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Board of Directors

Board Committees

Senior Management Committee

Communication with Shareholders

Independent Internal Audit

Effective Internal Control and Risk Management

Corporate Governance Activities

Competitive Remuneration System

Corporate Governance

SembCorp Industries’ corporate governance principles are built on our core values of integrity and commitment. They reflect our strong belief in protecting and enhancing shareholder value in a sustainable way. We firmly believe that the professionalism, integrity and commitment of our Board Members and employees, supported by a sound system of policies, practices and internal controls are the cornerstones that will enable us to preserve long-term value and returns for our shareholders.

This report outlines SembCorp Industries’ corporate governance processes and activities for the
financial year.

Board of Directors

Effective Board to Lead and Effect Controls
The key responsibilities of the Board include:

Providing entrepreneurial leadership and strategic directions to the Group, including approvals for major investments, divestments, restructurings, material contracts and matters of significance;
Overseeing the businesses and affairs of the Group and monitoring the performance of Management against pre-agreed targets;
Assuming full responsibility for the corporate governance framework of the Group and providing oversight in the proper conduct of the Group’s businesses; and
Being responsible to shareholders for the performance of the Group and ensuring adequate returns to shareholders.

The Board schedules four meetings a year to review and discuss reports by Management on the performance of the Group, its plans and prospects. Additional Board Meetings are also held to deal with ad-hoc matters of significance as well as immediate issues facing the Group. A total of nine Board Meetings were held in the year and we achieved an average of 67% Board attendance in the year.

The Board has adopted a set of internal controls which sets out approval limits for capital expenditure, investments and divestments, bank borrowings and cheque signatories arrangements at the Board level. Approval sub-limits are also provided at Management
level to facilitate operational efficiency.

To give effect to the efficient discharge of its responsibilities and to provide independent oversight of Management, the Board has established a number of Board Committees, including an Executive Committee, Audit Committee, Executive Resources & Compensation Committee, Nominating Committee, Budget Committee and Risk Committee. These key committees are primarily made up of independent or non-executive directors. Other ad-hoc committees can be formed from time to time to look into specific areas as and when the need arises.

Membership in the different committees is carefully managed to ensure that there is equitable distribution of responsibilities among Board Members, to maximise the effectiveness of the Board and foster active participation and contribution. Diversity of experiences and appropriate skills are also considered. There is a need also to ensure that there are appropriate checks and balances between the different committees. Hence, membership of the Budget and Executive Committees, with their greater involvement in key business and executive decisions, and the membership of the Audit and Risk Committees with their respective oversight roles, is mutually exclusive.

Strong and Independent Board Exercising Objective Judgment
The Board comprises 11 directors, 10 of whom are non-executive directors. The Board’s Chairman is Mr Peter Seah Lim Huat. Mr Wong Kok Siew remained the sole executive director, as the Board’s Deputy Chairman and the Chief Executive Officer (CEO) of the Company, until his demise in February 2005.

Membership of the Board is diverse, comprising business leaders, current or retired CEOs, professionals with financial backgrounds, a practising lawyer and members of the public sector. Profiles of the Directors are found on pages 16-17 of this Annual Report. The Board is favourably composed of a majority of non-executive directors, independent of management and independent in terms of character and judgment. This enables the Management to benefit from an external and objective perspective on issues that are brought before the Board.

The Board considers non-executive Director, Mr K Shanmugam, an independent non-executive director, although he has a relationship with the Company by virtue of his position as a senior partner of Allen & Gledhill rendering professional services to the Company. Notwithstanding this relationship, the Board assesses him as an independent director due to his manifest ability to exercise strong independent judgment in his deliberations in the interests of the Company.

The Board Members for 2004 were:
Name of Director Position held
Date of first
Date of last
Nature of
  on the Board appointment re-election as Director Appointment
    on the Board    
Peter Seah Lim Huat Chairman 29 July 1998 31 May 2002 Non-executive/
Wong Kok Siew Deputy Chairman 23 June 1998 26 May 2003 Executive/
(deceased on 16 February, 2005)       Non-Independent
Lua Cheng Eng Director 29 July 1998 26 May 2003 Non-executive/
K Shanmugam Director 29 July 1998 30 April 2004 Non-executive/
Tetsuro Kawakami Director 30 March 1999 30 April 2004 Non-executive/
Goh Geok Ling Director 3 May 2000 30 April 2004 Non-executive/
Richard Hale OBE Director 1 Sept 2000 30 April 2004 Non-executive/
Yong Ying-I Director 26 May 2003 30 April 2004 Non-executive/
Vichit Suraphongchai Director 21 July 2003 30 April 2004 Non-executive/
Colin Au Fook Yew Director 30 April 2004 N/A Non-executive/
Evert Henkes Director 30 April 2004 N/A Non-executive/

