OVERVIEW PERFORMANCE SUSTAINABILITY FINANCIALS APPENDIX (ii) Long-Term Incentive Plan This is a long-term incentive plan introduced in 2021 which is designed to motivate, reward, and retain higher performing employees by incentivising the long-term commitment of such employees. The NRC takes into account business performance and individual performance to determine the eligibility and the quantum payable. NON-EXECUTIVE DIRECTORS Non-Executive Directors make up a majority of the Board. With their experience and expertise in their respective fields, they provide valuable advice and guidance to the Board. In addition, they also provide an independent check on Management. The Executive Chairman and CEO works together with the Non-Executive Directors to build a sustainable business and the long-term success of the Company. EXECUTIVE CHAIRMAN AND CEO The Executive Chairman and CEO is responsible for providing the Group with strong leadership and leading the Board in discharging its duties effectively. He also ensures the effective functioning of the Board in all aspects of its role. He facilitates the relationship and information flow within and between the Board and Management, sets the agendas for Board meetings with inputs from Management, ensures sufficient allocation of time for thorough discussion of each agenda item at Board meetings, and engages the Board and Management in effective discussions. The Executive Chairman and CEO also promotes an open environment for deliberation and ensures that the Board meetings are conducted objectively and professionally, where all views are heard and debated in a fair and open manner. At the same time, the Executive Chairman and CEO also monitors followup to the Board’s decisions and ensures that such decisions are translated into executive actions. In addition, the Executive Chairman and CEO works with the Board, the Board Committees and Management to establish risk limits undertaken by the Group and, at the same time, promotes high standards of integrity and corporate governance. He also provides leadership, guidance and advice to Management, particularly with regard to the Group’s growth strategy and developments. The Executive Chairman and CEO, assisted by Management, makes strategic proposals to the Board and, after robust Board discussions, executes the agreed strategies and policies, manages and develops the Group’s businesses and implements the Board’s decisions. The Executive Chairman and CEO is responsible for effectively managing and supervising the day-to-day business operations, reporting to the Board on all aspects of the operations and performance, managing and cultivating good relationships with all stakeholders and ensuring effective communication with the stakeholders. All major proposals and decisions relating to the business of the Group made by the Executive Chairman and CEO are reviewed jointly and collectively by the Board. As such, there is a balance of power and authority and no one individual controls or dominates the decision-making process of the Company. The Co-Vice Chairmen have the duty to provide leadership in situations where the Executive Chairman and CEO faces any real or perceived conflict of interest. The Co-Vice Chairmen are also available to shareholders of the Company should they have concerns and for which contact through the normal channels has failed or is inappropriate. This ensures effective oversight, appropriate balance of power and increased accountability. ACCOUNTABILITY AND AUDIT The Group believes that strict compliance with statutory reporting requirements and the adoption of good business practices are imperative to maintaining confidence and trust in the Group and, at the same time, delivering sustainable value to its stakeholders. The Board regularly receives operational and financial reports regarding the Group’s performance, which includes key performance indicators, variance analyses, property updates, strategic and business highlights, and key developments to enable it to keep abreast and make a balanced and informed assessment of the Group’s performance, financial position and prospects. The Group provides shareholders with voluntary updates on the Group’s interim business performance, as and when necessary. The Board is also updated on relevant changes to rules, regulations, and accounting standards so that it can monitor and supervise the Group to comply with the relevant regulatory requirements. Management also highlights key business indicators and major issues relevant to the Group’s performance from time to time to enable the Board to make a balanced and informed assessment of the Group’s performance, position, and prospects. Risk Management The Group recognises that a robust risk management and internal control system to safeguard its assets and shareholders’ interests is imperative to maintaining stakeholders’ confidence and trust in the Group and, at the same time, delivering sustainable value to its stakeholders. The Group proactively manages risks and embeds the risk management process into all planning and decisionmaking processes, as well as in the dayto-day operations at the Company and Group levels. The Board sets the overall strategic direction, governs the risk management strategy, and determines the risk appetite and risk policies for the Group. With these controls in place, the Board oversees Management in the design, implementation and monitoring of risk management and internal control systems, thereby ensuring that strategies are aligned with the risk appetite, as well as any potential emerging risks that the Group may face. The Board reviews, whenever necessary, the key organisational risks and robustness of the Group’s risk management and internal control systems, including financial, operational, compliance, anti-money 135 ANNUAL REPORT 2023
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