ST Engineering Annual Report 2020

CORPORATE OVERVI EW PERFORMANCE REVI EW SUSTAINABI L ITY CORPORATE GOVERNANCE F INANCIAL REPORT provided for discussion of strategic issues and key concerns at Board meetings. He represents the views of the Board to the shareholders. Vincent Chong as an executive Director/Group President & CEO, is accountable to the Board for the conduct and performance of the Group. He has been delegated authority to make decisions within certain financial limits authorised by the Board. He is supported in his work by the Senior Management. Board Membership and Board Performance (Principles 4 and 5) The Board is supported by the following Board Committees: • Audit Committee • Executive Resource and Compensation Committee • Nominating Committee • Research, Development and Technology Committee • Risk and Sustainability Committee • Strategy & Finance Committee Nominating Committee Independent and Non-Executive Directors Lim Chin Hu (Chairman) Kwa Chong Seng Lim Sim Seng Ng Bee Bee (May) The NC is responsible for reviewing the composition of the Board and identifying suitable candidates to the Board, in particular, candidates with the appropriate qualifications, skill sets and experience who are able to discharge their responsibilities as Directors. Shortlisted candidates are recommended to the Board for approval. The NC is also responsible for reviewing and determining the independence of non-executive Directors annually, conducting Board performance evaluation, succession planning for Group President & CEO and key senior management, as well as director training and development. NC met 2 times in 2020 The NC is continually engaged in the Board renewal process of ST Engineering, having regard to the skills, experience and industry expertise needed for a balanced board composition to, among other things, oversee governance, risks and sustainability within the Group’s business. When the need for a new director is identified, potential candidates are identified from various sources. The NC will assess a shortlist according to the type of expertise needed. The NC will also assess a candidate’s character, independence and experience to ensure that he/she has the requisite standard of competence to carry out his/her duties as a director of a listed company. Board Evaluation The NC conducted a collective assessment of the Board to gauge the effectiveness of the Board and the individual Board member's performance, the adequacy of the blend of skill sets and experience of the Board, and the quality and timeliness of Board and Committee meeting agendas and papers submitted by the management. The assessment also includes the performance of the Board Committees. The review was internally undertaken with each director being asked to complete a questionnaire. Their feedback was collated and shared with the Board. The review indicated that the Board and Board Committees continue to function effectively. The NC also took on board the feedback of the Board members on areas for improvement. A peer evaluation on individual director's performance was conducted by way of questionnaire and the results were sent to the NC Chairman and Board Chairman to evaluate the performance of each Director. Board Chairman and/or NC Chairman will act on the results of the evaluation and arrange for one-to-one feedback session with the director, if necessary. With effect from FY2021, the Company will engage external independent consultant, once every three years, to facilitate Board evaluation process and to provide the Board with an independent perspective 10 9 ANNUAL REPORT 2 02 0 /