NTUC Income AR 2019

CORPORATE GOVERNANCE The RMC held four regular meetings during the year. It reviewed and discussed with management, the risk management strategy and plans forward, risk appetite, and Enterprise Risk Management framework, with the objective of further strengthening the Co-operative’s risk governance. The RMC reviewed and discussed amongst others, the Co- operative’s Own Risk and Solvency Assessment (ORSA), Risk Appetite Statement, capital and solvency management, business planning, regulatory developments, risk policies, risk reports and operational risk management. The RMC has also reviewed with management the measures implemented to improve the risk culture and awareness of the Co- operative. Nominating Committee The Nominating Committee (NC) comprises four members as follows: Chairperson Sim Hwee Hoon Members Kee Teck Koon Sung Cheng Chih Joy Tan The key duties and responsibilities of the NC are to: • Lead the process of appointing the key position holders, with the approval of the Board, as required under the ICGR • Formulate succession plans for the executive team and key roles such as Chairman and Chief Executive • Determine the criteria to be applied in identifying suitable candidates, and review nominations and re- nominations for appointments to the Board of Directors and Board Committees • Identify candidates and review all nominations for the appointment of the Chief Executive, Deputy Chief Executive, any actuary appointed with the approval of the MAS, Chief Financial Officer and Chief Risk Officer • Review the reasons provided by each director, each member of the Board Committees, the Chief Executive, Deputy Chief Executive, any actuary appointed with the approval of the MAS, Chief Financial Officer and Chief Risk Officer for his/her resignation from his/her appointment • Assess each candidate or nominee such that he/she is fit and proper for office and is qualified for the office, taking into account the candidate’s or nominee’s track record, age, experience, capabilities, skills and such other factors as may be deemed relevant • Recommend to the Board on the development of a process for the annual evaluation of the performance of the Board, Board Committees and directors • Assess the skills of the directors on an annual basis, and identify whether the Board or Board Committees lack any skills to perform their roles effectively, and identify steps to improve the effectiveness of the Board and Board Committees • Determine the independence of each director prior to every AGM, based on the definition and criteria set out in the provisions of the prevailing ICGR, including any amendment thereto • Review and assess, prior to every AGM, whether each existing director remains qualified for the office using the criteria set out in the provisions of the prevailing ICGR, including any amendment thereto, and to notify MAS in writing of the review and assessment • Decide whether a director with multiple board representations is able to and has been adequately discharging his or her duties, taking into account the number of board representations and other principal commitments • Recommend to the Board concerning the membership of the Board Committees • Review the adequacy of Board training and education ANNUAL REPORT 2019 25