Our NEDs sit on the board committees listed in the table. They play an important role in ensuring that the SFC is accountable and transparent. The Audit Committee and Remuneration Committee, which comprise NEDs only, invite senior staff to attend meetings whenever necessary. The Budget Committee consists of both NEDs and EDs, the latter in a non-voting capacity.
- Reviews annual financial statements
- Recommends the appointment of external auditors
- Considers the scope and planning of external audit and reviews the audit findings
- Examines management’s procedures to ensure effective financial and internal controls
- Considers other matters as required, including complaints against SFC staff
- Examines and approves the parameters and basis used in the annual budget
- Considers the mid-year budget review
- Recommends an annual budget
- Reviews the structure and level of staff remuneration
- Reviews trends in remuneration packages and recommends adjustments
- Considers other matters as required, including recommendations to the Government on EDs’ remuneration andre-appointment of certain EDs
The Advisory Committee and other regulatory committees reflect the involvement of different market participants in our work and their diverse interests. Each committee comprises a large external membership drawn from the market.
- Advisory Committee: Set up under the SFO, it offers insight, advice and recommendations on a range of policy matters. It is chaired by the SFC chairman and comprises representatives from a wide array of professions, who are appointed by the FS under the authority delegated by the CE. In addition to appointed external members, the CEO and an ED also sit on the committee.
- Regulatory committees: Also set up under the SFO, each committee specialises in particular regulatory areas, such as investment products, market supervision and public shareholders’ rights and interests. Members are appointed by the Board and include NEDs, EDs and a large external representation.
The role and functions of each of the above committees can be found in Committees, Panels & Tribunal. See the meeting attendance records of the Board, Advisory Committee and regulatory committees during the year here.