City Developments Management

Management criteria checks 4/4

We currently do not have sufficient information about the CEO.

Key information

Sherman Kwek

Chief executive officer

S$3.5m

Total compensation

CEO salary percentage	28.0%
CEO tenure	6.3yrs
CEO ownership	n/a
Management average tenure	6.3yrs
Board average tenure	3.4yrs

Recent management updates

Recent updates

CEO Compensation Analysis

How has Sherman Kwek's remuneration changed compared to City Developments's earnings?
Date	Total Compensation	Salary	Company Earnings
Dec 31 2023	S$4m	n/a	S$305m
Sep 30 2023	n/a	n/a	S$262m
Jun 30 2023	n/a	n/a	S$219m
Mar 31 2023	n/a	n/a	S$746m
Dec 31 2022	S$4m	S$986k	S$1b
Sep 30 2022	n/a	n/a	S$1b
Jun 30 2022	n/a	n/a	S$1b
Mar 31 2022	n/a	n/a	S$648m
Dec 31 2021	S$2m	S$776k	S$72m
Sep 30 2021	n/a	n/a	-S$947m
Jun 30 2021	n/a	n/a	-S$2b
Mar 31 2021	n/a	n/a	-S$2b
Dec 31 2020	S$1m	S$863k	-S$2b
Sep 30 2020	n/a	n/a	-S$886m
Jun 30 2020	n/a	n/a	S$193m
Mar 31 2020	n/a	n/a	S$350m
Dec 31 2019	S$3m	S$851k	S$552m
Sep 30 2019	n/a	n/a	S$542m
Jun 30 2019	n/a	n/a	S$600m
Mar 31 2019	n/a	n/a	S$659m
Dec 31 2018	S$2m	S$858k	S$544m

Compensation vs Market: Sherman's total compensation ($USD2.58M) is about average for companies of similar size in the German market ($USD2.56M).

Compensation vs Earnings: Sherman's compensation has been consistent with company performance over the past year.

CEO

Sherman Kwek (48 yo)

6.3yrs

Tenure

S$3,515,826

Compensation

Mr. Eik Tse Kwek, also known as Sherman, serves as Non-Executive Director of IREIT Global since December 1, 2022. Mr. Kwek has been Group Chief Executive Officer of City Developments Limited (“CDL”) since...

Leadership Team

Name	Position	Tenure	Compensation	Ownership
Eik Tse Kwek	Group CEO & Executive Director	6.3yrs	S$3.52m	no data
Leng Beng Kwek	Executive Chairman of the Board	54.5yrs	S$7.78m	0.044% SGD 1.7m
Yim Ming Yiong	Group Chief Financial Officer	8.3yrs	no data	no data
Eik Sheng Kwek	Group Chief Operating Officer	2.3yrs	no data	no data
Gerald Yong	Chief Investment Officer	less than a year	no data	no data
Ong Siew Toh	Senior Vice President of Group Accounts	no data	no data	no data
Ivan Ng	Chief Technology Officer	8.3yrs	no data	no data
Cindy Tan	Head of Administration Department	no data	no data	no data
Belinda Lee	VP and Head of IR & Corporate Communications	no data	no data	no data
Sharifah Shah	Senior Vice President of Legal	no data	no data	no data
Adeline Ong	Senior Vice President of Sales & Marketing	no data	no data	no data
Esther An	Chief Sustainability Officer	no data	no data	no data

6.3yrs

Average Tenure

49yo

Average Age

Experienced Management: CDE's management team is seasoned and experienced (6.3 years average tenure).

Board Members

Name	Position	Tenure	Compensation	Ownership
Eik Tse Kwek	Group CEO & Executive Director	4.9yrs	S$3.52m	no data
Leng Beng Kwek	Executive Chairman of the Board	54.5yrs	S$7.78m	0.044% SGD 1.7m
Liat Kok Yeo	Non-Independent Non-Executive Director	14.9yrs	S$95.00k	no data
Kian Seng Tan	Independent Non-Executive Director	1.1yrs	no data	no data
Daniel Marie Ghislain Desbaillets	Non-Executive & Independent Director	3.4yrs	S$139.00k	no data
Yoon Chou Chong	Non Executive & Independent Director	3.4yrs	S$235.00k	no data
Ai Ai Wong	Independent Non-Executive Director	2.3yrs	S$135.00k	no data
Swee Liang Chan	Independent Non-Executive Director	3.3yrs	S$244.78k	no data
Lian Jin Ong	Non-Executive & Independent Director	3.5yrs	S$159.00k	no data
Jee Cheng Lee	Lead Independent Director	3.3yrs	S$287.00k	no data

3.4yrs

Average Tenure

61.5yo

Average Age

Experienced Board: CDE's board of directors are considered experienced (3.4 years average tenure).

City Developments Management

Management criteria checks 4/4

Key information

Recent management updates

City Developments Limited Announces Resignation of Tan Li Lian as Group Chief Human Resources Officer, Effective on September 30, 2023

City Developments Limited Appoints Tan Li Lian as the Group Chief Human Resources Officer

High number of new directors

City Developments Limited Announces Resignation of Frank Khoo Shao Hong as Group Chief Investment Officer

City Developments Limited, Annual General Meeting, May 24, 2022

High number of new and inexperienced directors

Recent updates

New minor risk - Earnings quality

Final dividend of S$0.08 announced

Full year 2023 earnings released: EPS: S$0.34 (vs S$1.40 in FY 2022)

Developments Limited (SGX:C09) acquired Summervale Properties Pte Ltd. for SGD 2.

City Developments Limited (SGX:C09) acquired 209 co-living studio units Yardhouse in White City, London for £88 million.

