CORPORATE GOVERNANCE Committees Composition Key Objectives Audit & Risk Committee (“ARC”) With effect from 21 February 2025: Philip Lee, Chairman (ID) Carol Fong (ID) Wong Ai Ai (ID) Daniel Desbaillets (ID) Jennifer Young (ID) Prior to 21 February 2025: Philip Lee, Chairman (ID) Carol Fong (ID) Chong Yoon Chou (ID) Assists the Board in the discharge of statutory and other responsibilities relating to the integrity of the financial statements of the Group and reviews the adequacy and effectiveness of the internal controls and risk management systems. Considers the key risks of the Group under a risk management framework which takes into account the strategic objectives and risk appetite of the Group. Nominating and Remuneration Committee (“NRC”) The NRC is a merger of the Nominating Committee and the Remuneration Committee. With effect from 21 February 2025: Wong Ai Ai, Chairman (ID) Philip Lee (ID) Colin Ong (ID) Daniel Desbaillets (ID) Wong Su Yen (ID) Assists the Board in the review of the structure, size and composition of the Board and the Committees; the review of the succession plans for the Board Chairman, Directors, Group Chief Executive Officer (“Group CEO”) (or its equivalent) and other key management personnel (“KMP”); the development of a process and criteria for evaluation of the performance and effectiveness of the Board as a whole, and of each of its Committees as well as the contribution from the Board Chairman, the chairman of the respective Committees and each of the Directors; the appointment, re-election of Directors; the appointment, removal, suspension or termination, and the terms of the appointment, removal, suspension or termination, of the Group CEO (or its equivalent) and other KMP; the review and confirmation of the independence of each Director; and review and make recommendations to the Board on a framework of remuneration for the Board and KMP and the specific remuneration packages for each Director as well as for the KMP. Nominating Committee (“NC”) (Ceased with effect from 21 February 2025) Prior 21 February 2025: Chong Yoon Chou, Chairman (ID) Kwek Leng Beng (ED) Colin Ong (ID) Philip Lee (Lead ID) Wong Ai Ai (ID) Assists the Board in its succession plan through the review of board size, composition and mix, and the recommendations on the independence of Directors, appointment, re-nomination and retirement of Directors. Assists the Board in the evaluation of the performance of the Board, the Committees and the Directors. Also reviews the succession plan for the KMP including the Group CEO who is also a Director. Remuneration Committee (“RC”) (Ceased with effect from 21 February 2025) Prior to 21 February 2025: Wong Ai Ai, Chairman (ID) Philip Lee (ID) Colin Ong (ID) Daniel Desbaillets (ID) Oversees the remuneration of the Board and the KMP, including setting appropriate remuneration frameworks, aligning with talent management framework and policies to reflect a performance-based remuneration system that is balanced between the current and long-term objectives of the Company. Board Sustainability Committee (“BSC”) With effect from 21 February 2025: Carol Fong, Chairman (ID) Sherman Kwek (ED) Chong Yoon Chou (ID) Jennifer Young (ID) Wong Su Yen (ID) Assists the Board in the review of the Company’s sustainability issues and approach to sustainability reporting, reviews the Company’s Environmental, Social and Governance (“ESG”) framework, key ESG targets and long-term sustainability that contribute to the Company’s performance and reputation as a global corporate citizen. Also assists the Board in the oversight of the Company’s Workplace Safety and Health matters. Prior to 21 February 2025: Carol Fong, Chairman (ID) Sherman Kwek (ED) Daniel Desbaillets (ID) Chong Yoon Chou (ID) Wong Ai Ai (ID) CORPORATE GOVERNANCE REPORT CITY DEVELOPMENTS LIMITED 2
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