Formal Appointment and Re-election of Directors
SembCorp Industries believes that all directors should be submitted for re-election at regular intervals, subject to continued satisfactory performance. The CEO, while also a Board Member, is also subject to retirement and re-election by shareholders as part of board renewal. The nomination and election of Board Members is the prerogative and proper right of all shareholders and the Board ensures the planned and progressive refreshing of its members.

The Company’s Articles of Association require one-third of Directors to retire and subject themselves to re-election by shareholders at every Annual General Meeting (AGM) (“one-third rotation rule”). In other words, no Director stays in office for more than three years without being re-elected by shareholders.
In addition, a newly-appointed Director will submit himself for retirement and election at the AGM immediately following his appointment. Thereafter, he is subject to the “one-third rotation rule”.

The Board does not believe it is possible to compile a list of criteria which are appropriate to characterise, in all circumstances, whether a non-executive director is independent. It is the approach and attitude of each non-executive director which is critical. The Board aims for diversity of knowledge and experience among its members in relation to the various businesses of the Group and the international nature of the Group. The Board through the delegation of its authority to the Nominating Committee, has used its best efforts to ensure that Directors appointed to the Board possess the background, experience and knowledge of technology, business, finance and management skills critical to the Company’s businesses and that each Director with his special contribution brings to the Board an independent and objective perspective to enable balanced and well-considered decisions to be made.
The boards of companies within the SembCorp Group are periodically renewed to ensure strong and sound leadership at the board level to enable a refreshing of talent as well as encourage dynamics of an independent and balanced board composition.

Clear Division of Responsibilities at the Top
There is a clear separation of the roles and responsibilities between the Chairman and the CEO of the Company. The Chairman Mr Peter Seah Lim Huat, and the late CEO, Mr Wong Kok Siew were not related to each other.

The Chairman, who is non-executive, is responsible for the leadership of the Board, ensuring its effectiveness on all aspects of its role and setting its agenda. He acts independently in the best interests of the Company and shareholders. Meanwhile, the CEO is charged with the executive responsibility of the running of the Company’s business. The Chairman facilitates the contribution of non-executive directors in particular and ensures constructive relations between executive and non-executive directors. He also ensures that the members of the Board work together with the Management in constructive debate on various matters, including strategic and operational issues.

Board Performance and Conduct of its Affairs
Active Participation and Valuable Contributions are Key to Overall Effectiveness of the Board

To ensure that our Directors are well-equipped and trained, Directors’ training needs are addressed by Management. Newly-appointed Directors are given briefings by the Management, and facility visits to Strategic Business Units’ (SBU) premises are arranged to enable Directors to acquire an understanding of the Company and the business activities of the Group and its strategic directions. Two in-depth orientation programmes and facility visits were conducted on May 11 and August 12, 2004 for Directors to familiarise them with the Company’s core businesses and strategic plans and objectives.

Changes to regulations and accounting standards are monitored closely by Management. To keep pace with regulatory changes, where these changes have an important bearing on the Company’s or Directors’ disclosure obligations, Directors are briefed either during Board meetings, or at specially-convened sessions, including at trainings and seminars conducted by external professionals. Two of the Company’s independent Directors attended the Corporate Governance Dialogues and New Director’s Orientation Dialogue organised by the Conference Board Global Corporate Governance Research Center in New York on June 15 and 16, 2004. The programme provided the Directors with a comprehensive overview of the global corporate governance practices.

Where necessary, further external advice and consultations are made available to Directors to ensure that full information and advice are available before important decisions are made by the Board. All the issues are actively debated by the Board and properly recorded.

Informal reviews of the Board’s performance are undertaken on a continual basis by the Nominating Committee with inputs from the other Board Members and the CEO. The Board is constantly renewed to ensure strong, independent and sound leadership for the continued success of the business and the Company.

