City Developments Limited (CDL) has successfully halted serious corporate governance lapses following a court hearing on 26 February 2025. Executive Chairman Kwek Leng Beng announced that the two directors, appointed irregularly on 7 February 2025, have agreed not to exercise their powers until further court notice. This decision comes amidst attempts by Sherman Kwek, Philip Lee, Wong Ai Ai, and other directors to alter board committees and management structures within CDL’s subsidiaries.
The court’s intervention has suspended the irregularly formed Nominating & Remuneration Committee, allowing CDL’s board and management to operate without further disruption. Kwek emphasised the importance of strong corporate governance, stating, “It ensures transparency, accountability, and responsible decision-making, which are critical to maintaining investor confidence and protecting the long-term interests of our shareholders.”
Kwek reiterated his commitment to upholding high governance standards, ensuring CDL’s stability and protecting shareholder interests. He expressed gratitude for the continued trust and support from shareholders and stakeholders, promising further updates as necessary.
This resolution marks a significant step in maintaining the integrity and functionality of CDL’s board and management, reinforcing the company’s dedication to sustainable business practices and long-term value creation.
“`
This news story was carefully selected and published by a human editor, though the content itself was AI-generated. If you spot an error, please report it here.
