Corporate Governance

China Taiping Insurance Singapore Pte Ltd (“Company”) is committed to the establishment and maintenance of good standards of corporate governance practices, emphasizing our philosophy to creating values through diligent management. Our Board of Directors (“Board”) reviews its corporate governance practices from time to time with its commitment to excellence and to ensure its compliance with regulatory standards.

The Board is collectively responsible for overseeing the management of the business affairs and formulates the overall strategy for the Company. The Board ensures the adequacy of our risk management, external audit and internal audit functions; and reviews the Senior Management Team (“Management”)’s performance. The Board delegates to the Management the responsibility of the execution of strategic plans and the management of daily operational matters. The Management regularly reports to the Board on the financial performance of the Company as well as key business affairs.

The Board has established the Strategic and Investment Committee (“Board SIC”), which aims to support the Board to enhance the Company’s strategies and basis of the company’s strategic decisions. The Board has also established the Audit and Risk Committee (“Board ARC”), with clear terms of reference to assist it to effectively carry out oversight on risk management and audit matters.

Finally, the Board Nomination and Remuneration Committee (“Board NRC”) evaluates the skills, experiences and qualifications of the directors and review the appointment of the directors. The key responsibilities of the Board NRC include evaluating the performance of the Board, the Board committees and each director annually, and reviewing the independence and qualification of our independent non-executive directors, including the composition of the Board and its committees. In assuming its renumeration committee role, the Board NRC proposes the renumeration packages for our directors. The Board NRC role will also review the remuneration structure of Management members and ensure a fair remuneration plan for the Company’s employees. Performance-based remuneration is reviewed and approved with reference to the Company’s corporate goals and objectives.

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