Corporate Governance

Overview

The directors of the Company are responsible to shareholders for ensuring that the Company is appropriately managed and that it achieves its objectives. This includes ensuring that an appropriate system of governance is in place throughout the Company.

Board committees

Matters not specifically reserved for the board and its committees under its terms of reference, are delegated to the chief executive officer who in turn delegates responsibility for specific operations to the members of the senior management team.

Director independence

The Board assesses the independence of its directors based on criteria set out in the Corporate Governance Guidelines and the Insurance (Corporate Governance) Regulations. The criteria includes length of service of the Board, and whether the director is independent from management relationships, business relationships and the substantial shareholder of the Company.

Board of Directors

As at Nov 2020, the Board of Directors are:

Raymond Ferguson

Chairman

Ray is currently the Chairman of the Board of Aviva Singlife.

Formerly, Ray was with Standard Chartered Bank for more than 28 years. He served as CEO Singapore from 2009 until 2014, and Regional CEO (Southeast Asia) from 2007 to 2012. Other roles with Standard Chartered include CEO Americas, CEO UAE, CEO Indonesia, and CEO Taiwan.

Ray was awarded Distinguished Fellow by the Institute of Banking and Finance, Singapore, and is a member of the Singapore Institute of Directors.

Walter De Oude

Deputy Chairman

Walter is currently the Executive Director and Deputy Chairman of Aviva Singlife. He has been active in the financial services sector since moving to Singapore in 2000.

Prior to establishing Singlife in 2014, Walter was CEO at HSBC Insurance Singapore from 2010 to 2014. He previously served as the company’s deputy CEO and chief actuary.

He was also a board member of HSBC Asset Management Singapore.

Pearlyn Phau

Group CEO

Pearlyn is currently the Executive Director and Group Chief Executive Officer of Aviva Singlife.

A veteran in the financial services industry, Pearlyn has held various senior leadership roles within DBS Group, both in Singapore and Hong Kong. Prior to her current appointment, she was the Group Head of Consumer Products, Marketing and Ecosystem Partnerships at DBS group with an exceptional track record of executing key strategies and business transformation initiatives across regional retail and wealth franchises, including being a key driver of emerging digital banking strategies and DBS’ principal bancassurance partnerships.

She has deep knowledge across a wide spectrum of financial products and services and is a strong leader with a digital mindset and a demonstrable track record in transformation strategies and operational execution.

Dominic Picone

Non-Executive Director

Dominic is a Partner and Managing Director at TPG, based in Singapore. He has lived and worked in Asia since joining the firm in 2005.

His involvement with current and past TPG portfolio companies includes Apollo Towers, Myanmar Distillery Company, PropertyGuru, 8990 (Deca Homes), BFI Finance, Masan Group, Fairmont Raffles Hotels, Bank BTPN and CIMB.

Prior to TPG, Dominic worked in the Investment Banking Division of Credit Suisse First Boston in Melbourne.

Dominic holds a Bachelor of Commerce (Honours) and a Bachelor of Laws from the University of Melbourne.

Randy Lianggara

Non-Executive Director

Randy is an industry veteran with more than 29 years of experience in the insurance sector with a track record of turning around business and profitability.

Randy joined Aviva in June 2016 and he currently serves as Regional CEO – Strategic Investments, Asia. Prior to joining Aviva, Randy served as AXA’s Country CEO in Indonesia for 10 years, managing Life Insurance, General Insurance and Asset Management. Within his capacity in Aviva, Randy holds directorship in Aviva Cofco Insurance (China), Aviva (India), Chairman in Aviva (Vietnam), as well as Aviva Asia Management (Singapore).

Randy holds a Bachelor’s Degree from Iowa State University and an MBA from Golden Gate University. He is also a Certified Financial Planner (CFP), Certified Life Underwriter (CLU), Certified Wealth Manager (CWM), Certified Professional in Life and Health Insurance (CPLHI), and a ChFC Charter Holder. 

Kenji Yoneda

Non-Executive Director

Kenji has extensive experience in life insurance. He is a qualified lawyer in New York and served as Chief Representative of Sumitomo Life’s UK and Vietnam office.

He currently serves as General Manager of Sumitomo Life’s International Business Department and Director of Bao Viet Holdings

David Gelber

Non-Executive Director

David is a non-executive director of IPGL, previously the largest shareholder in Singapore Life. He serves on the boards of several IPGL portfolio companies covering a wide range of sectors. He recently stepped down as chairman of Walker Crips PLC but remains a member of their board.

