REG - Hutchmed China Ltd - Retirement of Independent Non-executive Directors

HUTCHMED (China)Announcement

20/03/2025 09:30

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RNS Number : 4645B  Hutchmed (China) Limited  20 March 2025

Intended Retirement of Independent Non-executive Directors

and changes of composition of board committees

 

 

Hong Kong, Shanghai & Florham Park, NJ  - Thursday, March 20, 2025:
HUTCHMED (China) Limited ("HUTCHMED (https://www.hutch-med.com/) " or the
"Company") (Nasdaq/AIM:HCM, HKEX:13) today announces that Mr Paul Rutherford
Carter and Mr Graeme Allan Jack, who have both served as Independent
Non-executive Directors of the Company for more than eight years, have
informed the Company that they would not seek re-election after retiring from
the Board at the forthcoming annual general meeting of the Company to be held
on May 13, 2025 ("AGM").  Consequently, both will cease to be Independent
Non-executive Directors of the Company at the conclusion of the AGM.  Upon
their retirement, they will also step down from their roles as chairmen and
members of the board committees of the Company.

 

In connection with the intended retirement of the above Directors, the Board
has approved the following changes to the composition of the board committees
and Senior and Lead Independent Non-executive Director of the Company,
effective from the conclusion of the AGM, subject to the respective Directors
being re-elected as Directors by the shareholders at the AGM:-

 

1)   Professor Mok Shu Kam, Tony will be appointed as Senior and Lead
Independent Non-executive Director;

2)   Mr Wong Tak Wai will be appointed as the chairman of the Audit
Committee and a member of the Remuneration Committee;

3)   Dr Chaohong Hu will be appointed as a member of the Audit Committee;
and

4)   Dr Renu Bhatia will be appointed as the chairman of the Remuneration
Committee.

 

Each of Professor Mok, Mr Wong, Dr Hu and Dr Bhatia is currently an
Independent Non-executive Director of the Company.

 

Dr Dan Eldar, the Chairman of HUTCHMED, said "Mr Carter, who has served as the
Senior Independent Non-executive Director and the chairman of the Remuneration
Committee, has played a pivotal role in shaping the remuneration policies and
practices of the Company. His leadership and guidance have been crucial in
retaining and motivating a broader and more diverse pool of employees of the
highest caliber and experience needed to shape and execute the strategy of the
Company. The Board extends its appreciation to Mr Carter for his outstanding
service and contributions to the success of the Company."

 

Dr Eldar continued, "Mr Jack, who has served as the chairman of the Audit
Committee, has been instrumental in overseeing the financial reporting and
audit processes of the Company, ensuring the highest standards of integrity
and transparency. The Board expresses its deepest gratitude to Mr Jack for his
invaluable contributions and dedication to the Company.  We wish them both
all the best in their future endeavors."

 

Pursuant to the requirements of Rule 13.51(2) of the HK Listing Rules, each of
Mr Carter and Mr Jack have confirmed that he has no disagreement with the
Board and that there are no other matters that need to be brought to the
attention of the shareholders of the Company in connection with his retirement
from the Board.

 

About HUTCHMED

 

HUTCHMED (Nasdaq/AIM:HCM; HKEX:13) is an innovative, commercial-stage,
biopharmaceutical company. It is committed to the discovery, global
development and commercialization of targeted therapies and immunotherapies
for the treatment of cancer and immunological diseases. Since inception it has
focused on bringing drug candidates from in-house discovery to patients around
the world, with its first three medicines marketed in China, and the first of
which is also approved around the world including in the US, Europe and Japan.
For more information, please visit: www.hutch‑med.com
(https://www.hutch-med.com/) or follow us on LinkedIn
(https://www.linkedin.com/company/hutchmed/) .

 

 

Forward-Looking Statements

 

This announcement contains forward-looking statements within the meaning of
the "safe harbor" provisions of the US Private Securities Litigation Reform
Act of 1995. These forward-looking statements reflect HUTCHMED's current
expectations regarding future events. Forward-looking statements involve risks
and uncertainties. Such risks and uncertainties include, among other things,
the risk that current or future appointees to HUTCHMED's board of directors
are not effective in their respective positions, the difficulty in locating
and recruiting suitable candidates for its board of directors and the
management difficulties which may arise from changes in HUTCHMED's board of
directors. Existing and prospective investors are cautioned not to place undue
reliance on these forward-looking statements, which speak only as of the date
hereof. For further discussion of these and other risks, see HUTCHMED's
filings with the US Securities and Exchange Commission, on AІM and with The
Stock Exchange of Hong Kong Limited. HUTCHMED undertakes no obligation to
update or revise the information contained in this announcement, whether as a
result of new information, future events or circumstances or otherwise.

 

 

CONTACTS

 

 Investor Enquiries                                   +852 2121 8200 / ir@hutch-med.com (mailto:ir@hutch-med.com)

 Media Enquiries
 FTI Consulting -                                     +44 20 3727 1030 / HUTCHMED@fticonsulting.com
                                                      (mailto:HUTCHMED@fticonsulting.com)
    Ben Atwell / Alex Shaw                               +44 7771 913 902 (Mobile) / +44 7779 545 055 (Mobile)
 Brunswick - Zhou Yi                                  +852 9783 6894 (Mobile) / HUTCHMED@brunswickgroup.com
                                                      (mailto:HUTCHMED@brunswickgroup.com)

 Panmure Liberum                                      Nominated Advisor and Joint Broker
 Atholl Tweedie / Freddy Crossley / Rupert Dearden    +44 20 7886 2500

 HSBC                                                 Joint Broker
 Simon Alexander / Alina Vaskina / Arnav Kapoor       +44 20 7991 8888

 Cavendish                                            Joint Broker
 Geoff Nash / Nigel Birks                             +44 20 7220 0500

 

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