The board of directors of Power Assets Holdings Limited announced the changes to the Board both with effect from 19 March 2020. Mr. WONG Chung Hin will resign as an Independent Non-executive Director of the company due to retirement and Mr. LUI Wai Yu, Albert will be appointed as an Independent Non-executive Director of the company. Mr. LUI Wai Yu, Albert has over 30 years of experience in project management. Following Mr. Wong's resignation as an Independent Non-executive Director, he will concurrently cease to be the Chairman and a member of the Audit Committee of the company, the Chairman and a member of the Remuneration Committee of the company, and a member of the Nomination Committee of the Company, all with effect from 19 March 2020. The Board further announces the changes in the compositions of the board committees of the company all with effect from 19 March 2020. Mr. IP Yuk-keung, Albert, an Independent Non-executive Director of the company and an existing member of the Audit Committee, will be appointed as the Chairman of the Audit Committee, and Mr. WU Ting Yuk, Anthony, an Independent Non-executive Director of the company, will be appointed as a member of the Audit Committee. Mr. Ralph Raymond SHEA, an Independent Non-executive Director of the company and an existing member of the Remuneration Committee, will be appointed as the Chairman of the Remuneration Committee, and Mr. Lui will be appointed as a member of the Remuneration Committee. Mr. Lui will become a member of the Nomination Committee, as pursuant to the terms of reference of the Nomination Committee, the Nomination Committee shall comprise all Directors of the company.