Full Access to Information and Resources
Directors have Complete, Adequate and Timely Information and Resources

Management provides adequate and timely information to the Board on board affairs and business issues that require the Board’s decision as well as on-going reports relating to operational and financial performance of the Group. Where a physical Board Meeting is not possible, timely communication with members of the Board is effected through electronic means which include electronic mail, teleconferencing and videoconferencing. Alternatively, Management will arrange to personally
meet and brief each Director before seeking the Board’s approval.

The Board has separate and independent access to the CEO, members of Senior Management and the Group Company Secretary at all times. The Board also has access to independent professional advice where appropriate.

Likewise, the Audit Committee must also meet the external and internal auditors separately at least once a year, without the presence of the CEO and other Senior Management members, in order to have free and unfiltered access to information that it may require.
The Group Company Secretary assists the Chairman with the preparation of meeting agendas and attends and prepares minutes of Board proceedings, ensuring good information flows within the Board and its Committees. She assists the Board on the compliance by the Company with its Memorandum and Articles of Association, laws and regulations, including requirements of the Companies Act, Securities Futures Act and the Singapore Exchange Securities Trading Limited (SGX-ST). She is also the primary channel of communication between the Company and the SGX-ST, the Accounting and Corporate Regulatory Authority and shareholders. The Group Company Secretary actively assists the Board to upkeep and implement corporate governance best practices across the Group.

Board Committees
The Company has six Board Committees:

a) Executive Committee;
b) Audit Committee;
c) Executive Resource & Compensation Committee;
d) Nominating Committee;
e) Budget Committee;
f) Risk Committee

The Executive Committee (ExCo)
The ExCo provides overall strategic direction to Management and approves policies and detailed strategies for the Group. It reviews and approves major investments recommended by Management and recommends larger investments to the Board in accordance with the internal financial authority limits stipulated by the Board. The Committee also reviews and monitors the financial performance and progress of the Group.

The ExCo is chaired by Mr Peter Seah Lim Huat and its members are Mr Wong Kok Siew (deceased on February 16, 2005) and Mr Goh Geok Ling. It generally met once a month with full attendance of the Committee Members.

The Audit Committee (AC)
The AC comprises three independent directors: Mr Lua Cheng Eng as Chairman, Mr K Shanmugam and Mr Richard Hale OBE as members. During the year under review, the AC held six meetings. Members of the AC participated actively at meetings either by attendance or through teleconferencing.

The main responsibility of the AC is to review with the External Auditors, Internal Auditors and Management, the Company’s policies and control procedures, interested person transactions, as well as any matters or issues that affect the performance of the Group. The AC reviews the quarterly, half-yearly and annual results announcements as well as the financial statements of the Group and Company before they are submitted to the Board for approval. The Committee also recommends the appointment of the Company’s External Auditors.

The AC meets with the External and Internal Auditors, without the presence of Management, at least once a year to review the cooperation and assistance given by Management to them.

The AC has reviewed the non-audit services provided by the External Auditors to the Group, excluding its listed subsidiaries, SembCorp Logistics and SembCorp Marine, who have their respective audit committees. The AC is satisfied that the provision of the non-audit services by the External Auditors did not impair their independence as External Auditors.

The Executive Resource & Compensation Committee (ERCC)
The ERCC is chaired by Mr Peter Seah Lim Huat and its members are Mr Goh Geok Ling and Mr K Shanmugam. The ERCC oversees executive compensation and development with the aim of building capable and committed Senior Management through focused management and progressive policies which can attract, motivate and retain talented executives to meet the current and future needs of the Company.

The ERCC reviews and approves remuneration and promotion of key executives as well as to decide on issues pertaining to their development and succession. The ERCC also establishes guidelines on share options and other long-term incentive plans and approves the grant of such incentives to key executives. The underlying philosophy is to motivate executives to maximise operating and financial performance and shareholder value.

The ERCC conducts, on an annual basis, a succession planning review of the CEO, all his direct reports, and selected key positions in the Company. Potential internal and external candidates for succession are reviewed for different time horizons of immediate, medium-term and longer-term needs. The ERCC reviews the remuneration of its non-executive directors, executive director and senior executives, as well as major human resource management and compensation policies and practices for the rest of the Group.

While the Chairman of the ERCC is not regarded as independent within the context of the definition of “independence” in SGX-ST’s Code of Corporate Governance, he is a non-executive director independent of Management with a clear separation of his role from Management in deliberations of the ERCC. The ERCC has access to expert professional advice on human resource matters whenever there is a need to consult externally. In its deliberations, the ERCC takes into consideration industry practices and norms in compensation. The CEO is not present during the discussions relating to his own compensation, terms and conditions of service, and the review of his performance.

