China Taiping Insurance Singapore Pte Ltd is committed to the establishment 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 as well as key business affairs.
Appointment of the Directors is decided by the Board and the Group’s Nomination Committee. The principal duties of the Board and the Group’s Nomination Committee include reviewing the Board composition, developing and formulating the relevant procedures for nomination and appointment of directors and ensuring the Board has a balance of adequate expertise, skills, experience and diversity.
The Board and the Group’s Remuneration Committee is responsible for the establishment of a formal and transparent procedure for developing the remuneration policies. Our own Remuneration Committee will base on the procedure established, develop our own remuneration policy and to determine the specific remuneration packages of all executive directors and Management. The Remuneration packages is determined by taking into consideration factors such as salaries paid by comparable companies, time commitment, responsibility, employment conditions elsewhere in the Group. Performance-based remuneration is reviewed and approved by reference to the corporate goals and objectives.