– UK, Knutsford – BNN Technology (AIM:BNN), a London-listed Chinese technology, content and services company, announces the appointment of Harry Keiley as Non-Executive Chairman and the establishment of an Advisory Panel. The current Chairman, Lord Mancroft, will continue as a Non-executive Director.
Harry is Chair of the Investment Committee of the California State Teachers’ Retirement System, the largest educator-only pension fund in the world and the second largest pension fund in the US. The market value of the CalSTRS investment portfolio was approximately $202.1bn as of 28 February 2017. CalSTRS has a long-term investment philosophy, aimed at maintaining a strong stable fund in order to deliver the retirement benefits for its members, and good corporate governance is essential to the safety of that portfolio. Harry was first elected to the Board of CalSTRS in 2007 and re-elected in 2011 and 2015, and has served as Chair of the Board and Chair of the Compensation Committee. He is currently also a serving member of the Audit, Risk Management and Board Governance Committees.
Harry’s appointment materially strengthens BNN’s board in preparation for the NASDAQ listing, bringing experience of the US markets and the US corporate governance environment. In addition, Harry has significant experience of institutional investment in technology companies, from their nascent stages to achieving global scale. CalSTRS’ long term investment approach and focus on strong corporate governance align perfectly with the values of BNN Technology, and Harry’s experience in these areas will be invaluable to BNN.
Lord Mancroft, the current Chairman of BNN, will continue to serve on the Board as a non-executive director. We would like to thank Lord Mancroft for his contribution to the Group during his tenure as Chairman. Further non-executive director appointments are anticipated to further strengthen the board and in preparation for the NASDAQ listing.
As we expand into new sectors in China, we intend to develop an Advisory Panel of industry leaders, whose experience will enable BNN to accelerate the execution of its strategy and to capitalise on opportunities in China.
The Advisory Panel will be chaired by Miguel Forbes. Miguel is the former President of Worldwide Development at Forbes Inc, the global media group. He was part of the launch group for Forbes.com in 1996, before leading the expansion of Forbes Media LLC into financial services, education, television, travel and international markets through joint ventures and license agreements.
Further appointments to the Advisory Panel will be made and announced in the coming weeks.
Darren Mercer, Chief Executive of BNN Technology, said: “I am delighted to welcome Harry to the Board as we enter the latter stages of the Nasdaq process. He brings to BNN experience of the US markets and governance of the highest calibre. Harry’s deep understanding of both boardroom best practice and the demands of global institutional investors, as well as his experience of engaging with some of the world’s largest technology companies, will prove invaluable as we strive for recognition in an appropriate peer group on NASDAQ.
“I am also delighted to be working with Miguel, who has considerable reach into the wide spectrum of industries and investment funds we are targeting. I look forward to working with Miguel to build an Advisory Panel of industry leaders with direct experience of building businesses in the sectors we are targeting and to benefitting from their experience and guidance as we pursue our strategy to build a substantial internet portal and database in China.”
Harry Keiley added: “Having been involved with CalSTRS since 2008, I’ve witnessed first hand companies and their CEOs successfully meet the challenges of transitioning from growth stage to dominant market positions. I’m very excited about BNN’s strategy, its progress to date and its prospects for building shareholder value as it aims to develop one of the largest databases in the huge Chinese market. I am also impressed at the Company’s level of preparedness ahead of its NASDAQ listing and I look forward to working with the team to ensure BNN is in the best possible shape to enter life as a US listed company.”
Miguel Forbes said: “I am very excited to have the opportunity to be part of the BNN story. The Group has the potential to become one of China’s leading technology companies and, through the Advisory Panel, I am looking forward to building a team of highly relevant and influential individuals who will be able to help the Board and management to deliver on their ambitious strategy. I am also very pleased to be working alongside a Chairman of Harry’s background and calibre to bring the highest quality of independent, value added guidance to BNN.”
About the Group
BNN Technology plc is a Chinese technology, content and services company that builds long-term partnerships to deliver China’s citizens with value-added services, content and evolving opportunities.
Listed on AIM since 2014, the Group principally engages in providing technology to partners to facilitate fulfilment of payments online and on mobile apps through partnerships or affiliate agreements with corporate and key government partners, and developing digital content, both online and mobile. Through NewNet and its partnership with Xinhuatong, BNN facilitates mobile payments, through its technology platform, on the Xinhua News mobile app in 12 provinces in China. The Chinese consumer shift to ‘life on mobile’ is only just beginning and BNN’s platform technology enables urban and rural communities across China to access exclusive content and pay for more services online.
The Group employs nearly 300 professionals throughout China.
For more information : http://www.bnntechnology.com
- Disclaimer - News, data, and statements included in this release are intended exclusively for general information purposes. Talent4Boards does not guarantee that news is accurate or about the correct person and accepts neither liability for the consequences of the reader’s reliance, nor responsibility for the accuracy of the information. Nothing in this release should be considered for decisions about referred securities. Products and brand names may be trademarks or registered trademarks of their respective owners.
