Great Eastern Holdings Limited, a Singapore-based financial services company, has released responses to substantial and relevant questions from the Securities Investors Association (Singapore) and its shareholders ahead of its Annual General Meeting to be held on April 21, 2023. The company expressed gratitude towards the stakeholders for their interest and participation in its governance and shared its perspective on various issues related to corporate governance, board diversity, sustainability, executive compensation, and risk management. The responses highlighted the company’s commitment to enhancing transparency, accountability, and performance through effective governance practices and stakeholder engagement. Some of the key highlights of the responses include the following:
Corporate Governance: The company emphasized its adherence to the principles of good corporate governance, as outlined in the Corporate Governance Code, and its commitment to continuous improvement. The company highlighted various initiatives taken to enhance board effectiveness, including regular evaluations, training, and development programs for independent directors. The company also highlighted the role of the Board Risk Management Committee in overseeing the identification, assessment, and management of key risks.
Board Diversity: The company acknowledged the importance of board diversity and shared its efforts to enhance diversity in its board and senior leadership positions. The company has set a target of achieving at least 30% female representation in its senior leadership team by 2025 and is actively working towards achieving this goal. The company also highlighted its efforts to recruit directors with diverse backgrounds, skills, and experience to enhance the board’s effectiveness.
Sustainability: The company acknowledged the growing importance of sustainability and shared its efforts to integrate sustainability into its business strategy and operations. The company has set a target of reducing its carbon footprint by 30% by 2030 and is exploring various initiatives to achieve this goal, including renewable energy installations, energy-efficient buildings, and low-carbon transportation. The company also highlighted its initiatives to enhance social welfare, including education, health, and community engagement programs.
Executive Compensation: The company shared its approach to executive compensation, which is based on a combination of fixed and variable pay elements linked to performance metrics. The company highlighted the role of the Remuneration Committee in overseeing the design and implementation of the executive compensation framework and ensuring alignment with the company’s performance and long-term objectives. The company also highlighted its efforts to enhance transparency and disclosure of executive compensation to its stakeholders.
Risk Management: The company emphasized its robust risk management framework, which is designed to identify, assess, and manage risks related to its business operations. The company highlighted its approach to risk governance, risk appetite setting, risk culture, and risk reporting, which are aligned with international best practices and regulations. The company also highlighted the role of the Group Risk Management function in overseeing the company’s overall risk management framework.
Overall, the responses reflect GEH’s commitment to enhancing its governance practices and addressing stakeholders’ concerns. The company’s efforts to promote transparency, accountability, and stakeholder engagement align with the growing emphasis on sustainable and responsible business practices globally. As the company continues to navigate the challenging and evolving business environment, its commitment to effective governance practices and stakeholder engagement will remain crucial in building long-term value for its stakeholders.