The ERCC held three meetings in the year and achieved an average of 89% attendance.

Nominating Committee (NC)
The NC is chaired by Mr Peter Seah Lim Huat and its members are Mr Goh Geok Ling and Mr K Shanmugam.

The primary purpose of the NC is to support and advise the Company, its major subsidiaries and, where applicable, associated companies by nominating suitable candidates who are best able to discharge their responsibilities as directors having regard to the law and the high standards of governance practised by the Group and evaluating the balance of skills, knowledge and experience of these boards. Appointments to these boards are made on merit, and against objective criteria. The NC takes care to ensure that appointees have enough time available to devote to their directorship roles.

Budget Committee (BC)
The BC comprises Ms Yong Ying-I as Chairman, and Mr Wong Kok Siew (deceased on February 16, 2005) and Dr Vichit Suraphongchai as members.

The BC implemented a planning cycle focusing on different initiatives in each quarter. Activities involved the quarterly and half-yearly review of financial results in relation to the budget, strategic initiatives and a five-year outlook of each main subsidiary, as well as the annual budget plans and initiatives.

Risk Committee (RC)
The RC comprises three members, namely Mr Lua Cheng Eng as the Chairman, and Mr Richard Hale OBE and Mr K Shanmugam as members.

The primary role and function of the RC is to assist the Board of Directors in fulfilling its oversight responsibilities by reviewing:

The adequacy and effectiveness of the risk; management plans, systems, processes and procedures of the Group;
Group-wide risk policies, guidelines and limits; and
The risk portfolio and risk levels including the treatment of identified risks.

The RC held five meetings in the year and all members of the RC participated actively at all the meetings either by attendances or through teleconferencing.

Board Composition and Committees
Board Members Executive
Executive Nominating Budget
  Committee Committee Resource & Committee Committee Committee
Peter Seah Lim Huat Chairman   Chairman Chairman    
Wong Kok Siew (deceased) Member       Member  
Lua Cheng Eng   Chairman       Chairman
K Shanmugam   Member Member Member   Member
Tetsuro Kawakami            
Goh Geok Ling Member   Member Member    
Richard Hale OBE   Member       Member
Yong Ying-I         Chairman  
Vichit Suraphongchai         Member  
Colin Au Fook Yew            
Evert Henkes            

Senior Management Committee
During the year, the Company’s late Deputy Chairman and CEO Mr Wong Kok Siew chaired monthly Management Committee meetings comprising all the CEOs and Senior Management executives in the Group. At these meetings, the operating and financial performance of each of the businesses were reviewed and direction given to the relevant management for follow-up action. Such forums provided discussive platforms to discuss market trends, specific developments in the competitive landscape affecting the Group’s businesses, including areas of synergies and collaborations and dissemination of new policy matters.

The respective functional Divisional Heads in the Company also chair regular discussion forums for their respective key functional staff across the Group. Such discussion groups aim at ensuring consistency of policies and sharing of developments in the relevant areas of discipline across the Group. Examples include the Chief Financial Officers Forum chaired by the Group Chief Financial Officer, the Group Legal Counsel Forum chaired by the General Counsel, the Group Human Resource Forum by chaired the Director, Group Human Resource and the Chief Risk Officers Forum chaired by
the Group Chief Risk Officer.

Communication with Shareholders
Regular, Effective and Equal Treatment of Shareholders

We believe that our shareholders must be given a fair and accurate view on the affairs of our Company on an ongoing basis. They are entitled to timely and complete information on financial data and material developments, as well as an understanding of our business directions and prospects.

All SembCorp Industries’ price-sensitive information is disseminated publicly so as to be available to all shareholders at the same time and not on a selective basis. Financial and other performance data is given for the Group as well by business unit or division where appropriate. This allows our shareholders better insight into the earnings drivers within SembCorp Industries.

During the release of earnings results, the press release on the results announcement is first released by SGXNET onto the SGX website. Thereafter a briefing or teleconference by Management is held jointly for the media and analysts. All materials used at the briefing, including the presentation slides, are made available on SGXNET as well as the Company website

Following any release of earnings or price-sensitive developments, our Investor Relations staff are available by e-mail or telephone to answer questions from shareholders and the media as long as the information requested does not conflict with the SGX’s rules of fair disclosure.

