Jakel Capital lauds Cypark’s board changes


KUALA LUMPUR: Cypark Resources Bhd has announced changes to its board of directors in a Bursa Malaysia filing today.

Cypark said Datuk Abdul Malek Abdul Aziz and Datuk Dr Freezailah Che Yeom had resigned from its board of directors.

This is in line with Practice 5.3 of the Malaysian Code on Corporate Governance after both of the former directors exceeded a nine-year term limit.

Abdul Malek and Freezailah were both independent and non-executive directors of the company. Jakel Capital Sdn Bhd lauded the changes in its associate company, describing it as a positive move towards improving Cypark’s governance apart from optimising the size of the board.

Jakel Capital chief executive officer Muhammad Ashraf said: “To ensure the Cypark board exercises effective leadership, stewardship and oversight for the benefits of all its stakeholders, Jakel Capital recommends the practice of limiting the tenure of its independent directors to nine years without extension.”

He pointed out that changes was a right step towards improving Cypark’s governance.

Muhammad Ashraf added that Jakel Capital considered good governance as essence in ensuring the success of its investee companies.

“The company will continue to promote the adoption and practice of the highest standards of corporate governance.

“The resignations of Datuk Abdul Malek and Datuk Dr. Freezailah, who have served the Cypark board well since September 2012 and June 2010 respectively, pave the way for a fresh boardroom leadership at Cypark with relevant capabilities, competencies and experience to drive the company forward within the dynamic renewable energy industry that is fast-changing and ever-demanding,” he said.

Source: Jakel Capital lauds Cypark’s board changes

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