ST Engineering Sustainability Report 2020

CORPORATE GOVERNANCE of the Board’s performance, including benchmarking against peer boards and best practices. Maximum Board Representation The NC also noted the list of other directorships held by our Directors, taking into consideration their principal commitments. The NC and the Board are satisfied that each of the Directors is able to devote time to carry out his/her duties as Director in the Company. The Board has considered and agreed not to set guidelines for a maximum directorship that a director can hold. Annually, an incumbent director is asked to affirm that he/she has adequate time to devote to his/her Board responsibilities. ST Engineering Board members are selected on the basis of their ability to contribute to the Board through their relevant skill sets, experience, calibre and willingness to devote time. In addition, each director is required to provide an annual affirmation of commitment to his/her Board responsibilities. With these considerations, the Board is of the view that setting a maximum number of board representations for our Directors is not needed. Re-election of Directors The NC is also responsible for renewal and succession plans to ensure Board continuity. At each Annual General Meeting (AGM), one-third of the directors with those longest in office since his/her last re-election have to retire. Effectively, this results in all directors having to retire at least once every three years or even earlier, in compliance with Rule 720(5) of SGX-ST Listing Manual. A retiring director may submit himself/herself for re- election. Under this provision, Vincent Chong Sy Feng, Lim Ah Doo, Lim Sim Seng and LG Ong Su Kiat Melvyn will retire at the 2021 AGM. Ng Bee Bee (May), who is newly appointed, will hold office until the forthcoming AGM of the Company. The retiring Directors, being eligible, have offered themselves for re-election. In accordance with Rule 720(6) of SGX-ST Listing Manual, the information relating to the retiring Directors seeking re-election is found on pages 20 to 22. Each of the retiring non-executive Directors has confirmed that he/she does not have any relationship with his fellow Directors nor with the Company and its substantial shareholders. The Board, acting on the recommendation of the NC, proposes that each of the retiring Directors be re- elected at the Company’s 2021 AGM. Strategy & Finance Committee Research, Development and Technology Committee The Strategy & Finance Committee’s (SFC) role includes guiding management in the development and execution of the Group’s strategies as well as consider and approve tender proposals which are above established contract value limit. The SFC also reviewed the 2021 Budget prior to submission to the Board for approval. Independent and Non-Executive Directors Kwa Chong Seng (Chairman) Lim Ah Doo Lim Chin Hu Lim Sim Seng Non-Independent and Executive Director Vincent Chong Sy Feng Non-Independent and Non-Executive Director Quek Gim Pew (Chairman) Independent and Non-Executive Director Lim Chin Hu Non-Independent and Executive Director Vincent Chong Sy Feng SFC met 7 times in 2020 The Research, Development and Technology Committee's (RD&T) role includes setting policies and direction for strategic R&D investments and related activities, promoting R&D and inculcating innovative culture, identifying areas of synergy with respect to R&D capabilities, facilities and resources, as well as identifying / ST ENG I NEER I NG 110