CITY DEVELOPMENTS LIMITED ANNUAL REPORT 2021 30 CORPORATE GOVERNANCE SHERMAN KWEK Group Chief Executive Officer Mr Sherman Kwek assumed his role as CDL’s Group Chief Executive Officer (CEO) in January 2018 after serving as the CEO-designate from August 2017. He was appointed as an Executive Director in May 2019 and concurrently holds the position of Executive Chairman of CDL China Limited since April 2016. He was previously the Deputy CEO and Chief Investment Officer of CDL. He has been spearheading the Group’s expansion in China, Japan and Australia for over a decade and in recent years has also broadened the Group’s presence in Singapore and the UK. Under his leadership, the Group embarked on a Growth, Enhancement and Transformation (GET) strategy to expand its local and international p resence , enhance i t s ex i s t i ng portfolio, strengthen recurring income streams, develop a fund management bus iness and enabl e s i gni f i cant transformat ion through strategic investments and innovation, al l of which with the ultimate goal of driving strong performance and creating lasting value for all shareholders. Throughout his career, Mr Kwek has held various senior management roles including serving as the CEO of Hong Kong-listed City e-Solutions Limited and the Chief Operating Officer of Singaporelisted Thakral Corporation Ltd. He also worked at RECAP Investments Limited, a real estate private equity fund. Mr Kwek started his career in New York in venture capital and investment banking before eventually joining the US division of Millennium & Copthorne Hotels Limited. He has experience in the areas of investments, mergers and acquisitions, real estate, hospitality and technology, and has worked in New York, Hong Kong, Shanghai and Singapore. He graduated from Boston University with a Bachelor of Science in Business Administration, majoring in Finance and Marketing with a minor in Psychology. KWEK EIK SHENG Group Chief Operating Officer Mr Kwek Eik Sheng joined CDL in 2009, covering Business Development for overseas projects before being appointed as Head of Corporate Development. In 2014, he assumed his role as Chief Strategy Officer and undertook an added portfolio as Head of Asset Management in April 2016. On 1 January 2022, he was appointed Group Chief Operating Officer. Prior to joining CDL, he was with the Hong Leong Group of companies in Singapore, specialising in corporate finance roles from 2006 to 2008. Mr Kwek was appointed an Executive Director of CDL’s principal subsidiary, Millennium & Copthorne Hotels Limited (M&C) – formerly known as Millennium & Copthorne Hotels plc in November 2019, having previously been appointed a Non-Executive Director of M&C from April 2008 to October 2019. He is a Non-Executive Director of Millennium & Copthorne Hotels New Zealand Limited and CDL Investments New Zealand Limited, both listed on New Zealand’s Exchange. He is also Chairman of Grand Plaza Hotel Corporation listed on the Philippine Stock Exchange. He holds a Bachelor of Engineering in Electrical and Electronics Engineering f rom Imper ial Col lege of Sc ience, Technology and Medicine and a Master of Philosophy in Finance from Judge Business School, Cambridge University. CHIA NGIANG HONG Group General Manager Mr Chia Ngiang Hong joined CDL in 1981 and has more than 40 years of experience in the real estate industry in Singapore and the region. A much-respected industry veteran, Mr Chia is the President of the Real Estate Developers’ Association of Singapore, Board Member of the Institute of Real Estate and Urban Studies, Honorary Advisor of the Singapore Green Building Council, and Council Member of the Singapore Business Federation, the Apex Business Chamber. He is also a Fellow of the Institute of Surveyors and Valuers. He is a member of the National University of Singapore (NUS) Business School Department Consultative Committee and was formerly Advisory Committee Chairman of the NUS School of Design and Environment. Beyond his contributions to the building and construction industry, Mr Chia is also active in community and grassroots activities and serves as a Justice of the Peace. He holds a Bachelor of Science in Estate Management (Honours) f rom the University of Singapore and a Master in Business Administration (Distinction) from the University of Hull, UK. FRANK KHOO Group Chief Investment Officer Mr Frank Khoo joined CDL as Group Chief Investment Officer in February 2018 to source and execute new investment opportunities, and also establ ish a dedicated fund management platform. With over 20 years of international experience in fund management, private equity, acquisition of real estate assets and the repositioning and restructuring of real estate businesses, Mr Khoo has an extensive network of investors, ranging from insurance companies, pension funds, sovereign wealth funds and high net worth individuals across Asia and Europe. Previously, Mr Khoo was the Global Head of As i a of AXA I nves tment Manager – Real Assets (AXA IM Real Assets) where he oversaw all real estate activities for AXA IM Real Assets in Asia, including investment, transaction, fund and asset management, capital raising and finance. He has also held various executive positions in Pacific Star Fund Management Pte Ltd, Guthrie GTS Ltd, Phileoland Bhd and Kestral Capital Partners. Mr Khoo holds a Master of Business A dm i n i s t r a t i o n f r om N a n y a n g Technological University of Singapore, as wel l as Bachelor of Engineering (Honours) andBachelor of Sciencedegrees from University of Queensland, Australia. He is also a Chartered Accountant in Singapore. YIONG YIM MING Group Chief Financial Officer Ms Yiong Yim Ming was appointed CDL’s Chief Financial Officer in April 2016 and was re-designated to Group Chief Financial Officer on 1 February 2018. An executive of the Company since 2007, she has extensive knowledge on CDL Group’s financial and operation matters, both domestically and overseas, covering property development, investment properties and hotels. She has strong technical competencies, specialising in the real estate sector, harnessed through 12 years of audit exper i ence . Pr i or to j o i n i ng CDL , she served a 10-year stint in KPMG Singapore and a two-year engagement with Ernst & Young Singapore. Ms Yiong i s a Counc i l Member of the Institute of Singapore Chartered Accountants and is also a Member of the Board of Trustees for the Singapore University of Social Sciences. She is also a member of the United Nations (UN) Global Compact’s CFO Taskforce for the SDGs, which aims to channel sustainable finance for the achievement of the UN Sustainable Development Goals. She holds a Bachelor of Accountancy degree from Nanyang Technological University. SENIOR MANAGEMENT LEE MEI LING Executive Vice President Head, Property Development CALLIE YAH Executive Vice President Head, Global Asset Management KEY MANAGEMENT KWEK EIK SHENG YIONG YIM MING SHERMAN KWEK CHIA NGIANG HONG FRANK KHOO F R O M L E F T ESTHER AN Chief Sustainability Officer IVAN NG Chief Technology Officer STEVEN TAN Chief Human Resource Officer OVERVIEW 31
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