NTUC Income AR 2017

CORPORATE GOVERNANCE Remuneration of Non-Executive Directors The honoraria payable to non-executive directors in 2017 was approved at the last AGM as follows: Base Fee $37,100 Appointment Fee Chairman $36,500 Deputy Chairman/Chairman of Audit, Risk Management, Investment, Human Resource & Remuneration and Nominating Committees $33,000 Member of Audit, Risk Management or Investment Committee $23,500 Member of Human Resource & Remuneration or Nominating Committee $9,000 Each director will be paid a fee based on the base fee and the two highest appointments he or she holds, regardless of the number of appointments. The director’s fee is pro-rated for new directors who come on board based on the period of service. Non-Executive Directors’ Remuneration for 2017 Name of Director Directors’ Fee Stephen Lee $73,600.00 Kee Teck Koon $93,600.00 Sung Cheng Chih $103,100.00 Richard Shermon $84,100.00 Heng Chee How $60,600.00 Choong Tuck Oon $74,378.10 Lau Wing Tat $79,100.00 Pang Wai Yin $76,666.58 Joy Tan $45,383.00 Sim Hwee Hoon $41,950.70 Audrey Chin (1) $27,840.00 Philip Eng (1) $28,040.00 Kevin Scully (2) $34,331.23 Hri Kumar Nair (3) $8,467.40 (1) Retired from the Board on 26 May 2017 (2) Resigned from the Board on 29 May 2017 (3) Resigned from the Board on 20 Feb 2017 Immediate Family Member of Directors The Co-operative did not employ any immediate family member of a director in 2017. Remuneration of Key Executives The Corporate Governance Guidelines recommend that the remuneration of at least the top five key executives be disclosed within bands of $250,000. After careful consideration, the Board has decided not to disclose information on the remuneration of the top five key executives as the disadvantages to the Co-operative’s business interests would far outweigh the benefits of such disclosure in view of the disparities in remuneration in the industry and the competitive pressures that are likely to result from such disclosure. ANNUAL REPORT 2017 NTUC INCOME INSURANCE CO-OPERATIVE LIMITED 24