City Developments Limited to Report Q4, 2023 Results on Feb 28, 2024

City Developments Limited Provides Earnings Guidance for the Full Year Ending 31 December 2023

Galliard Homes Limited and City Developments Limited (SGX:C09) acquired 13.8-acre Morden Wharf development in the Royal Borough of Greenwich from U and I Group PLC and Morden College.

City Developments Limited (SGX:C09) acquired Portfolio of tokyo residential rental freehold assets from BentallGreenOak (U.S.) Limited Partnership for JPY 35 billion.

City Developments Limited Announces Resignation of Tan Li Lian as Group Chief Human Resources Officer, Effective on September 30, 2023

First half 2023 earnings released: EPS: S$0.066 (vs S$1.23 in 1H 2022)

New minor risk - Profit margin trend

City Developments Limited to Report First Half, 2023 Results on Aug 10, 2023

City Developments Limited Approves Special Final One-Tier Tax-Exempt Ordinary Dividend for the Fiscal Year 2022

Upcoming dividend of S$0.16 per share at 3.8% yield

Full year 2022 earnings released

Full year 2022 earnings released: EPS: S$1.40 (vs S$0.093 in FY 2021)

City Developments Limited to Report Fiscal Year 2022 Results on Feb 23, 2023

City Developments Limited Appoints Tan Li Lian as the Group Chief Human Resources Officer

City Developments Limited (SGX:C09) acquired Four Purpose-Built Student Accommodation Assets In UK for approximately £190 million.

City Developments Limited (SGX:C09) acquired Four Purpose-Built Student Accommodation Assets In UK for £85 million.

High number of new directors

First half 2022 earnings released: EPS: S$1.24 (vs S$0.042 loss in 1H 2021)

City Developments Limited Declares Tax-Exempt (One-Tier) Special Interim Dividend for the Financial Year Ending 31 December 2022

City Developments Limited to Report First Half, 2022 Results on Aug 11, 2022

City Developments Limited Announces Resignation of Frank Khoo Shao Hong as Group Chief Investment Officer

City Developments Limited (SGX:C09) and HThree Capital Pte.Ltd agreed to acquire 18-storey building in downtown Melbourne from AMP Capital Investors Limited for $162 million.

City Developments Limited Approves Special Final One-Tier Tax-Exempt Ordinary Dividend for the Fiscal Year 2021, Payable on 26 May 2022

City Developments Limited (SGX:C09) acquired 179,007 sq ft site at 798 and 800 Upper Bukit Timah Road for SGD 126.3 million.

City Developments Limited, Annual General Meeting, May 24, 2022

High number of new and inexperienced directors

Full year 2021 earnings released: EPS: S$0.093 (vs S$2.13 loss in FY 2020)

City Developments Limited, Annual General Meeting, Apr 28, 2022

City Developments Limited, Annual General Meeting, Apr 28, 2022

City Developments Limited Announces Special Dividend for Fiscal Year 2021

Full year 2021 earnings: EPS in line with expectations, revenues disappoint

Full year 2021 earnings: EPS in line with expectations, revenues disappoint

Upcoming dividend of S$0.03 per share

First half 2021 earnings released: S$0.042 loss per share (vs S$0.004 loss in 1H 2020)

Head of Corporate Secretarial Services Department & Company Secretary has left the company

City Developments Limited Resolves Special Final One-Tier Tax-Exempt Ordinary Dividend for Fiscal Year 2020 Payable on 21 May 2021

Lead Independent Director has left the company

Independent Non-Executive Director has left the company

Upcoming dividend of S$0.12 per share

Full year 2020 earnings released: S$2.13 loss per share (vs S$0.61 profit in FY 2019)

City Developments Limited Proposes Special Final One-Tier Tax-Exempt Ordinary Dividend for Financial Year 2020

Revenue misses expectations

Full year 2020 earnings released: S$2.13 loss per share (vs S$0.61 profit in FY 2019)

City Developments Limited' Suzhou Jin Cheng Hao Chuang Investment Management Co. with Shanghai CF Enterprise Group Co., Ltd. Incorporates Joint Venture Company

City Developments Limited (SGX:C09) entered into agreement to acquire 55% stake in Shenzhen Longgang Tusincere Tech Park from Chongqing Xiexin Yuanchuang Industrial Co., Ltd. and Ping An Insurance (Group) Company of China, Ltd. (SEHK:2318).

City Developments Limited to Report Fiscal Year 2020 Results on Feb 26, 2021

City Developments Limited Announces Executive Appointments

City Developments Limited Announces Board Changes

City Developments Limited Announces Resignation of Koh Thiam Hock as an Independent Non-Executive Director and A Member of Each of the Audit & Risk Committee, Remuneration Committee and Board Committee

City Developments Limited Appoints Chong Yoon Chou as Non-Executive and Independent Director

New 90-day low: €4.24

City Developments Limited Appoints Ong Lian Jin Colin as A Non-Executive and Independent Director, with Effect from 7 October 2020

New 90-day low: €4.70

City Developments Limited (SGX:C09) entered into an agreement to acquire 78-unit Residential Development in Yokohama City.

Sceptre Midco LLC acquired a 75.1% stake in Sceptre Hospitality Resources, LLC from City Developments Limited (SGX:C09) for $47.6 million.

Tikehau Capital (ENXTPA:TKO), City Developments Limited (SGX:C09) and AT Capital Pte Limited acquired 26.04% stake in IREIT Global (SGX:UD1U).

City Developments Limited to Report Q2, 2020 Results on Aug 13, 2020

CEO Compensation Analysis

CEO

Tenure

Compensation

Leadership Team

Average Tenure

Average Age