The Board of Directors of IRC Limited announced a number of changes to the Board of Directors. Mr. Jay Hambro has announced his intention to retire as the Chairman and a Non-Executive Director of the Company upon the appointment of a successor. Mr. Hambro relinquished his executive responsibilities in January 2016 upon his appointment as the Chief Investment Officer of GFG Alliance and the Chief Executive Officer of the Mining and Energy Division of GFG Alliance's member company SIMEC Group Limited. The Board announced that Mr. Daniel Bradshaw has been appointed as the Deputy Chairman of the Company and shall lead the process of recruiting a new Non-Executive Chairman. Mr. Daniel Bradshaw joined IRC in 2010 and has been the Senior Independent Non-Executive Director of IRC since its initial public offering in Hong Kong. The Board announced that Mr. Cai Sui Xin has resigned as a Non-Executive Director of the company with effect from 5 January 2018 to devote more time to his other professional commitments. The Board announced that, following Mr. Cai's retirement from the Board, Mr. Benjamin Ng, who previously served as an alternate to Mr. Cai, has been appointed as a Non- Executive Director and replaces Mr. Cai as the shareholder representative of General Nice Development Limited a substantial shareholder of the company. Mr. Ng Tze For is an Executive Director of Loudong General Nice Resources (China) Holdings Limited, which is a listed company on the main board of the Stock Exchange of Hong Kong Limited, since September 2008. The Board announced that with effect from 5 January 2018, Mr. Raymond Woo has been re- designated from a Non-Executive Director of the Company to an Independent Non-Executive Director of the Company (the "Re-designation") as recommended by the Nomination Committee of the Company and approved by the Board. Following the Re-designation, the Board comprises ten members with two Executive Directors, three Non-Executive Directors and five Independent Non-Executive Directors. Mr. Raymond Kar Tung Woo joined IRC in June 2010 as an Executive Director, Chief Financial Officer and Company Secretary of IRC. Since March 2015, Mr. Woo had been re-designated as a Non-Executive Director of IRC.