Fourth director resigns from City Developments' board

CDL said that Lim Yin Nee Jenny resigned as an independent non-executive director on Monday.
CDL said that Lim Yin Nee Jenny resigned as an independent non-executive director on Monday.PHOTO: CDL

SINGAPORE (THE BUSINESS TIMES) - A fourth director has resigned from the board of City Developments (CDL).

In a disclosure to the Singapore Exchange, the property developer said that Ms Lim Yin Nee Jenny resigned as an independent non-executive director on Monday (May 3), and that the board has accepted her resignation.

Ms Lim has also stepped down as lead independent director, chairman of the audit and risk committee (ARC), chairman of the remuneration committee, member of the nominating committee and member of the board committee.

CDL said that she believes "it is appropriate for her to step down in the light of contributions from the board's new independent directors", as she has fulfilled the responsibilities in her various roles during her tenure as an independent director.

Following her resignation, Mr Philip Lee Jee Cheng has been appointed as lead independent director and chairman of the ARC; Ms Carol Fong has been appointed chairman of the remuneration committee and a member of the ARC, and Mr Chong Yoon Chou has been appointed a member of the nominating committee. Mr Daniel Marie Ghislain Desbaillets has been appointed a member of the remuneration committee.

Mr Lee, Ms Fong, Mr Chong and Mr Desbaillets are all new appointments to the board, following the resignations of Mr Kwek Leng Peck, Mr Koh Thiam Hock and Ms Tan Yee Peng due to disagreements over CDL's investment in Sincere Property Group in China, and the retirement of Mr Tan Poay Seng from the board.