COSL Announces Proposed Appointment of Independent Non-Executive Director

Source: www.gulfoilandgas.com 3/24/2021, Location: Asia

The Board announces that Mr. Fong Chung, Mark, a current independent non-executive director, will resign from the conclusion of the 2020 AGM of the Company for expiration of six years. Pursuant to the Company Law and the articles of association of the Company, the Board proposes the appointment of Ms. Chiu Lai Kuen, Susanna as an independent non-executive director of the Company. The above proposed appointment of independent non-executive director is subject to the approval of the shareholders of the Company by way of ordinary resolution at the 2020 AGM.

RESIGNATION OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR
The board of directors (the “Board”) of China Oilfield Services Limited (the “Company”) announces that Mr. Fong Chung, Mark, a current independent non-executive director of the Company, will resign from the conclusion of the 2020 annual general meeting (the “AGM”) of the Company for expiration of six years. Mr. Fong has confirmed that he has no disagreement with the Board and there is no matter that need to be brought to the attention of the shareholders of the Company with regard to his resignation.

During the term as an independent non-executive director of the Company, Mr. Fong Chung, Mark, with a wealth of financial knowledge and management experience, diligent, responsible, and realistic work attitude, earnestly performed his duties, and played an active role in the Company’s compliance operation and development, as well as risk prevention and control. The Board would like to express its sincere gratitude to Mr. Fong Chung, Mark for his important efforts and contributions to the Company.

PROPOSED APPOINTMENT OF AN INDEPENDENT NON-EXECUTIVE DIRECTOR
Pursuant to the Company Law of the People’s Republic of China (the “Company Law”) and the articles of association of the Company, the Board proposes the appointment of Ms. Chiu Lai Kuen, Susanna as an independent non-executive director of the Company to fill in the vacancy to be left open by the planned resignation of Mr. Fong Chung, Mark.

The above proposed appointment of independent non-executive director is subject to the approval of the shareholders of the Company by way of ordinary resolution at the 2020 AGM. If the general meeting considers and approves the above nomination, Ms. Chiu’s term of office will be three years, and she will serve as the chairwoman of the audit committee, the member of the remuneration and assessment committee.


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