Frank Tsui Che Yin has been appointed as an independent non-executive director of the company.
Hong Kong.- Melco International Development Limited has announced changes to its board of directors.
In order to comply with company regulations, it has re-designated non-executive director Frank Tsui Che Yin as an independent non-executive director. He has also been appointed chairman of the Remuneration Committee.
Non-executive director Mr. Ng Ching Wo has been appointed member of the Audit Committee.
The changes to the Board came after independent non-executive director Edward Chow Kwong Fai passed away over a month ago. He was also chairman of the Remuneration Committee and a member of the Audit Committee.
With these replacements the board complies with regulations, which demand a minimum three independent non-executive directors representing at least one-third of the Board.
Melco said Mr. Tsui’s remuneration for acting as independent non-executive director would be of HK$200,000 (US$25,804) per annum; plus HK$100,000 (US$12,902) for serving on the Audit Committee and HK$40,000 (US$5,160) per annum for his role as chairman of the Remuneration Committee.