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
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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.
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