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CDL’s AGM: Minority support for five IDs seeking re-election a litmus test of governance perceptions

Investors may view CDL differently now that they are aware of the rift caused by Catherine Wu, and Kwek Leng Beng’s misgivings about Sherman Kwek’s track record

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Ben Paul

Ben Paul

Published Mon, Apr 21, 2025 · 07:00 AM
    • CDL's annual report said the appointment of the two new independent directors followed a formal and deliberate process, consistent with the Code of Corporate Governance, despite not going through the nominating committee.
    • CDL's annual report said the appointment of the two new independent directors followed a formal and deliberate process, consistent with the Code of Corporate Governance, despite not going through the nominating committee. PHOTO: BT FILE

    [SINGAPORE] This week, minority shareholders of City Developments (CDL) will finally have the opportunity to endorse, or oppose, the controversial appointments of Jennifer Duong Young and Wong Su-Yen as independent directors (IDs).

    The two IDs were appointed on Feb 7, and are seeking re-election at the annual general meeting (AGM) scheduled for Apr 23.

    Also seeking re-election at the coming AGM are three other IDs – Colin Ong, Daniel Desbaillets and Wong Ai Ai – who were on opposite sides of the conflict surrounding the appointments of Duong Young and Wong Su-Yen.

    City Developments Ltd (CDL)Corporate boardsCorporate governance

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