CDL group CEO Sherman Kwek forgoes $1.35m long-term incentive grant

He received a total compensation of $2.97m.

Sherman Kwek, group chief executive officer of City Developments Limited (CDL), has voluntarily decided to forgo his 2024 long-term incentive (LTI) grant of $1.35m.

For the fiscal year 2024, Kwek received a total compensation of $2.97m.

His compensation package for the year included a fixed salary accounting for 33.3% of the total, short-term incentives making up 59.6%, board and committee fees at 4.2%, and the remaining portion attributed to other benefits.

The nomination and remuneration committee (NRC) acknowledged and expressed their appreciation for Kwek’s leadership and unwavering commitment to the group.

CDL Group reported a net profit of $201.3m for FY 2024, compared to $317.3m in FY 2023

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