Business Wire

Alibaba Group Appoints Two Independent Directors with Enhanced Corporate Governance

Share

Alibaba Group Holding Limited (NYSE: BABA and HKEX: 9988, the “Company”) announces that Irene Yun-Lien Lee, Chairman of Hysan Development Company Limited, and Albert Kong Ping Ng, former Chairman of Ernst & Young China, were appointed as independent directors to the Company’s board, effective August 4, 2022. The new appointments demonstrate the Company’s commitment to corporate governance excellence and diversity at the board level.

Following these appointments, the Company’s board currently consists of twelve directors, including seven independent directors. The number of female board members increases to three.

“I am delighted to welcome Ms. Lee and Mr. Ng to the Alibaba board. The new independent board member appointments are part of Alibaba’s ongoing enhancement of our corporate governance. Irene and Albert are both respected leaders with invaluable understanding and experience in global markets including mainland China and Hong Kong. I believe Alibaba will greatly benefit from their insight, especially in light of our plans for dual-primary listing in Hong Kong to further broaden and diversify our investor base,” said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group.

“Alibaba is one of the most exciting and innovative companies of this generation and I am honored to become its board member,” said Irene Yun-Lien Lee. “The focus of my career has been to create a deep connection with consumers by curating top of mind physical destinations, where people come to work, shop and play. I am delighted to join Alibaba, with its mission to make it easier to do business with anyone, anywhere.”

“I am thrilled to join the board of a company with such a distinguished combination of Chinese origin and a global vision,” said Albert Ng. “as Alibaba applies to add Hong Kong as another primary listing venue, I hope my experiences in the capital market of Hong Kong and Greater China can be applied to the company's pursuit of excellence.”

Mr. Chee Hwa Tung, an independent director of the Company, will not seek re-election after his current term, which will end at the Company’s annual shareholding meeting to be held later this year. Mr. Tung has served as an independent director on the Company’s board since September 2014.

“We would like to express our most sincere gratitude to Mr. Tung for his invaluable contributions and full support to Alibaba, which exemplified the highest standards of service and commitment,” said Zhang.

About Irene Lee

Irene Lee has been executive chairman of Hysan Development Company Limited, a company listed on the Hong Kong Stock Exchange, since March 2012. Before that she was Hysan’s non-executive chairman from May 2011 to March 2012, and non-executive director from March 2011 to May 2011. Ms. Lee currently serves as the independent non-executive chairman of Hang Seng Bank Limited, a company listed on the Hong Kong Stock Exchange. She also serves as a director of various private and unlisted companies. Previously, Ms. Lee was an executive director of Citicorp Investment Bank Limited in New York, London and Sydney, and head of corporate finance at Commonwealth Bank of Australia and chief executive officer of Sealcorp Holdings Limited, both based in Sydney. In addition, she was until April 2022 an independent director of HSBC Holdings plc, and also previously served as director of a number of public companies. Ms. Lee received a bachelor of arts degree from Smith College, and is barrister-at-law in England and Wales and a member of the Honourable Society of Gray’s Inn, United Kingdom.

About Albert Ng

Albert Ng currently serves as an independent non-executive director and chairman of the audit committee of a number of public companies, including Ping An Insurance (Group) Company of China, Ltd., a company listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange, Beijing Airdoc Technology Co., Ltd., a company listed on the Hong Kong Stock Exchange, and China International Capital Corporation Limited, a company listed on the Shanghai Stock Exchange and the Hong Kong Stock Exchange. Mr. Ng worked at Ernst & Young China from April 2007 to June 2020, where he was the chairman of Ernst & Young China and a member of Ernst & Young’s Global Executive Board. Prior to joining Ernst & Young, he was Greater China Managing Partner of Arthur Andersen, Managing Partner – China Operation of PricewaterhouseCoopers and Managing Director of Citigroup – China Investment Banking. Mr. Ng is the president of the Hong Kong China Chamber of Commerce. Mr. Ng is also a member of the audit committee of The Chinese University of Hong Kong, Shenzhen, and a council member of the Education Foundation of The Chinese University of Hong Kong, Shenzhen. Mr. Ng is a member of the Hong Kong Institute of Certified Public Accountants (HKICPA), Chartered Accountants of Australia and New Zealand (CAANZ), CPA Australia (CPAA) and Association of Chartered Certified Accountants (ACCA). He received a bachelor’s degree in business administration and a master’s degree in business administration from The Chinese University of Hong Kong.

About Alibaba Group

Alibaba Group’s mission is to make it easy to do business anywhere. The company aims to build the future infrastructure of commerce. It envisions that its customers will meet, work and live at Alibaba, and that it will be a good company that lasts for 102 years.

To view this piece of content from cts.businesswire.com, please give your consent at the top of this page.

Contact information

Media Contacts
Cathy Yan
Alibaba Group
+852 9012 5806
cathy.yan@alibaba-inc.com

Ivy Ke
Alibaba Group
+852 5590 9949
ivy.ke@alibaba-inc.com

About Business Wire

Business Wire
Business Wire



Subscribe to releases from Business Wire

Subscribe to all the latest releases from Business Wire by registering your e-mail address below. You can unsubscribe at any time.

