Glass Lewis issued a controversy alert on Friday for City Developments (SGX:C09) shareholders ahead of the company's annual general meeting on April 23.
The alert relates to a conflict between Executive Chairman Kwek Leng Beng and his son, CEO Sherman Kwek, regarding the process for nominating directors.
The CEO allegedly tried to modify the board's structure without adhering to established nominating committee procedures.
This led to the appointment of two independent directors outside the standard process, flagging governance alarms.
The father began a legal action against his son and other directors, saying the attempts were a boardroom coup.
Chairman Kwek also blamed governance lapses on long-serving adviser Catherine Wu, who subsequently stepped down.
The chairman withdrew the lawsuit in March, saying the matter was settled and all board members would retain their positions.
Given that shareholders will vote on the election of directors in the upcoming meeting, Glass Lewis highlighted departures from regular appointment procedures due to the issue.
The alert's rationale relates to relevant media coverage and precedent-setting or unique issue and falls under board responsiveness and other governance issue.
免責聲明：投資有風險，本文並非投資建議，以上內容不應被視為任何金融產品的購買或出售要約、建議或邀請，作者或其他用戶的任何相關討論、評論或帖子也不應被視為此類內容。本文僅供一般參考，不考慮您的個人投資目標、財務狀況或需求。TTM對信息的準確性和完整性不承擔任何責任或保證，投資者應自行研究並在投資前尋求專業建議。