CDL Investments has announced the approval and adoption of updated versions of its key corporate governance documentation, following a comprehensive review.
As part of the review, the company's board has decided to reduce the number of directors from six to four.
This new composition will include two independent directors and two non-independent directors.
CDL intends to appoint a new independent director before its annual shareholders' meeting on May 28 2024, which would bring the total number of directors to five, with three being independent.
In line with the changes, Colin Sim has resigned as a director and will be replaced by Desleigh Jameson as chair.
Meanwhile, Jason Adams has also resigned as a director but will continue as the company's chief executive officer.
The audit committee will now consist of Jameson, John Henderson, and Eik Sheng Kwek.
Henderson will serve as the committee's chair.
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