Greater Shareholder Participation at General Meetings
The Company recognises that good corporate governance requires active participation of shareholders in the decision-making at the General Meeting of Shareholders. We encourage shareholder participation at General Meetings. Information on meetings of shareholders are made through notices published in the newspaper and reports or circulars sent to all shareholders. If any shareholder is unable to attend, he is allowed to appoint up to two proxies to vote on his behalf at the meeting through proxy forms sent in advance.

The Chairman, CEO, as well as the chairman of the AC are also present together with the Group Chief Financial Officer, the Group Company Secretary and our External Auditors to answer questions raised by shareholders. Minutes of shareholder meetings are available on request by registered shareholders.

For further details on SembCorp Industries’ communications with its shareholders, see the “Investor Relations” section of the Annual Report.

Dealings in Securities
The Company has adopted a Code of Compliance on Dealing in Securities, which prohibit dealings in the Company’s securities by its officers during the period commencing two weeks prior to the announcement of the Company’s quarterly results. Directors and executives are also expected to observe insider trading laws at all times even when dealing in securities within the permitted trading period.

Interested person transactions
Shareholders have adopted a Shareholders’ Mandate (Mandate) in respect of interested person transactions of the Company. The Mandate sets out the levels and procedures to obtain approval for such transactions. Information regarding the Mandate are available on the Company’s website, All SBUs are required to be familiar with the Mandate and report any such transactions to the Company’s Group Finance department (GF). GF keeps a register of the Company’s interested person transactions to capture all interested person transactions to fullfill reporting requirements as stipulated by Chapter 9 of the SGX Listing Manual. Information on interested person transactions for 2004 is found in page 254.

Independent Internal Audit
Independent Internal Audit Function

The internal audit function of the Group is provided by the Group Internal Audit department (GIA). GIA adopts a risk-based methodology in defining its annual internal audit plan. The plan is reviewed and approved by the Audit Committee. The internal audits performed are aimed at assisting the Board and Management in the discharge of their corporate governance responsibilities, as well as to improve and promote effective and efficient business processes within the Group.

To ensure that the internal audits are performed by competent professionals, GIA employs qualified staff. In order that their technical knowledge remains current and relevant, GIA identifies and provides training and development opportunities to the staff.

GIA directly reports to the AC Chairman on audit matters and administratively to the CEO.

Effective Internal Control and Risk Management
The Board and Management of the Company are fully committed towards establishing a robust system of internal controls and risk management. A Board Risk Committee oversees the effectiveness of Enterprise Risk Management (ERM) systems and practices for the Group and the Deputy Chairman & CEO provides leadership and direction for the Group’s ERM initiatives.

Supported by the Group Risk Management department, a Senior Management level Risk Review Committee at the Company initiates the review of the Group-wide risk profiles, risk management policies and practices to create a strong risk management culture.

Across the Group, Chief Risk Officers have been appointed to assist their SBUs’ Presidents & CEOs to plan and monitor the implementation of the risk management infrastructure, systems and processes in the respective SBUs. Aligned to the goal of having a good risk management strategy as an integral part of the business, the SBUs are committed to, and responsible for, the following:

The setting up of their SBU’s board risk committee (or equivalent);
Securing SBU leadership support behind all risk management initiatives, including measures for risk management performance;
Committing adequate and effective resources towards risk management as well as raising the level of training and awareness across the SBU;
Establishing a system of check and balance, including external party reviews, where necessary;
Ensuring compliance with the Company’s and SBU’s established risk management policies, procedures and guidelines; and
Regular review of the effectiveness of SBU’s material internal controls, including financial, operational, compliance controls and risk management, by the External and Internal Auditors.

Corporate Governance Activities
On September 10, 2004, SembCorp Industries’ Group Legal Operations hosted its first ever in-house Corporate Governance Roundtable. The Roundtable examined the recent developments of corporate governance in Singapore companies, particularly among the Temasek-Linked Companies (TLCs). The focus of the Roundtable was to heighten alertness and awareness of the Group’s corporate governance drive and receive feedback on how to raise its standards.

Two eminent speakers addressed the Roundtable - Mr Jamie Allen, founding Secretary of the Asian Corporate Governance Association, and Dr Mak Yuen Teen, Co-Director of the Corporate Governance Financial Reporting Centre, NUS Business School. Two other renowned professionals in the corporate governance circle, Ms Kala Anandarajah, partner of Singapore law firm Rajah & Tann, and Mr Sudeep Roy from AIG Southeast Asia, SembCorp Industries’ primary D&O underwriter, were also invited as panelists for the Roundtable discussion.

