Governance questions resurface at CDL meeting after family feud involving Singapore’s 2nd richest billionaire Kwek Leng Beng

The questions raised at the meeting on April 29 follow a high-profile rift last year between Kwek, the executive chairman, and his son, group chief executive Sherman Kwek.

The dispute began with a lawsuit filed by the elder Kwek in February that year, triggering a trading halt and raising concerns over the company’s direction before the case was withdrawn weeks later.

Mak Yuen Teen, a professor at the National University of Singapore who attended the meeting, said shareholders appeared largely satisfied with CDL’s financial performance, according to The Straits Times.

The company posted a net profit of S$629.7 million (US$493.5 million) for 2025, nearly three times up from the previous year.

During the meeting, Mak raised questions over a potential conflict of interest involving Wong Ai Ai, an independent non-executive director and chair of the company’s nominating and remuneration committee.

Wong also sits on the board of SWI Capital Holding, a global investment firm with exposure to sectors such as real estate and digital infrastructure, including markets like Britain where CDL has a presence through its hotel operations.

The board responded that it is not uncommon for directors to hold positions across multiple companies where potential conflicts may arise, Mak added.

Despite the strong results, questions were also raised about CDL’s strategic review, which the company said it began earlier in 2026 to boost shareholder value by selling non-core assets and reinvesting the capital to reshape CDL’s property portfolio, The Business Times reported.

Shareholders asked who would be appointed to conduct the review, Mak said, adding that the board has selected Teneo, a strategic advisory and communications firm, to lead the process.

Sherman Kwek said the review would be discussed at a board strategy meeting in May, with details expected by end-June, describing the exercise as “timely” after a challenging 2025 marked by internal tensions, Straits Times reported.

CDL had divested about S$2 billion worth of assets in 2025, including in Japan and the U.S. It made acquisitions worth S$1.7 billion at the same time, notably Holiday Inn London.

Sherman Kwek said CDL’s current strategy, introduced in 2018, is being reassessed with external inputs to determine whether it remains appropriate and relevant, and whether it has been effectively communicated to shareholders, The Business Times reported.

All resolutions tabled at the meeting were passed with comfortable majorities, including the re-election of independent directors and a share purchase mandate.

CDL held an extraordinary general meeting on the same day to vote on a new long-term share incentive plan, under which some management staff may be awarded CDL shares.

Shares of CDL closed April 30 at S$8.16, down around 1%.

Kwek and his family ranked second on Forbes’ list of Singapore’s richest last September with a combined net worth of US$14.3 billion.