City Developments Limited (CDL) has welcomed two Independent Non-Executive Directors to its Board. Ms Carol Fong and Mr Lee Jee Cheng Philip were appointed to the Board on 29 December 2020 and 4 January 2021 respectively.

Ms Fong has more than 30 years of experience in investment banking and financial markets. Currently the Group Chief Executive Officer of CGS-CIMB Securities, she is responsible for the overall management and financial performance of the CGS-CIMB Securities group’s equities business, a regional franchise covering Asia Pacific (excluding Japan), as well as offices in London and New York. She is also currently the Chairman of the Singapore Exchange Securities Advisory Committee and is also appointed as an Independent Director of mainboard-listed Genting Singapore. Before this, she was the country Investment Banking CEO of CIMB Group, where she was responsible for building up their investment banking business and management of key client and regulator relationships in Singapore.

Mr Lee has 35 years of experience in accounting and finance. He was admitted into the partnership of KPMG Singapore in 1995 where he served until his retirement in September 2018. During his time at KPMG, Mr Lee had served on the leadership team in KPMG Singapore and on the executive team at KPMG Asia Pacific. He was also the Head of Real Estate and the Head of an Audit Business Unit. He was also the Head of People and led KPMG to various HR Awards. His experience includes accounting and auditing, evaluation of controls and compliance, transaction services and assisting companies in preparing for and raising funds from the capital markets. Currently, he serves as a Member of the Governing Council of Singapore Agro-Food Enterprises Federation Limited.

CDL continues to value board diversity that enhances transparency and decision-making and looks forward to contributions and fresh insights from the newly appointed directors as it navigates corporate recovery after the challenges faced in 2020.