Alibaba appoints two directors with enhanced corporate governance

Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group

Alibaba Group Holding Limited announces that Irene Yun-Lien Lee, Chairman of Hysan Development Company Limited, and Albert Kong Ping Ng, ex-Chairman of Ernst & Young China, were appointed as independent directors to the board, effective August 4, 2022.

What do the appointees bring to Alibaba in their roles?

The hires show the Company’s commitment to corporate governance excellence and diversity at the board level. The Company’s board now 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,” said Daniel Zhang, Chairman and Chief Executive Officer of Alibaba Group.

“Irene and Albert are both respected leaders with invaluable understanding and experience in international markets including mainland China and Hong Kong. I believe the company 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,” Zhang further commented.

What were the appointees’ thoughts on their new roles?

Commenting on her appointment, Irene Yun-Lien Lee said, “Alibaba is one of the most exciting and innovative companies of this generation and I am honored to be on its board.”

“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.”

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

Chee Hwa Tung, an independent director of Alibaba, 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 Sept 2014.

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