THE two new directors appointed by CDL’s board have undertaken not to exercise any powers as directors until further notice, said CDL executive chairman Kwek Leng Beng in a surprise statement late on Wednesday night (Feb 26).
He said: “I am pleased to inform that following a court hearing today, the serious lapses of corporate governance at CDL have now been halted.”
He was referring to Jennifer Duong Young and Wong Su Yen who Kwek said were “irregularly and hastily appointed” as independent non-executive directors on Feb 7.
Sherman Kwek, Philip Lee, Wong Ai Ai and the remaining directors acting in concert with them, have undertaken not to take any further actions regarding their attempted changes to the Board committees and management of certain CDL’s subsidiaries, until further notice of Court. In addition, the irregularly constituted Nominating & Remuneration Committee has been suspended from taking further action.
Kwek said: “The Board committees and the management of the relevant subsidiaries are now safe from further attempts to destabilise, dismantle and reconstitute them. The board and the management of these subsidiaries will now be able to function normally and without unwarranted interference, as they were prior to the attempted coup.”
“I must stress that strong corporate governance is the foundation of a well-functioning and sustainable business. It ensures transparency, accountability and responsible decision-making, which are critical to maintaining investor confidence and protecting the long-term interests of our shareholders.
“We will continue to ensure the stability of CDL and the group, with a view to protecting our shareholders and creating long-term value for them.”
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