KUALA LUMPUR: Tan Sri Rafidah Aziz is stepping down as chairman of AirAsia X Bhd (AAX) effective July 1.
The long-haul budget carrier, in a Bursa Malaysia filing, said Rafidah, 78, was stepping down as she would soon have served the term allowed as an independent director.
“(Tan Sri) would then need to comply with the change of status, from independent board member, to non-independent director, and the other ensuing requirements,” AAX said.
Rafidah was appointed as an independent non-executive director and chairman of the board, on March 3, 2011, and re-designated as a senior independent non-executive chairman upon the listing of the company on July 10, 2013.
She holds a Bachelor of Arts degree in Economics, and a Master’s degree in Economics from University Malaya.
Rafidah was Malaysia’s longest-serving International Trade and Industry Minister, having served in that capacity for 21 years, from 1987 to 2008.
Under the enhanced listing requirements announced by Bursa Malaysia in January 2022, the tenure of an independent director on the boards of Bursa Malaysia-listed companies will be limited to 12 years.
“All long-serving independent directors impacted by this enhancement must resign or be redesignated as non-independent directors by June 1, 2023,” it said.
Another enhancement is the requirement for listed issuers with a market capitalisation of RM2bil as at Dec 31, 2021 to appoint at least one woman director on their boards by Sept 1, 2022, as announced by the Finance Minister in his Budget 2022 speech on Oct 29, 2021.
AAX posted a net profit of RM33.62bil in the third quarter ended March 31, 2022 as the carrier completed its debt restructuring exercise which saw a write-back.