The independent directors reiterate that they do not exercise any control over the company's daily operations.
In his requisition notice, Lim stated that significant shareholder value has been diminished since the election of the two independent directors to the board.
On Monday (January 13), Royston Tan and Christopher Huang, the independent directors (IDs) of PRECISION plastic components manufacturer Fu Yu Corporation, expressed surprise that substantial shareholder Victor Lim has requisitioned an extraordinary general meeting (EGM) to replace them.
In a stock exchange filing released last Thursday (January 9), Fu Yu (ticker: F13, 0% change) announced that Lim had called for the removal of both Huang and Tan as directors of the company during the EGM.
Lim also proposed the appointment of Gilbert Rodrigues, Ralf Pilarczyk, and Yang Zhenrong as independent non-executive directors.
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