The board of directors of Asian Citrus Holdings (ACH), China's largest orange plantation owner and operator, has confirmed the retirement of its vice-chairman, Ip Chi Ming, following its annual general meeting in Hong Kong.
The Bermuda-based group, shares in which are traded on the London Stock Exchange, revealed in a statement that less than half (38.75 per cent) of shareholders had voted in favour of reappointing non-executive director Ip, who joined the group in August 2001.
'As the resolution in connection with the re-election of Mr Ip Chi Ming as non-executive director of the company did not carry, he has retired with immediate effect,' said ACH executive chairman and chief executive Tong Wang Chow.
'The board would like to express its gratitude to Mr Ip for his contribution to the company over the years.'
Since the start of 2010, Ip has also served as a non-executive director of Chaoda Modern Agriculture, a major producer of fruits and vegetables in China, having previously been an executive director of the firm.
ACH grows and markets a range of orange varieties, including Navel and Valencia, selling them to supermarket chains, corporate clients, wholesalers and independent traders in China.
ACH has one other non-executive director, the Hon Peregrine Moncreiffe of that Ilk, baron of Easter Moncreiffe and chief of Clan Moncreiffe.
Moncreiffe, a former MD of Lehman Brothers in New York, is a freeman of the City of London and a liveryman of the Worshipful Company of Fishmongers.
Alongside Tong, the ACH board of directors includes four other executive directors, namely sales and marketing director Tong Hung Wai (Tommy), executive director Cheung Wai Sun, deputy general plantation manager Pang Yi and finance director and company secretary Sung Chi Keung.
Alongside Moncreiffe, the group also has four independent non-executive directors – Ma Chiu Cheung (Andrew), Nicholas Smith, Yang Zhenhan and Dr Lui Ming Wah.
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