Annual Report 2014
85
Interested Person Transactions
Transactions with the Company’s interested persons (as the term is defined in the Listing Manual) are subject
to review and approval by the AC and are delineated in “Supplementary Information: Interested Person
Transactions” on pages 67 and 68 of the Annual Report.
Some of the Board members own shares in the Company or are affiliated with companies that own shares in the
Company. Details are disclosed in the Directors’ Report that is included in the Annual Report.
With effect from 1 July 2014, the Company has appointed ASM Administration Limited, affiliated to the ASM
Group, substantial shareholder of the Company, to provide the services of sourcing of potential investment
opportunities for the Company at a fee of US$500,000 per annum. This support arrangement formalizes the
strategic alliance between the Company and ASM Group and allows the Company to tap into the sourcing
network of ASM Group for potential investment opportunities. The Audit Committee and the Board, having
reviewed the terms of the support arrangement and a benchmarking study performed by an independent
consulting firm (for the fees and services provided), are of the view that the support arrangement is entered into
on an arm’s length basis on normal commercial terms and is not prejudicial to the interests of the Company and
its minority shareholders.
During the financial year ended 31 December 2014, no employee of the Investment Manager drew any director’s
fees or received any remuneration from any of the Company’s portfolio of investment companies.
Key Information on Board Members
Mr Kin Chan
Chairman, Non-Executive Director
Mr Kin Chan, our Chairman, has been on the Board since 1 October 2004 and assumed chairmanship of the
Company on 1 May 2005. He has also been a member of the Nominating Committee of the Company since 3
August 2011.
Mr Chan is a director of ASM Asia Recovery (Master) Fund (“ASM”), a deemed substantial shareholder of TIH.
ASM is approximately 90% owned by ASM Asia Recovery Fund and managed by Argyle Street Management
Limited. Mr Chan is also a non-executive director of OUE Limited and United Fiber System Limited, which are
both listed on the SGX-ST).
He was a non-executive director of BTS Group Holdings Public Company Limited (listed in Thailand) for the
period from 29 July 2010 to 15 October 2012, a non-executive director of Grand Ocean Retail Group Limited
(listed in Taiwan) for the period from 24 April 2011 to 30 July 2012 and a non-executive director of Japan
Residential Assets Manager Limited as well as the Manager of the SGX-ST listed Saizen REIT, for the period
from 1 September 2010 to 11 October 2013. He was formerly with Lazard Asia Limited and Goldman, Sachs &
Co.
Mr Chan holds a Master of Business Administration (MBA) degree from the Wharton School of the University
of Pennsylvania and Artium Baccalaureus (AB) degree from the Woodrow Wilson School of Public and
International Affairs of Princeton University.