Participants from the Group and other TLCs not only received insight into the ratings of Singapore companies as compared with other Asian companies but also benefited from the lively discussion on corporate governance practices among the 45 largest listed companies in Singapore.

Competitive Remuneration System
Remuneration of Directors Adequate and Not Excessive Competitive Reward System to Ensure Highest Performance and Retention of Best Talents and Key Executives

The CEO, as executive director, does not receive director’s fees. He is a lead member of Management.
His compensation consists of his salary, allowances, bonuses, restricted stocks, performance share awards conditional upon his meeting certain performance targets (details are available on page 163 of the Annual Report) and share options. Details on share options granted and its fair value are available on page 160 of the Annual Report, respectively.

Non-executive Directors have remuneration packages which consist of a director’s fee component pursuant to the Company’s Directors’ Fee Policy, an attendance fee component and a share options component pursuant to the Company’s Employee Share Option Plan. The Directors’ Fee Policy is based on a scale of fees divided into basic retainer fees as director and additional fees for attendance and service on board committees (details are available on page 252 of the Annual Report). Details on share options granted and their fair value are available on page 160 of the Annual Report, respectively.

The basis of allocation of the number of share options takes into account a Director’s contributions and additional responsibilities at board committees. The report on Directors’ Remuneration is found on page 252 of the Annual Report. We believe that our Directors are adequately compensated in line with market norms.

The Directors’ fees for 2004 is S$635,166 (S$675,321 in 2003) and is derived using the following rates:

Type of appointment The Company
i) Board of Directors  
  Basic fee 25,000
  Chairman’s allowance 35,000
  Vice Chairman’s allowance 20,000
ii) Executive Committee  
  Chairman’s allowance 30,000
  Member’s allowance 25,000
iii) Audit Committee  
  Chairman’s allowance 30,000
  Member’s allowance 20,000
iv) Risk Committee  
  Chairman’s allowance 25,000
  Member’s allowance 10,000
v) Executive Resource & Compensation Committee /
Nominating Committee
  Chairman’s allowance 25,000
  Member’s allowance 10,000
vi) Budget Committee  
  Chairman’s allowance 25,000
  Member’s allowance 10,000

Mr Wong Kok Siew (deceased on February 16, 2005), as an executive director,
did not receive director’s fees. Ms Yong Ying-I, as a public sector nominee,
receives a reduced allowance of S$10,000 for her chairmanship of the Budget Committee.


Key Executives are rewarded based on actual performance achieved relative to the pre-agreed performance targets which include financial and non-financial performance indicators. We believe that the current reward systems in the Group are in line with market norms formulated to motivate executives to give their best to the company.

Rewards include both short-term and long-term share-based awards which will further ensure the retention of the best talents and high performing executives in the Group.

The Company adopts an incentive compensation plan which is to tied to the creation of Economic Value Added (EVA), as well as to attainment of individual performance goals for its key executives. Individual incentive compensation is linked to the EVA created by the Group and its subsidiaries.

A “bonus bank” is used to hold incentive compensation credited in any year. Typically, one-third of the available balance is paid out in cash each year, with the balance being carried forward to the following year. Such carried-forward balances of the bonus bank may either be reduced or increased in future, based on the yearly EVA performance of the Group and its subsidiaries.

The Board has decided not to prepare a separate Remuneration Report as most of the information is found in the Directors’ Report.

Rather than set out the names of the top key executives who are not also Directors of the Company, we have shown the number of key employees in remuneration bands of S$250,000 from S$100,000 onwards, of the five key businesses’ CEOs, the CEO of Singapore Precision Industries, the Executive Chairman, SembCorp Parks Holdings, and the Group Chief Financial Officer. This should give a macro perspective of the remuneration profile in the Group, while maintaining the confidentiality of staff remuneration matters.

Remuneration Band for Key Executives
Remuneration Band (S$) No. of employees
1,750,000 and above 1
1,500,000 to 1,749,999 1
1,250,000 to 1,499,999
1,000,000 to 1,249,999 1
750,000 to 999,999 1
500,000 to 749,999 4
250,000 to 499,999
100,000 to 249,999