The Board is committed to good corporate governance and has adopted policies pursuant to the principles and guidelines in the Code of Corporate Governance issued on 6 August 2018 and amended on 11 January 2023 (Code) and the Practice Guidance issued on 14 December 2023 (Practice Guidance), the Insurance (Corporate Governance) Regulations 2023 (CG Regulations) issued on 3 April 2013 and the Guidelines on Corporate Governance for Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers which are incorporated in Singapore issued on 9 November 2021 (CG Guidelines) by the Monetary Authority of Singapore (MAS). The Company has put in place an internal guide to ensure good corporate governance in its business practices and activities. The Company believes that it has complied with the spirit and intent of the Code, the Practice Guidance and the CG Guidelines and in areas where the Company's practices have deviated from the Code, the Practice Guidance and the CG Guidelines, rationale for the same is provided herein.
The Company aims to preserve and enhance shareholder value by ensuring high standards of corporate performance and accountability.
The Board is supported by specialised Board committees that enhance effectiveness of its oversight of the Company and supervision of Management. The matters delegated to each Board committee are set out in its respective terms of reference. The Board committees, namely the Audit Committee (AC), Nominating Committee (NC), Remuneration Committee (RC) and Investment Committee (INV), meet regularly to consider the audit and risk management processes, investments, remuneration, nominations and other relevant matters. A report on the proceedings of each committee meeting is presented at the subsequent Board meeting.