CORPORATE GOVERNANCE City Developments Limited (“CDL” or the “Company”) is committed to upholding a high standard of corporate governance and business integrity in all its business activities. This is essential for the long-term sustainability of the Group’s businesses and the enhancement of shareholders’ value. The Company ranked second on the Singapore Governance and Transparency Index (“SGTI”) in 2024, the highest rank achieved since the inception of that Index. The SGTI is targeted at assessing the corporate governance disclosure and transparency practices of Singapore companies and the timeliness, accessibility and transparency of their announcements of their financial results. Whilst the Company continues to be committed in its efforts to uphold high corporate governance standards, there was a disagreement within the Board of Directors (“Board”) in relation to, amongst other matters, the composition and constitution of the Board and the committees of the Board (“Committees”). An originating application arising out of these disagreements was filed with the Singapore High Court on 25 February 2025 (“Court Application”). After various discussions between the Directors, on 12 March 2025, the matter was settled and the said court proceedings discontinued (“Discontinuance of Court Proceedings”) which was duly announced by the Company. For more information on the Court Application and the Discontinuance of Court Proceedings, please refer to the Company’s Announcements on 3 March 2025 and 12 March 2025. The Company in compliance with Listing Rule 710 of the Listing Manual of Singapore Exchange Securities Trading Limited (“SGX-ST”) (“Listing Manual”) has disclosed its corporate governance practices, with specific reference to the principles and provisions in the Code of Corporate Governance 2018, as amended (“CG Code”). Where the Company’s practices differ from the provisions of the CG Code, the Company’s position and the reasons therefor are explained in this report. Our Governance Framework Board of Directors Executive Directors (“ED”) Kwek Leng Beng, Executive Chairman Sherman Kwek Eik Tse, Group Chief Executive Officer Non-Executive and Non-Independent Director Philip Yeo Liat Kok Independent Directors (“ID”) Lee Jee Cheng Philip (Philip Lee), Lead ID Ong Lian Jin Colin (Colin Ong) Daniel Marie Ghislain Desbaillets (Daniel Desbaillets) Chong Yoon Chou Chan Swee Liang Carolina (Carol Fong) Tang Ai Ai Mrs Wong Ai Ai (Wong Ai Ai) Young Jennifer Doung (Jennifer Young)* Wong Su Yen* * Appointed on 7 February 2025 Key Objectives: Provides leadership by setting the strategic objectives of the Company together with the Management Executive Committee (“ExCo”) to achieve long-term success for the Company and its subsidiaries (the ‘‘Group’’) through value creation, innovation and sustainability. Oversees the performance of the Group for accountability to shareholders by ensuring that the necessary financial, operational and human resources are in place for the Company to meet its strategic objectives, which are supported by an adequate and effective system of internal controls and risk management. CORPORATE GOVERNANCE REPORT 1
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