To demonstrate our commitment towards excellence in corporate governance, CDL had, since 2010, joined the Securities Investors Association (Singapore) and its partners by making a Statement of Support. In 2020, CDL was ranked 3rd in the Singapore Governance and Transparency Index (SGTI) 2020, marking a steady improvement in CDL’s performance over the last three years. The SGTI assesses companies on their corporate governance disclosure and practices, as well as the timeliness, accessibility and transparency of the announcement of their financial results. For our full Corporate Governance Report, please refer to CDL’s Annual Report 2020.

Diversity on the Board

Since 28 August 2015, our Board has supported the Board Diversity Pledge initiated by the Singapore Institute of Directors (SID) and SGX-ST. In 2017, the board-level Nominating Committee adopted a formal Board Diversity Policy, which sets out a clear policy and framework for promoting diversity on CDL’s Board. CDL has achieved at least 20% female representation in the Board since 2018, meeting the Nominating Committee’s target and Council for Board Diversity’s recommendation of having at least 20% female board representation by 2020. As of end-2020, CDL has two female directors (20%) out of 10 directors1.


The Board and Senior Management remain steadfast in conducting business with integrity, consistent with high standards of business ethics and in compliance with all applicable laws and regulatory requirements. In 2020, CDL had no incidents of non-compliance with socio-economic laws and regulations, including legal requirements of marketing and advertising practices, for which significant fines or non-monetary sanctions were issued to the Company. There was also zero incidents of anti-competitive behaviour or monopolistic practices within CDL.

Our business principles and practices regarding matters that may have ethical implications are embedded in the CDL Code of Business Conduct and Ethics. It communicates CDL’s stance for all staff to observe CDL’s principles such as honesty, integrity, responsibility and accountability at all organisational levels and when conducting official business, in dealing with customers, suppliers and colleagues. It is published on our staff intranet and easily accessible by all employees.

The code provides guidance on issues such as:

  • Conflicts of interest and the appropriate disclosures to be made.
  • CDL’s stance against corruption and bribery.
  • Compliance with applicable laws and regulations, including those relating to the protection of the environment and the conservation of energy and natural resources.
  • Compliance with CDL’s policies and procedures, including those on internal controls and accounting.
  • Protection and use of CDL’s assets, confidential information and intellectual property rights, including the respect of the intellectual property rights of third parties.
  • Competition and fair dealing in the conduct of CDL’s business, in our relationships with customers, suppliers, competitors and employees.

There was no breach against the CDL Code of Business Conduct and Ethics in 2020.

In 2020, the CDL Conflict of Interest Guidelines was rolled out. It aims to prevent any unjustified appointment of vendors and reduce possible suggestions that unethical actions were taken by employees due to their relationship with an external vendor. Accessible to all staff through the staff intranet, it sets out guidance on identifying any deemed interest with a current or prospective vendor. In the event of conflict of interest, a staff declaration is mandatory, and the staff shall abstain from having any business dealing with the identified vendor.

1 Ms Jenny Lim and Ms Carol Fong are independent non-executive female directors of CDL. Ms Tan Yee Peng resigned from the Board effective from 30 December 2020.