CDL bypass of nominating committee may seem ‘unusual’ but current rules open to interpretation: observers
Court can determine if directors’ appointments are in accordance with company’s constitution
Add BT as a preferred source
THE appointment process for two of City Developments Ltd’s (CDL) directors as well as the dismantling of the company’s nominating committee (NC) are “unusual” and against the spirit of corporate governance rules, said industry observers.
They were referring to the board tussle between CDL’s executive chairman Kwek Leng Beng and his son and group chief executive, Sherman Kwek.
The crux of the disagreement lies in the nomination of two new directors at CDL – Jennifer Duong Young and Wong Su-Yen – as independent non-executive directors on Feb 7.
TRENDING NOW
Lamborghini-driving boss of Eminent Frog Porridge charged with S$3.8 million tax evasion, money laundering
Not in education, employment or training: Why more Hong Kong youths are opting out of work
Vietnam workers keenest on AI in South-east Asia; Singapore employees among most sceptical: survey
Grab completes US$425 million acquisition of US-based Stash Financial