Latest releases from Business Wire

Nonprofit Funding Platform Heroe5 Launches The Good Society, Embracing Web3 Approach to the Sustainable Financial Benefit for Charities9.8.2022 19:00:00 CEST | Press release

Nonprofit funding platform Heroe5™ announced today the creation ofThe Good Society™to address the growing need for sustainable funding platforms for charitable organizations. The Good Society becomes the first project focused on Web3 solutions to raise awareness and support global causes working to positively impact our communities. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220728005376/en/ “The Good Society is a vital next step in the evolution of the fundraising industry: a Web3 platform to create art impact experiences,” said Sebastien Heimann, founding member and CEO of Heroe5 and The Good Society. “As the world moves to Web3, charities need more fundraising tools to stay ahead of the curve and embrace new ways to engage potential donors. The Good Society will provide those innovations, allowing them to raise critical funding and awareness for vital causes while feeding the public’s growing interest in digital colle

The Nature Conservancy and Global Partners Hold Session on Improving Protected Marine Areas at UN Oceans Conference With Support From Mary Kay Inc.9.8.2022 18:33:00 CEST | Press release

The United Nations Ocean Conference 2022 took place from June 27 to July 1, in Lisbon, Portugal, and brought together more than 5,000 participants, including world leaders, entrepreneurs, youth, influencers, and scientists. The conference aimed to facilitate these stakeholders in finding science-driven innovations and solutions to respond to a multidimensional ocean crisis driven by climate change, overfishing, habitat loss, and pollution. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220809005180/en/ The Nature Conservancy logo (Logo: The Nature Conservancy) The Nature Conservancy (TNC), with support from Mary Kay Inc., held an event in collaboration with United Nations Environment Programme (UNEP), the Government of Ecuador, the Jocotoco Foundation, the Charles Darwin Foundation for the Galapagos Islands, Re:wild, and the Marine Conservation Institute. TNC and UNEP moderated the event, highlighting the critical importance

Forescout Joins CISA’s Joint Cyber Defense Collaborative9.8.2022 18:00:00 CEST | Press release

Forescout Technologies Inc., the global leader in automated cybersecurity, today announced it has joined the Joint Cyber Defense Collaborative (JCDC) to further support the U.S. government’s focus on the cybersecurity and resilience of its industrial control systems and operational technology (ICS/OT). Established by the Cybersecurity and Infrastructure Security Agency (CISA), JCDC connects cyber defenders to enable critical thinking and planning against cyberattacks. “It’s an honor to be included in the newly expanded JCDC-ICS to share Forescout’s leadership and deep expertise in ICS/OT security,” said Tim Jones, Forescout’s US Federal Government VP of Systems Engineering. “Having worked directly with CISA for years, I know this type of collaboration between industry leaders in cybersecurity is exactly what our nation needs to protect against cyberattacks that threaten critical infrastructure systems on which our daily lives depend.” Forescout’s cybersecurity solutions are used by man

Simplifying Software Security: Veracode Enhances Frictionless Experience for Developers9.8.2022 16:50:00 CEST | Press release

Black Hat (booth #2428) – Veracode, a leading global provider of application security testing solutions, today announced the enhancement of its Continuous Software Security Platform with substantial improvements to its integrated developer experience. New features include extended integrations to support software composition analysis (SCA), a software bill of materials (SBOM) Application Programming Interface (API), and additional language and framework support for static analysis, further enhancing developers’ ability to secure software in the environments where they work. This press release features multimedia. View the full release here: https://www.businesswire.com/news/home/20220809005141/en/ Fig. 1 Veracode “Beat the Heat” security flaw heat map, State of Software Security Report v12 (Graphic: Business Wire) Brian Roche, Chief Product Officer at Veracode, said, “Modern applications are mostly assembled, not written from scratch. Open-source code makes up a significant proportion

TNS Targets Global Growth with Strategic Acquisition of AGNITY Global9.8.2022 16:01:00 CEST | Press release

Transaction Network Services (TNS) has today announced the acquisition of AGNITY Global, a leading provider of intelligent business communication applications and infrastructure to organizations in the telecommunications and healthcare industry verticals. The move strategically enhances TNS’ Communications Market global capabilities through AGNITY’s established channel partnerships business model that spans more than 12 countries. It will also enable TNS’ existing customers to benefit from a broader portfolio of next generation solutions. Headquartered in Silicon Valley with development and support operations in Richardson, Texas and Noida, India, AGNITY powers the networks of many global Tier-1 service providers via its scalable, carrier-grade Communication Application Server (CAS). This network agnostic, multi-service software platform offers app components and open APIs that enable service providers to address network technology transition challenges as well as future-proofing their

In our pressroom you can read all our latest releases, find our press contacts, images, documents and other relevant information about us.

Visit our pressroom