Alibaba Group Appoints Two Independent Directors with Enhanced Corporate Governance
August 03 2022 - 8:15PM
Business Wire
Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988, the
“Company”) announces that Irene Yun-Lien Lee, Chairman of Hysan
Development Company Limited, and Albert Kong Ping Ng, former
Chairman of Ernst & Young China, were appointed as independent
directors to the Company’s board, effective August 4, 2022. The new
appointments demonstrate the Company’s commitment to corporate
governance excellence and diversity at the board level.
Following these appointments, the Company’s board currently
consists of twelve directors, including seven independent
directors. The number of female board members increases to
three.
“I am delighted to welcome Ms. Lee and Mr. Ng to the Alibaba
board. The new independent board member appointments are part of
Alibaba’s ongoing enhancement of our corporate governance. Irene
and Albert are both respected leaders with invaluable understanding
and experience in global markets including mainland China and Hong
Kong. I believe Alibaba will greatly benefit from their insight,
especially in light of our plans for dual-primary listing in Hong
Kong to further broaden and diversify our investor base,” said
Daniel Zhang, Chairman and Chief Executive Officer of Alibaba
Group.
“Alibaba is one of the most exciting and innovative companies of
this generation and I am honored to become its board member,” said
Irene Yun-Lien Lee. “The focus of my career has been to create a
deep connection with consumers by curating top of mind physical
destinations, where people come to work, shop and play. I am
delighted to join Alibaba, with its mission to make it easier to do
business with anyone, anywhere.”
“I am thrilled to join the board of a company with such a
distinguished combination of Chinese origin and a global vision,”
said Albert Ng. “as Alibaba applies to add Hong Kong as another
primary listing venue, I hope my experiences in the capital market
of Hong Kong and Greater China can be applied to the company's
pursuit of excellence.”
Mr. Chee Hwa Tung, an independent director of the Company, will
not seek re-election after his current term, which will end at the
Company’s annual shareholding meeting to be held later this year.
Mr. Tung has served as an independent director on the Company’s
board since September 2014.
“We would like to express our most sincere gratitude to Mr. Tung
for his invaluable contributions and full support to Alibaba, which
exemplified the highest standards of service and commitment,” said
Zhang.
About Irene Lee
Irene Lee has been executive chairman of Hysan Development
Company Limited, a company listed on the Hong Kong Stock Exchange,
since March 2012. Before that she was Hysan’s non-executive
chairman from May 2011 to March 2012, and non-executive director
from March 2011 to May 2011. Ms. Lee currently serves as the
independent non-executive chairman of Hang Seng Bank Limited, a
company listed on the Hong Kong Stock Exchange. She also serves as
a director of various private and unlisted companies. Previously,
Ms. Lee was an executive director of Citicorp Investment Bank
Limited in New York, London and Sydney, and head of corporate
finance at Commonwealth Bank of Australia and chief executive
officer of Sealcorp Holdings Limited, both based in Sydney. In
addition, she was until April 2022 an independent director of HSBC
Holdings plc, and also previously served as director of a number of
public companies. Ms. Lee received a bachelor of arts degree from
Smith College, and is barrister-at-law in England and Wales and a
member of the Honourable Society of Gray’s Inn, United Kingdom.
About Albert Ng
Albert Ng currently serves as an independent non-executive
director and chairman of the audit committee of a number of public
companies, including Ping An Insurance (Group) Company of China,
Ltd., a company listed on the Shanghai Stock Exchange and the Hong
Kong Stock Exchange, Beijing Airdoc Technology Co., Ltd., a company
listed on the Hong Kong Stock Exchange, and China International
Capital Corporation Limited, a company listed on the Shanghai Stock
Exchange and the Hong Kong Stock Exchange. Mr. Ng worked at Ernst
& Young China from April 2007 to June 2020, where he was the
chairman of Ernst & Young China and a member of Ernst &
Young’s Global Executive Board. Prior to joining Ernst & Young,
he was Greater China Managing Partner of Arthur Andersen, Managing
Partner – China Operation of PricewaterhouseCoopers and Managing
Director of Citigroup – China Investment Banking. Mr. Ng is the
president of the Hong Kong China Chamber of Commerce. Mr. Ng is
also a member of the audit committee of The Chinese University of
Hong Kong, Shenzhen, and a council member of the Education
Foundation of The Chinese University of Hong Kong, Shenzhen. Mr. Ng
is a member of the Hong Kong Institute of Certified Public
Accountants (HKICPA), Chartered Accountants of Australia and New
Zealand (CAANZ), CPA Australia (CPAA) and Association of Chartered
Certified Accountants (ACCA). He received a bachelor’s degree in
business administration and a master’s degree in business
administration from The Chinese University of Hong Kong.
About Alibaba Group
Alibaba Group’s mission is to make it easy to do business
anywhere. The company aims to build the future infrastructure of
commerce. It envisions that its customers will meet, work and live
at Alibaba, and that it will be a good company that lasts for 102
years.
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version on businesswire.com: https://www.businesswire.com/news/home/20220803006055/en/
Media Contacts Cathy Yan Alibaba Group +852 9012 5806
cathy.yan@alibaba-inc.com
Ivy Ke Alibaba Group +852 5590 9949 ivy.ke@alibaba-inc.com
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