Liberty Specialty Markets Singapore Pte. Limited is regulated as a Tier 1 general insurer. Liberty Singapore is guided in its corporate governance framework and practices by all applicable corporate governance regulatory regulations and guidelines. As an overview, the Liberty Singapore’s Board of Directors comprises 5 members, 3 of whom are independent directors. The Board Chair is an independent director, and the Board has separate individuals fulfilling the roles of Chair and CEO and has a clear division of responsibilities between the two. Liberty Singapore has 5 Board sub-committees comprising:
a) Audit Committee (overseeing financial reporting and ensuring the adequacy of external and internal audit functions),
b) Risk Management Committee (overseeing the operation of an independent risk management system for managing risks on an enterprise-wide basis),
c) Remuneration Committee (overseeing the remuneration framework, ensuring alignment with prudent risk taking and long-term value creation),
d) Nominating Committee (ensuring robust governance through oversight of Board composition, director appointments, succession planning, and evaluation processes), and
e) Investment Committee (overseeing investment activities including the adequacy of risk management and internal control systems to support investment activities).
The Board and Board Sub-Committees have clearly documented Terms of Reference.
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