Notes to the Financial Statements For the financial year ended 31 December 2024 37 ADOPTION OF NEW ACCOUNTING STANDARDS (continued) (b) The Group has not early adopted the new standards, interpretations and amendments to standards which are effective for annual periods beginning on or after 1 January 2025, in preparing these consolidated financial statements. (i) SFRS(I) 18: Presentation and Disclosure in Financial Statements SFRS(I) 18 will replace SFRS(I) 1-1 Presentation of Financial Statements and applies for annual reporting periods beginning on or after 1 January 2027. The new standard introduces the following key new requirements. – Entities are required to classify all income and expenses into five categories in the statement of profit or loss, namely the operating, investing, financing, discontinued operations and income tax categories. Entities are also required to present a newly-defined operating profit subtotal. Entities’ net profit will not change. – Management-defined performance measures (MPMs) are disclosed in a single note in the financial statements. – Enhanced guidance is provided on how to group information in the financial statements. In addition, all entities are required to use the operating profit subtotal as the starting point for the statement of cash flows when presenting operating cash flows under the indirect method. The Group is still in the process of assessing the impact of the new standard, particularly with respect to the structure of the Group’s statement of profit or loss, the statement of cash flows and the additional disclosures required for MPMs. The Group is also assessing the impact on how information is grouped in the financial statements, including the items currently labelled as “Others”. (ii) Other accounting standards The following amendments to SFRS(I)s are not expected to have a significant impact on the Group’s consolidated financial statements and the Company’s balance sheet. – Amendments to SFRS(I) 1-21: Lack of Exchangeability – Amendments to SFRS(I) 9 and SFRS(I) 7: Amendments to the Classification and Measurement of Financial Instruments – Annual Improvements to SFRS(I)s – Volume 11 – Amendments to SFRS(I) 9 and SFRS(I) 7: Contracts Referencing Nature-dependent Electricity 192 CapitaLand Investment Limited Key Management LEE CHEE KOON Group Chief Executive Officer Chee Koon is the Group CEO of CapitaLand Investment (CLI), a position he has held since the company’s listing in September 2021. Prior to that, he was the President and Group CEO of CapitaLand Group (CapitaLand) from 2018 to 2021. During his tenure as Group CEO of CapitaLand, Chee Koon led the strategic merger between the company and AscendasSingbridge in 2019. This merger bolstered CapitaLand’s presence in the business park, industrial and logistics segments, as well as its fund management and lodging management platforms. This merger also made CapitaLand one of the largest diversified real estate companies in Asia and laid the groundwork for its subsequent corporate restructuring in 2021 that advanced CLI’s position as a global real asset manager with more than S$100 billion in funds under management (FUM) and S$134 billion in assets under management (AUM) across over 40 countries. Chee Koon joined CapitaLand in 2007 and held several appointments within the Group, including CEO of The Ascott Limited (Ascott) and Group Chief Investment Officer of CapitaLand, before becoming CapitaLand’s President and Group CEO. Chee Koon is the winner of the Singapore Business Awards 2022’s “Outstanding Chief Executive of the Year”. Chee Koon holds a Mechanical Engineering degree from the National University of Singapore. He also holds a Master of Science in Advanced Mechanical Engineering from Imperial College London, United Kingdom. ANDREW LIM Group Chief Operating Officer Andrew is the Group COO at CLI, responsible for management oversight of country operations. He also oversees CLI’s private capital markets team which is responsible for capital raising and product development. Prior to this appointment, Andrew was Group CFO of CLI from September 2021 to December 2022. Before that, he was Group CFO of the CapitaLand Group from 2017 to 2021, where he oversaw the Group’s finance functions and corporate-level mergers and acquisitions, including the landmark S$11 billion merger with Ascendas-Singbridge in 2019. He was a key architect in the successful restructuring of the CapitaLand Group in 2021. Before joining CapitaLand, Andrew was an investment banker at HSBC Bank for 12 years, rising to the position of Managing Director and Head of Southeast Asia Advisory Coverage, Real Estate and Hospitality. Andrew holds a Bachelor of Commerce degree and a Master of Business Administration from the Rotman School of Business at the University of Toronto. He is also a Chartered Financial Analyst charterholder. KEVIN GOH Chief Executive Officer, Lodging Kevin is the CEO of Lodging at CLI, responsible for growing the fee-related earnings of CLI’s lodging business. He was the CEO of Lodging for the CapitaLand Group prior to its restructuring. Under Kevin’s leadership, Ascott grew to be one of the world’s leading international lodging owneroperators with a portfolio that spans more than 220 cities across over 40 countries. In December 2019, Kevin played an instrumental role in merging the Ascott Residence Trust, now known as CapitaLand Ascott Trust, with the Ascendas Hospitality Trust, creating the largest hospitality trust in Asia Pacific. Kevin joined Ascott in 2007 and was based in China for over 10 years, where he served as Regional General Manager for South & East China, Vice President for Asset Management and Vice President for Corporate Services before moving to assume the role of Ascott’s Managing Director for North Asia in 2013, where he spearheaded Ascott’s investments and operations in China, Japan and Korea. Kevin holds a Bachelor of Mechanical Engineering (Honours) from the National University of Singapore and is a Chartered Financial Analyst charterholder. 193 Annual Report 2024
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