) being independent non-executive directors. This adjustment reflects the Board's commitment to more efficient decision-making, improved accountability and engagement, enhanced communication, and stronger alignment.

This transition to a smaller and more agile Board will take effect at the close of the 101st Annual Meeting when the following Directors will retire on rotation: Directors Peter Jeewan, Suresh Maharaj, Vaughn Martin and Bruce Melizan.

The Board will continue its ongoing Board succession discussions to ensure that the Board continues to be appropriately composed to meet the Company's strategic needs and global aspirations.

 

Source:
The Trinidad and Tobago Stock Exchange Limited
Monday 25th November, 2024