ST Engineering Annual Report 2020

CORPORATE OVERVI EW PERFORMANCE REVI EW SUSTAINABI L ITY CORPORATE GOVERNANCE F INANCIAL REPORT the pandemic has impacted global GDP growth as well as our mid-term goals. We are cognisant that the process of retooling the Group is a long-term, continuous effort. Thus, even as we were managing the challenges posed by the pandemic, we knew that we had to continue to make necessary structural changes for sustainable growth. That is why we decided to move forward with the organisational redesign in spite of the crisis and the focus on business recovery. We knew that we had to do it because it would prepare us for the upturn, to position us to recover faster and emerge stronger. In view of these factors, we will be reviewing and sharing our revised five-year plan at an Investor Day in the second half of 2021. Sustainability remains an integral component of our strategy Amid these changes, one constant is our commitment to sustainability. In fact, we have strengthened this commitment by placing sustainability within the ambit of the Group Strategy team, with the Group Executive Committee providing strategic guidance. This way, we can integrate our sustainability objectives into the Group’s strategic plans. Meanwhile, we will continue to take steps to embed material environmental, social and governance principles into our business and operations, give back to the communities where we live, and operate in a socially responsible and sustainable manner. Details of our Sustainability and Corporate Governance reports are on pages 74 to 125. Board renewal In May, we welcomed Ng Bee Bee (May) as an independent Director. May brings with her a wealth of private sector experiences that will enrich our board deliberations, and we look forward to working with her. Dr Beh Swan Gin retired as an independent Director in May. Dr Beh joined the Board in September 2014 and was a member of the Budget and Finance Committee, and from 2017, the Strategy & Finance Committee. We thank him for his invaluable contributions over the years. Our appreciation In closing, we would like to thank our customers and business partners for their support and trust in us despite the difficult circumstances that prevailed in 2020. We are also grateful to our employees around the world for their unwavering commitment and hard work. 2020 has been a challenging year for many of them because of the pandemic. Many had to make major adjustments to how and where they work. Despite these disruptions, they impressed us with their resilience and amazing team spirit! It is this spirit that will continue to propel the Group ahead. Finally, to our shareholders, we thank you for your confidence in ST Engineering and we seek your continuous support as we move into our next phase of growth. Sincerely, Kwa Chong Seng Chairman Non-Executive Independent Director Vincent Chong Sy Feng Group President & CEO Executive Non-Independent Director 15 March 2021 09 ANNUAL REPORT 2 0 20 /