International Business Settlement Holdings Limited announced the retirement of Mr. Luo Feng as the resolution for the re-election was not passed by the Shareholders at the AGM he has duly retired from his appointment as executive director and the chairman of the Board, effective from the conclusion of the AGM. The company also announced that Dr. Lam Man Kit Dominic will not offer himself for re-election at the AGM as he needs to devote more time to his other business commitments. After the retirement of Dr. Lam, he ceased to act as the chairman of the remuneration committee and a member of each of the nomination committee and the audit committee of the Board. The Board also announced that Mr. Chan Siu Tat, an independent non-executive director, has been appointed by the Board as the chairman of the remuneration committee in place of Dr. Lam with effect from 22 September 2017.