On Jul 6, the board of Sabana Industrial REIT's manager announced the appointment of Elaine Lim as an independent, non-executive director.
The Nominating and Remuneration Committee (NRC) had reached out to its business networks and independent organisations such as the Securities Investors Association (Singapore) (SIAS) to source for and identify potential candidates over an intensive two-month recruitment process.
The NRC evaluated potential new directors based on the candidates’ background, experiences and knowledge in business and general management and expertise relevant to the business of Sabana Industrial REIT. The evaluation criteria also included consideration of the composition and progressive renewal of the board, board diversity and independence of the candidates, the announcement said.
The NRC, whose members are not prior acquainted with Lim, carried out a thorough and professional candidature evaluation including due diligence background checks to ensure her fitness and propriety.
The appointment of Lim as independent director is subject to endorsement of the independent unitholders of Sabana Industrial REIT by an ordinary resolution at or before its annual general meeting. If the resolution is carried, Lim will continue to serve on the board as independent non-executive director. If the resolution for the endorsement is not carried, Lim will serve on the board as non-independent non-executive director, the announcement says.