QBE Insurance (Singapore) Pte Ltd ("Company") is committed to the highest standards of corporate governance. The Company has a vision and values that recognise its customers, people, shareholders and the community. The Company believes that a culture that rewards transparency, integrity and performance will promote its long-term sustainability and the ongoing success of its business.
We have in place a Corporate Governance Framework to ensure good governance across the Company.
The Board charter sets out the matters expressly reserved for the Board and those delegated to its Committees and management.
In accordance with its charter, the Board:
- provides guidance and oversight to the management
- approves the strategies, business plans and major policies of the Company
- monitors performance against plan
- ensures that an effective framework of risk management and internal control is in place
- ensures the necessary financial and human resources are in place to execute the business plans; and
- considers regulatory compliance.
In addition, the Board plays a significant role in the Enterprise Risk Management (ERM) framework. The Board is responsible for ensuring that an effective risk management strategy is implemented and for defining the risk appetite boundaries within which risk must be managed. The Board is supported by the Board Risk and Capital Committee which meets at least quarterly and is responsible for overseeing active and appropriate management of risks according to the stated risk appetite, strategy and business plans.
The Directors of the Company currently in office are:
- Stephen James Lardner (Chairman)*
- Arunothayam A/P V Rajaratnam*
- Jack Kai Jiang
- Jason Colin Brown
- Karl Ludwig Anthony Hamann
- *independent directors
The following Board Committees assist the Board in executing its duties:
- Board Risk and Capital Committee
- Board Audit Committee
- Investment Committee
Board Risk & Capital Committee (BRCC)
The BRCC supports the Board in overseeing the effectiveness of the Company's risk and capital management frameworks in order to support strategic objectives, support and inform business plans, ensure that risks are identified, assessed and monitored in line with risk appetite and ensure that adequate capital is maintained against the risks associated with business activities.
Board Audit Committee (BAC)
The BAC supports the Board in overseeing the effectiveness of the Company's financial reporting and risk management framework. In particular, the Committee oversees and monitors the integrity of the Company's financial reporting, including:
- Financial reporting to regulators and shareholders;
- Financial reporting risks;
- Accounting policies, practices and disclosures;
- The scope and outcome of external and internal audit; and
- The adequacy and independence of the internal and external audit functions.
The role of the Committee is to support the Board in overseeing the effectiveness of the investment strategy for the Company in the context of the investment strategy approved by the Investment Committee of the board of QBE Insurance Group Limited. In particular, the Committee monitors investment performance and investment risks.
Management Functions and Controls
The Chief Executive of the Company, together with the senior leadership team, forms the Executive Committee ("Exco") of the Company. The Exco is responsible for the implementation of strategies and business plans, providing management oversight and developing strategic priorities, reviewing policies and guidelines, as well as for establishing and maintaining adequate controls over its operations.
In addition, a Reserving Committee is in place to review and make recommendations to the Certifying Actuary on the valuation of the Company’s insurance liabilities.
QBE Insurance Group Ltd ("QBE Group") has established group-wide policies to ensure a consistent control framework is adopted across the QBE Group of companies. The Company leverages these policies and adapts them for local implementation to ensure consistency and compliance with local regulatory requirements. Compliance with these established policies and procedures are measured and monitored through reporting from the business to the management committees both in the Company and at the regional level and ultimately, to the Board and Board committees.
The Company manages risk in accordance with the "three lines of defence" governance model:
- The first line is responsible for managing the risk that arises as a result of activities undertaken in our risk-taking businesses.
- The second line includes the risk management and compliance functions which are responsible for the maintenance and monitoring of risk management frameworks, as well as the measurement and reporting of risk performance and compliance.
- The third line is provided by the internal audit function, which is responsible for providing independent assurance to the Board and its various audit and risk committees that risk management and internal control frameworks are working as designed.
Having defined responsibilities across all three lines of defence ensures that the Company adopts a coordinated approach to risk management and that accountabilities are clear for our staff.