International Business Settlement Holdings Limited announced that Mr. Chan has been re-designated from independent non-executive Director to executive Director (the "Re-designation") with effect from 1 September 2020. Mr. Chan had served the Board as an independent non-executive Director since 2016, and continually provided independent opinions and objective views to the Company. Going forward, Mr. Chan will devote more time and increase his commitment and involvement in the daily management and development of the Company and its subsidiaries (together, the "Group") and the Re-designation will accordingly be valuable and beneficial to the Company and the Group as a whole. Mr. Chan, aged 50, was appointed as an independent non-executive Director and a member of each of the audit committee, remuneration committee and nomination committee of the Company in September 2016 respectively. He was appointed as the chairman of the remuneration committee and nomination committee of the Company in September 2017 and September 2019 respectively. Mr. Chan graduated from The Hong Kong University of Science and Technology in 1994 with a bachelor's degree in Accounting. He is a Certified Public Accountant (Practising) of the Hong Kong Institute of Certified Public Accountants and a fellow member of The Association Chartered of Certified Accountants. The board announced that Mr. Wong has been appointed as the independent non-executive Director with effect from 1 September 2020, Mr. Wong, aged 67, has substantial experience in the business of trading and merchandising. Prior to joining the Company, Mr. Wong was a founder of a trading company which was principally engaged in general trading business in Hong Kong. He was also the executive director of Jinchuan Group International Resources Co. Ltd. (formerly known as Goldigit Atom-Tech Holdings Limited) (stock code: 2362) listed on the Main Board of the Stock Exchange from 2003 to 2005. The board announced that with effect from 1 September 2020, (1) Mr. Chan has ceased to be the chairman of each of the nomination committee and remuneration committee and a member of the audit committee of the Company and he remains as a member of the nomination committee and remuneration committee; and (2) Mr. Wong has been appointed as the chairman of each of the nomination committee and remuneration committee and a member of the audit committee respectively.