Board of Directors

Mr Ronald Ong was co-opted to the Board of NTUC Income Insurance Co-operative Limited on 23 August 2018 and formally elected as a non-independent non-executive director on 24 May 2019. He was appointed to the Board of Income Insurance Limited on 1 August 2022. He is the Chairman of the Board and Board Executive Committee. 

Mr Ong is the Chairman, SE Asia, at Morgan Stanley.  He has been with Morgan Stanley for over 20 years and has more than 30 years of experience as a banker with substantial experience in Mergers & Acquisitions and Financing as well as extensive client relationships in Singapore, Malaysia, Indonesia and Thailand.

Mr Ong is a Board Member of NTUC Enterprise Co-operative Limited as well as a Member of the Listings Advisory Committee, Singapore Stock Exchange.

Mr Ong graduated with a Bachelor of Business Administration from the University of Singapore in 1980 and was a Naval Officer with the Republic of Singapore Navy.

Ms Adeline Sum was appointed as a non-independent non-executive director to the Board of Income Insurance Limited on 3 November 2023. She is the Deputy Chairman and a member of the Nominating, Human Capital and Remuneration Committee and Board Executive Committee.

Ms Sum is CEO of NTUC Enterprise Co-operative Limited.

Since 1993, Ms Sum has served within the NTUC network of organisations. Up to 2001, she worked on key employment and employability issues to represent workers, including serving on the National Wages Council.  She has gone on to helm several NTUC social enterprises, including chief executive positions at NTUC Childcare (now NTUC First Campus), NTUC Choice Homes and Mercatus. 

Ms Sum was NTUC Enterprise' Deputy CEO between 2017 - 2023.  Between 2016 to 2019, she was concurrently Managing Director of NTUC FairPrice, overseeing business strategy and talent development. In 2022, she led the set-up of Tangram Asia Capital, NE’s corporate venture arm, and currently serves as its Executive Director. 

Ms Sum was a board member of ComfortDelgro Corporation between 2007 to 2023. 

Ms Sum holds a BA (Honours) in History from the National University of Singapore, and started her career in the Singapore Government’s Administrative Service.  She also holds an MBA from the Nanyang Technological University, and Master of Public Administration from Harvard University. She was conferred the Public Service Medal at the 2014 National Day Award.

Ms Joy Tan was elected to the Board of NTUC Income Insurance Co-operative Limited as an independent non-executive director on 26 May 2017. She was appointed to the Board of Income Insurance Limited on 1 August 2022. She is a member of the Audit Committee, Nominating, Human Capital and Remuneration Committee, and Board Executive Committee. Ms Tan is also the lead independent director on the Board.

At WongPartnership LLP, Ms Tan is the Co-Head of the Commercial & Corporate Disputes Practice, the Corporate Governance & Compliance Practice and the Financial Services Regulatory Practice. She is a Fellow of the Chartered Institute of Arbitrators, and sits on the panels of various professional tribunals, including the panel of arbitrators of the Singapore International Arbitration Centre (SIAC), the Law Society Disciplinary Tribunal appointed by the Honourable Chief Justice under the Legal Profession Act, and the Complaints and Disciplinary Tribunal of the Accounting & Corporate Regulatory Authority (ACRA). She also sits on the Executive Board of the Singapore Chapter of the Association of Certified Anti-Money Laundering Specialists (ACAMS).

Ms Tan is an independent director of PEC Limited.

In the not-for-profit sector, Ms Tan is the Chair of the Board of the Singapore Repertory Theatre, and is a director of the Singapore Chinese Cultural Centre.

Ms Tan graduated with First Class Honours from Cambridge University. In 1992, she was awarded the UK Council of Legal Education Prize at the Non-Vocational Bar Exam.

Ms Sim Hwee Hoon was elected to the Board of NTUC Income Insurance Co-operative Limited as an independent non-executive director on 26 May 2017. She was appointed to the Board of Income Insurance Limited on 1 August 2022. She is the Chairperson of the Nominating, Human Capital and Remuneration Committee and a member of the Sustainability Committee and Board Executive Committee.

Ms Sim was the Regional Chief Operating Officer of Private Wealth Management Asia in Morgan Stanley from 2010 to 2016. She was also the CEO of Morgan Stanley Asia International Limited, Singapore Branch, and sat on the Board of Directors of Morgan Stanley Asia International Limited.

Before Morgan Stanley, Ms Sim spent 12 years with JPMorgan Private Bank Asia. Her appointments included being the Asia Regional CFO from 2006 to 2010 and Asia Head of Risk Management from 1998 to 2006. She also sat on the Board of Directors of JPMorgan International Bank Limited (UK incorporated) and JPMorgan Securities Asia Private Limited.

