New CDL directors bring diverse skills and perspectives

I REFER to recent media reports about changes to the Board of Directors of City Developments (CDL). The reports have focused on CDL's investment in China's Sincere Property Group, which surely must be viewed against the backdrop of a fast-changing business environment, made even more challenging by the global pandemic.

Of late, issues of corporate governance and gender diversity have been hotly debated. Having sat on various boards of the Hong Leong group for over 40 years and served as executive chairman of CDL since 1995, I believe I have sufficient experience to assess what makes a successful board.

There are rules limiting the tenure of an independent director. After nine years, a director who stays on is deemed non-independent and needs to undergo a two-tiered voting. But beyond the letter of the law relating to these and other stipulations, we must address the role of and value that an effective board member can bring to foster business success. If a business fails, there is no shareholder value to speak of.