NTUC Income AR 2019

CORPORATE GOVERNANCE Remuneration of Non-Executive Directors The honoraria payable to non-executive directors in 2019 was approved at the last AGM as follows: Base Fee $37,100 Appointment Fee Chairman $36,500 Deputy Chairman/Chairman of Audit, Risk Management, Investment, Human Resource & Remuneration and Nominating Committees $33,000 Member of Audit, Risk Management or Investment Committee $23,500 Member of Human Resource & Remuneration or Nominating Committee $9,000 Each director will be paid a fee based on the base fee and the two highest appointments he or she holds, regardless of the number of appointments. The director’s fee is pro-rated for new directors who come on board based on the period of service. Non-Executive Directors’ Remuneration for 2019 Name of Director Director Fee Ronald Ong $73,600.00 Kee Teck Koon $70,007.67 Sung Cheng Chih $88,568.50 Richard Shermon $84,100.00 Choong Tuck Oon $84,100.00 Pang Wai Yin $93,600.00 Joy Tan $69,600.00 Sim Hwee Hoon $84,131.50 Sim Hwee Cher $89,852.05 Neo Chin (1) $43,333.11 Vincent Lien (2) $14,942.47 Heng Chee How (3) $7,928.22 Lau Wing Tat (4) $31,206.58 (1) Co-opted to the Board on 15 April 2019 (2) Co-opted to the Board on 3 October 2019 (3) Stepped down from the Board on 19 March 2019 (4) Retired from the Board on 24 May 2019 Immediate Family Member of Directors The Co-operative did not employ any immediate family member of a director in 2019. Remuneration of Key Executives The Corporate Governance Guidelines recommend that the remuneration of at least the top five key executives be disclosed within bands of $250,000. After careful consideration, the Board has decided not to disclose information on the remuneration of the top five key executives as the disadvantages to the Co-operative’s business interests would far outweigh the benefits of such disclosure in view of the disparities in remuneration in the industry and the competitive pressures that are likely to result from such disclosure. 28 HERE FOR SURE