After a 20 year career in banking with Citibank, Chemical Bank and HSBC in senior trading roles he joined ICAP PLC in 1994 and served as COO until 2007.

He has previously served on several public boards and is currently a NED AA4+ PLC an aircraft leasing company

He is a founding partner of Castellain Capital LLP a fund management company.

Maya Hari

Independent Non-Executive Director

Maya is currently the VP and Managing Director of Twitter Asia Pacific.

She is also an INED at Open Learning (ASX: OLL), a publicly listed Edutech company in Australia. She brings over two decades of operating experience in technology and digital from companies such as Google, Samsung, Microsoft & Cisco in the United States and Asia Pacific. She serves as the President of TiE Singapore fostering the Entrepreneurship ecosystem in the region. Maya has an MBA from INSEAD.

Shirish Apte

Independent Non-Executive Director

Shirish was with Citigroup for 31 in various assignments including co-CEO for EMEA and Asia Pacific. He retired from Citi in 2014 as Chairman Asia Pacific Banking.

He is also a Director at Commonwealth Bank of Australia, Integrated Hospitals and Healthcare, Clifford Capital, Pierfront Mezzanine Capital, Keppel Infrastructure Holdings, and Fullerton India Credit Corp.

Serena Tan Mei Shwen

Independent Non-Executive Director

Serena is an Executive Director at Khazanah Nasional Berhad, Head of Private Markets and Financial Services. Currently, a Non-Executive Director at CIMB Group and CIMB Bank.

Prior to Khazanah, she was with Boston Consulting Group and McKinsey & Co. She also served with Lippo Bank in Indonesia, under secondment from Khazanah for two years.

Dr Teh Kok Peng

Independent Non-Executive Director

Currently Non-Executive Director of Sembcorp Industries, Senior Advisor to China International Capital Corporation, Chairman of Azalea Asset Management.

Previously Chairman of GIC’s China Business Group and of Ascendas. Formerly President of GIC Special Investments, Deputy Managing Director of GIC, Deputy Managing Director of the Monetary Authority of Singapore.

Dato’ Dr Nirmala Menon

Independent Non-Executive Director

Nirmala is an independent director of Bank Negara Malaysia, Sime Darby Berhad and Nestle (Malaysia) Berhad.

She was previously on the Board of Khazanah and AXA Affin General Insurance Berhad.

Prior to that, she was CEO of ING Malaysia Berhad, and thereafter Head of South Asia at ING Asia Pacific Ltd. and Head of Designated Markets & Health Asia at Metlife Asia.

Yap Chee Keong

Independent Non-Executive Director

Chee Keong is currently an Independent Non-Executive Director of Olam International, Sembcorp Industries, Shangri-La Asia, Ensign Infosecurity, Mediacorp and Pacific International Lines.

He was the Executive Director of The Straits Trading Company Limited and the Chief Financial Officer of the Singapore Power Group and had also worked in various senior management roles in multinational and listed companies.

He was previously a board member of the Accounting & Corporate Regulatory Authority, a member of the Public Accountants Oversight Committee and a member of the MAS/SGX/ACRA Work Group to review the Guidebook for Audit Committees in Singapore and the MAS/SGX/ACRA/SID Review Panel to develop a Guide for Board Risk Committees in Singapore.

Nadeem Khan

Board Observer

Nadeem Khan is the President of Aflac Global Ventures. He is responsible for managing Aflac’s $400M global corporate venture fund and leading all operating and investment subsidiaries under AGV. His responsibilities include but are not limited to driving deal flow, assessing investment opportunities, making investment decisions, structuring and negotiating transactions, overseeing and monitoring the investment portfolio, cultivating and utilizing relationships with insurance technology accelerators and contributing to business incubation efforts.

Nadeem joined Aflac in 2004 and since then served in positions of increasing responsibility, most recently as senior vice president of Corporate Development and president of Empowered Benefits LLC.

Prior to joining Aflac, Nadeem held various leadership positions with Bristol-Myers Squibb, Siemens and Lucent Technologies. He was also the co-founder of a technology company. He currently serves on the boards of TTV Capital, Sensely, Better Business Bureau, Columbus Cricket Association and other nonprofit organizations.

Nadeem holds a bachelor’s degree in commerce with specialization in accounting and economics as well as a master’s in business administration.

Corporate governance report

Aviva Ltd (the "Company") is committed to high standards of corporate governance in its business operations and dealings with all stakeholders, including policyholders. This report describes the Company's approach to corporate governance.

Download the latest report here.