Ms Sim currently holds directorships at Singapore Labour Foundation and Stashaway. Ms Sim is also appointed to the Central Co-operative Fund Committee by the Minstry of Culture, Community and Youth. In the social arena, Ms Sim serves as the President of the Board of YWCA of Singapore.

Ms Sim holds a Master of Finance degree from the Royal Melbourne Institute of Technology and an Honors degree in Bachelor of Accountancy from the National University of Singapore.

Ms Neo Chin was co-opted to the Board of NTUC Income Insurance Co-operative Limited on 15 April 2019 and formally elected as an independent non-executive director on 24 May 2019. She was appointed to the Board of Income Insurance Limited on 1 August 2022. She is a member of the Sustainability Committee and Board Executive Committee.

Ms Neo has over 30 years of investment experience in the global asset management sector. She is currently the Chief Investment Officer at the Singapore University of Technology and Design. Prior to the Singapore University of Technology and Design, she spent more than 20 years in GIC and held various senior direct investment and portfolio management roles. Her investment experience spans across endowment asset allocation, global fixed income, global treasury management, alternative investments, and fund-of-funds asset management.

Ms Neo graduated with a Bachelor of Business Administration (Honours) from the National University of Singapore. She has been a CFA charter holder since 1994.

Mr Vincent Lien was co-opted to the Board of NTUC Income Insurance Co-operative Limited on 3 October 2019 and formally elected as an independent non-executive director on 26 June 2020. He was appointed to the Board of Income Insurance Limited on 13 October 2021. He is a member of the Audit Committee.

Mr Lien is currently Managing Director of Lien Properties Private Limited, and a director of Lien Ying Chow Private Limited, and Wah Hin & Company, among others. He has over 20 years’ experience in banking, specializing in corporate finance and capital management in Hong Kong, the PRC, Singapore and South-east Asia. Prior to his retirement, he held various senior positions at major multinational banking institutions including Swiss Bank Corporation, Bankers Trust and ABN AMRO. He is a Council Member of the Lien Ying Chow Legacy Fellowship. He is also Income’s nominee director on the boards of FFMC Holdings Pte Ltd and Fullerton Fund Management Company Ltd.

Mr Lien graduated with a Bachelor’s degree in Business Administration from the University of New Brunswick in 1986. He was awarded an honorary Doctorate in Business Administration in 2018 by HyupSung University.

Mr Robert Charles was elected as an independent non-executive director of NTUC Income Insurance Co-operative Limited on 26 June 2020. He was appointed to the Board of Income Insurance Limited on 1 August 2022. He is the Chairman of the Risk Management Committee and a member of the Digital & Technology Committee and Board Executive Committee.

Mr Charles is currently Head of Actuarial at Coherent, a global technology company originally founded in Hong Kong, that provides digital solutions to financial services companies. He is an actuary with a background in health, retirement and investment. Mr Charles spent most of his career in consulting. He served as the Asia Pacific CEO of Towers Watson, a leading global risk and human capital management firm. He then built the Hong Kong business of CXA Group, a Singapore startup that provides insurance technology to employers and financial institutions.

Mr Charles obtained a First Class Honours degree in Mathematics from the University of Oxford in 1987. He is a Fellow of the Institute of Actuaries, UK.

Mr Mak Keat Meng was elected as an independent non-executive director of NTUC Income Insurance Co-operative Limited on 26 June 2020. He was appointed to the Board of Income Insurance Limited on 1 August 2022. He is the Chairman of the Audit Committee and a member of the Risk Management Committee.

Mr Mak has over 37 years of experience in auditing and advisory with Ernst & Young LLP. During this period, he has held various leadership positions such as Head of Audit for Singapore & ASEAN, Quality Enablement Leader, and Head of Japanese Business Services. Mr Mak has deep domain knowledge of the insurance business in Singapore and was previously the Chairman of the Insurance Committee of ISCA. Mr Mak is also an independent director of Mapletree Pan Asia Commercial Trust.


Mr Mak graduated with a Bachelor of Commerce from the University of Auckland in 1982. He also holds a Master of Business Administration from International Management Centre (UK). He is a Fellow of Chartered Accountants, Australia and New Zealand, a Fellow of the Association of Chartered Certified Accountants, and a Fellow of Institute of Singapore Chartered Accountants (ISCA). He was a recipient of the Pingat Bakti Masyarakat (PBM) in 2015 for his contribution to the public service in Singapore.

Dr Chen Peng was co-opted to the Board of NTUC Income Insurance Co-operative Limited on 21 September 2020 and was formally elected as an independent non-executive director on 28 May 2021. He was appointed to the Board of Income Insurance Limited on 1 August 2022. He is a member of the Risk Management Committee and Digital & Technology Committee. 

