PGW Governance Update

PGG Wrightson Ltd | NZX Announcement 1







4 JULY 2023
PGW Governance Update

The PGG Wrightson Limited
1
(PGW) Board today announced that it was appointing current director,
Mr. U Kean Seng as Acting Chair effective from 4 July 2023. Mr. Lee Joo Hai would remain on the
Board while relinquishing the Chair and independent director, Mrs. Sarah Brown would assume the
role of Deputy Chair.
On 30 June, PGW announced that Mr. Lee had been charged in Singapore under certain Singaporean
securities regulation in respect to potential lapses in relevant disclosures related to a Singaporean listed
company, Hyflux Limited in respect of which Mr. Lee was a director.
In that announcement the PGW Board noted that it had undertaken a preliminary assessment of
matters. In particular, the PGW Board noted the following considerations:
➢ The charges related to matters in Singapore and were completely unrelated to PGW and the
business and operations of PGW.
➢ Mr. Lee was intending to defend the charges and was accordingly entitled to a presumption of
innocence.
➢ It was not considered that the charges and related investigations would compromise the
performance of Mr. Lee’s duties as a director of PGW.
➢ Mr. Lee had agreed to keep the PGW Board updated on the conduct of the investigations and
charges laid in Singapore.
➢ The PGW Board would continue to monitor matters and evaluate Mr. Lee’s continued suitability
as a director of PGW.
While the PGW Board has not altered its preliminary view as expressed on 30 June, it has determined
that it would be in the best interests of PGW for Mr. U to assume the role of Acting Chair while the
investigations and charges relating to Mr. Lee remain ongoing. Further, the Chair’s role could also be
well supported by current resident independent Director Mrs Brown as Deputy Chair.

Registered Office:
PGG Wrightson Limited
1 Robin Mann Place, Christchurch Airport
Christchurch 8053, New Zealand
Phone: 0800 10 22 76 / +64 3 477 4520
Website: pggwrightson.co.nz

1
All references to PGG Wrightson Limited refer to the company, its subsidiaries and interests in associates and
jointly controlled entities.