Corporate Governance


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


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.

Nishit Majmudar

Singapore CEO

Nishit is currently the Executive Director and CEO of Aviva Singlife. Prior to this role, he served as the Regional Actuarial Director in the Aviva Asia Regional Office.

Nishit has over 30 years of experience in finance and executive management and has worked in Singapore, India, UK, Philippines and Thailand. He has held a variety of senior roles across the Asia Pacific region with Prudential, the Monetary Authority of Singapore (MAS) and Watson Wyatt.

Nishit holds a Bachelor of Commerce from Bombay University and is a Fellow of the Institute of Actuaries in London and India.

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.

Chetan Singh

Non-Executive Director

Chetan is the Chief Strategy and M&A Officer of Aviva plc, responsible for overseeing all M&A activity across the company and the development of Group Strategy. He is part of the Executive Committee.

Before joining Aviva in 2016, Chetan was at J.P. Morgan in Asia for six years. In his last role, he was Managing Director and Head of Southeast Asia and India Financial Institutions Group within the global investment bank based in Singapore.

Prior to that, Chetan spent more than 10 years at Citigroup based in London covering European financial institutions within the corporate and investment bank.

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.

Justin Breheny

Independent Non-Executive Director

Justin has thirty-four years of experience working in the Insurance and Banking industries in Australia and throughout Asia.

For the two years preceding his retirement in 2015, Justin was Group Chief Risk Officer for Insurance Australia Group (IAG), Australia’s largest general Insurance business, with responsibility for all aspects of Risk Management across the group. Prior to this, from March 2006 to October 2013, Justin was Chief Executive Officer, Asia with responsibility for creating and managing IAG’s general and life insurance interests in Malaysia, Thailand, China, India, Vietnam, and Indonesia.

For the thirteen years prior to joining IAG Justin held senior executive and board positions within ANZ Banking Group's (ANZ) Asian operations – including General Manager of the Bank’s Asia business – with responsibility for managing ANZ's Asian branch network business in China, Hong Kong, Philippines, Taiwan, Vietnam, Indonesia, Singapore, Malaysia and Thailand. Prior to ANZ, Justin spent eleven years working in Australia for Citibank, Capel Court Investment Bank, and Chase-NBA in the disciplines of corporate finance, project finance, and treasury.

Justin is currently a non-executive director and Chairman of the Risk Committee of the Sydney-based Westpac Bank insurance entities. He is also the Chairman and director of the ASX-listed Nuchev Group of companies in Melbourne, and a non-executive director of Sydney-based Lawcover Insurance Pty Ltd.

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.