Dr Chen was the Chief Executive Officer, Asia ex-Japan, of Dimensional Fund Advisors (DFA) from July 2012 to Nov 2019. He was responsible for all aspects of DFA’s Asia business, overseeing business strategy and development, client servicing and portfolio management. Prior to joining DFA, he was with Morningstar where he held various roles over 15 years, including President of Morningstar Investment Management Division, Chief Investment Officer, and Head of Research and Consulting. His clients included insurance companies and pension funds (including manager selection for CPF).

Dr Chen’s other appointments include Adjunct Professor at the Chinese University of Hong Kong and the Harbin Institute of Technology in China. He is a member of the Advisory Council of the Centre for Asset Management Research and Investments, National University of Singapore. He is also Income’s nominee director on the boards of FFMC Holdings Pte Ltd and Fullerton Fund Management Company Ltd.

Dr Chen graduated with a Master of Science in Consumer Economics from the Ohio State University in 1995 and holds a PhD from the same university which he obtained in 1997. 

Mr Richard Koh was elected as an independent non-executive director of NTUC Income Insurance Co-operative Limited on 28 May 2021. He was appointed to the Board of Income Insurance Limited on 1 August 2022. He is the Chairman of the Digital & Technology Committee and a member of the Risk Management Committee.

Mr Koh is currently the Chief Technology Officer of Microsoft ASEAN, Global Partner Solutions. In this role, he leads the technology strategy of the Microsoft ASEAN partners ecosystem, helping partners leverage relevant technology innovations for their digital transformation in creating new products and services with Microsoft technologies.

Mr Koh’s career was built largely with HP and Microsoft, with a short stint with Singtel. His past professional experience spans the Asia and North America regions, as well as in multiple functional areas including R&D, IT, product management, marketing, business development and sales operations. He is deeply passionate about the promises that the Internet, Cloud and AI can bring to communities and countries.

Mr Koh is currently also serving on the Board of Directors of Singapore’s Ministry of Home Affairs’ Home Team Science & Technology Agency (HTX), Ministry of Culture, and Community & Youth’s National Heritage Board (NHB). He also serves on Sentosa Development Corporation’s Digital Transformation Advisory Panel and was the past chairman of SGTech’s AI & HPC Chapter.

Mr Koh graduated from the National University of Singapore with a Bachelor’s of Science in Computer Science & Information Systems.

Mr Craig Ellis was appointed to the Board of Income Insurance Limited as an independent non-executive director on 12 October 2022. He is a member of the Audit Committee and the Nominating, Human Capital and Remuneration Committee. 

A Chartered Accountant, Mr Ellis has over 40 years of experience in the financial services industry, mainly in insurance covering general, life, and health, but also in banking. He brings substantial and broad international experience having worked in Australia, Europe, and Asia. He retired in December 2021 as the Chief Executive Officer of MSIG Insurance. From March 2020 to December 2021 Mr. Ellis served as President of the General Insurance Association (GIA) of Singapore.

Prior to joining MSIG, Mr Ellis was the Chief Executive Officer of Charles Monat Associates Pte Ltd in Singapore. He commenced his career with KPMG before serving in a succession of increasingly senior positions with Bank of America, Allianz and Old Mutual International.

Mr Ellis is an independent non-executive Board member for the RACT Insurance Pty Ltd, an Australian company.

He graduated with a Bachelor of Commerce degree from the University of New South Wales and has participated in an executive leadership program by INSEAD.

Mr Chew Sutat was appointed to the Board of Income Insurance Limited  as an independent non-executive director on 21 October 2022. He is the Chairman of the Sustainability Committee and a member of the Board Executive Committee. 

Mr Chew retired from Singapore Exchange (SGX) in July 2022. He was senior managing director and a member of SGX’s executive management team for 14 years. On his watch the exchange transformed from an Asian Gateway to a global multi asset exchange. As Head of Global Sales and Origination, he led SGX’s equity and debt capital market teams in developing private-to-public capital raising solutions for companies.

Prior to SGX, Mr Chew had senior roles at Standard Chartered Bank, OCBC Securities and DBS Bank, where he held varying portfolios in strategic planning and business development for institutional banking and private clients. He founded Shan De Advisors in September 2021 and serves as a non-exec board member of NTUitive, the Innovation and Enterprise Company of Nanyang Technological University. He is a Fellow of Singapore Institute of Directors and the Institute of Banking and Finance Singapore (IBF) and was awarded Global Investor Asia Capital Markets Lifetime Achievement Award in 2021.

 In the social arena, Mr Chew serves on the Board of National Council of Social Service (NCSS) and Chairman of Community Chest. He is Patron of Kaki Bukit Citizens’ Consultative Committee with initial grassroots experience in 1996.

Mr Chew graduated with a Bachelor of Arts (First Class Honours) degree in Philosophy Politics & Economics (PPE) from Oxford University and holds a Master of Arts degree from Oxford.