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Pacific Basin Shipping Limited (the “Company”) has announced the re-designation of Mr. Mats Henrik Berglund, aged 63, from Non-Executive Director to Independent Non-Executive Director, effective 21 November 2025. Mr. Berglund will remain a member of the Nomination Committee and the Sustainability Committee.
Mr. Berglund joined the Company’s Board as Executive Director and Chief Executive Officer from 1 June 2012 to 31 July 2021, was appointed as a Non-Executive Director in January 2024, and has not participated in any executive or managerial functions since then. During that period, he attended Board and committee meetings but did not engage in daily operations. His other independent directorships include Ardmore Shipping Corporation (listed on the New York Stock Exchange), Northern Marine Group, and Algoma Central Corporation (listed on the Toronto Stock Exchange).
The Board and the Nomination Committee have reviewed Mr. Berglund’s independence based on Rule 3.13 of the Rules Governing the Listing of Securities on The Stock Exchange of Hong Kong Limited. They have determined that his prior roles do not compromise his independence and have deemed him independent under those criteria, with the Stock Exchange concurring under Rule 3.13(7).
Upon his initial Non-Executive Director appointment in January 2024, Mr. Berglund entered into a three-year service agreement, subject to retirement by rotation and re-election at the Company’s annual general meeting. This agreement will be updated to reflect his re-designation to Independent Non-Executive Director, and he will continue to receive an annual fee of HK$800,000, paid quarterly, aligned with the emolument levels of other Independent Non-Executive Directors.
There is no other information on Mr. Berglund that is required to be disclosed pursuant to paragraphs (h) to (v) of Rule 13.51(2) of the Listing Rules, and there are no matters needing further attention from the shareholders of the Company.
The Board expresses its appreciation for Mr. Berglund’s contributions and anticipates his continued support in his new capacity as an Independent Non-Executive Director.
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