After CDL fallout, analysts push for clearer governance in Singapore’s family-run firms

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After CDL fallout, analysts push for clearer governance in Singapore’s family-run firms
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SINGAPORE: Property giant City Developments Limited’s (CDL’s) public boardroom dispute between father and son has…

between father and son has sparked calls for tighter rules on family-owned businesses. An analyst said regulators should require family-owned companies in Singapore to disclose their governance frameworks to help prevent future succession conflicts.

According to Forbes, tensions in CDL’s boardroom reportedly surfaced after the company’s net profit dropped 37% to S$201.3 million. Earlier in February, Singapore real estate billionaire and CDL’s executive chairman Kwek Leng Beng filed court papers against his son, Sherman Kwek, CDL’s group chief executive officer, due to an alleged “attempted coup”.

Ms Tan said succession planning is often “clouded” by personal preferences and bias. She noted that third-party professionals, who bring a more objective view, often use a method called “visioning”. It allows family members to share their goals and expectations, helping different generations align their direction for the business.

“Perhaps this is the right time for business families to think more broadly about succession,” Mr Vissa added.

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