CNOOC Limited announced that Mr. Edgar W. K. Cheng has resigned as independent non-executive director of the Company due to personal health reasons with effect from 3 November 2011. Accordingly, he will also cease to be a member of the nomination committee of the Company on the same day.
Mr. Cheng confirmed that he has no disagreement with the Board in any respects and there is no matter relating to his resignation that needs to be brought to the attention of the shareholders of the Company or The Stock Exchange of Hong Kong Limited.
Following the resignation of Mr. Cheng, the Board will be comprised of three executive directors, three non-executive directors and four independent non-executive directors. Accordingly, the Company complies with the requirements of rules 3.10 and 3.21 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited.
In addition, following the resignation of Mr. Cheng, the nomination committee will be comprised of one non-executive director and two independent non-executive directors. Accordingly, the Company follows the recommended best practice under the Code on Corporate Governance Practices under the Listing Rules that a majority of the members of the nomination committee should be independent non-executive directors.
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Source: CNOOC, November 3, 2011