It is noted that a director of a listed corporation must attend at least 50% of the total board meetings held during a financial year pursuant to Rule 15.05(3)(c) of the ACE LR (“50% Requirement”). What happens if a director fails to comply with the 50% Requirement? Will that particular director be deemed to have automatically vacated his office?
Pursuant to the ACE LR, the office of the director shall become vacant if the director fails to comply with the 50% Requirement. In this regard, the vacation of the office would be automatic and the listed corporation must make an immediate announcement of the vacation of office pursuant to Rule 15.05(3)(c) of the ACE LR.