GOVERNANCE → Corporate Governance Report SUMMARY REMUNERATION TABLE FOR KEY MANAGEMENT EXECUTIVES FOR THE YEAR ENDED 31 DECEMBER 2021 (GROUP)1: Remuneration Salary 2 % Variable cash- based Incentives 3 % Benefits 4 % Share- based Incentives 5 % Total Between $2,250,000 and $2,500,000 Foo Chee Keng Cedric 26% 41% 3% 30% 100% Ravinder Singh s/o Harchand Singh 26% 41% 3% 30% 100% Between $1,750,000 and $2,000,000 Lim Serh Ghee6 25% 55% 7% 13% 100% Tan Lee Chew7 11% 51% 1% 37% 100% Total for Key Management Executives $8,857,619 1 The ERCC is of the view that the relevant Key Management Executives shall comprise members of the Group Executive Committee. 2 Salary includes base salary (with reinstatement) and employer CPF for the financial year ended 31 December 2021. 3 Variable cash-based Incentives include Performance Target Bonus & EVA-based incentive declared. 4 Benefits provided for employees are comparable with local market practices. These include medical, dental, insurances, transport, etc. 5 Share-based Incentives consist of PSP and RSP shares granted for financial year ended 31 December 2021. 6 Lim Serh Ghee retired as Group Chief Operating Officer (Operations Excellence) on 31 October 2021. 7 Tan Lee Chew was appointed President Commercial on 1 September 2021. ACCOUNTABILITY AND AUDIT Risk Management and Internal Controls (Principle 9) The Board is responsible for the governance of risk and ensures that Management maintains a sound risk management and internal control system to safeguard the interests of the Company and its shareholders. The Board received a written assurance from the Group President & CEO and the Group CFO that the financial records have been properly maintained and the financial statements give a true and fair view of the Company’s operations and finances. The Risk and Sustainability Committee (RSC) is established to ensure Management has adequate oversight over the awareness and handling of risks and sustainability matters. Risk and Sustainability Committee Independent and Non-Executive Directors Quek See Tiat (Chairman) Kevin Kwok Khien Song Su-Min Non-Independent and Non-Executive Directors LG Ong Su Kiat Melvyn Non-Independent and Executive Director Vincent Chong Sy Feng For the Board to discharge its duties objectively over risks and internal control, Management of ST Engineering meets with the Board and Board Committees frequently during the year. a) Sustainability Oversight The RSC oversees the Group’s sustainability matters, including those related to climate change. It provides direction on sustainability strategies (short, medium and long term) and monitors progress on sustainability plans and commitments. Information on sustainability is reported to the RSC via the Group Strategy and Sustainability Office. Details on RSC’s governance and oversight of sustainability are in our Sustainability Report. RSC met in 2021 5 times b) Risk Governance The RSC assists the Board in its risk governance responsibility, overseeing the responsibilities delegated to Management to ensure that there is a sound system of controls in place for identifying and managing risks in order to safeguard stakeholders’ interests and the Company’s assets. CORPORATE GOVERNANCE REPORT Find out more about Sustainability Oversight in our Sustainability Report 110 ST ENGINEERING ANNUAL REPORT 2021 Find out more about Sustainability Oversight in our Sustainability Report 69 ST ENGINEERING SUSTAINABILITY REPORT 2021 OVERVIEW OUR SUSTAINABILITY APPROACH ENVIRONMENTAL SOCIAL GOVERNANCE AWARDS INDEX
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