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.
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.
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 Jun 2018, the Board of Directors are:
Christopher Brian WEI ("Chris"),
Chairman, Aviva Ltd (wef 08 Jun 2016)
Chris is currently the Executive Chairman for Aviva Asia & Friends Provident International (FPI) and Global Chairman for Aviva Digital.
As Executive Chairman, Chris works closely with the senior leaders on setting and tracking the strategic direction and priorities of Aviva Asia and FPI, and is actively involved in decision making and activities that have significant implications for the business, its customers and employees and other key stakeholders.
In addition to leading the Group Marketing function, in July 2015, Chris was appointed to the newly created role of Global Chairman, Aviva Digital to drive Aviva Group’s global digital strategy. He is also responsible for driving the implementation of Aviva Group’s True Customer Composite strategy. Chris brings a strong track record and technical expertise in marketing and customer propositions to these critical focus areas.
Chris is currently appointed as a non-executive Chairman on Aviva Ltd’s and Aviva Life Insurance Company Limited’s Boards. He is also the Council Chairman of Aviva Vietnam Life Insurance Company Limited and Vice Chairman of Aviva-Cofco Life Insurance Co. Ltd. He is a director of Aviva UK Digital Ltd.
Chris holds a Bachelor of Science (Hons) from the University of Toronto in Canada where he specialised in actuarial science. Chris is an associate of the Casualty Actuarial Society and a member of the American Academy of Actuaries.
Alex FOONG Soo Hah ("Alex"),
Independent Director of Aviva Ltd, Chairman of Risk Committee and Member of the Audit Committee
Alex started his career as an actuarial assistant with American International Assurance Company Ltd (AIA) based in Hong Kong. In May 1983, he returned to Malaysia to take up a senior position with a public-listed insurance company, British American Insurance Bhd (its name was later changed to John Hancock Life Insurance Bhd and is now known as Manulife Insurance Bhd).
From 1991 to 1996, Alex became the CEO of the firm, and a member of the Board of Directors of John Hancock Life Insurance Company Ltd, Singapore. During this time, he had built up a new line of ordinary life business to sustain the future growth of British American Insurance, which was the largest Home Service insurance company in Malaysia then.
Alex then joined Great Eastern in September 1996 as Director and CEO of Great Eastern Capital Sdn Bhd, which is the holding company of Great Eastern Life Assurance (Malaysia) Bhd. He retired from this role in July 2009.
Alex is currently appointed as a non-executive Director of Aviva Ltd. He also holds directorships in Private Pension Administrator (PPA) Malaysia, MRCB Quill Management Sdn Bhd, Malaysia Insurance Deposit Corporation and Bank Simpanan Nasional Malaysia.
Alex holds a Master of Actuarial Science from Northeastern University, Bachelor of Science (Honours) in Mathematics from Universti Malaya and is a Fellow of Society of Actuaries, USA.
LIM Sook Mee (aka LOH Sook Mee) ("Sook Mee"),
Independent Director of Aviva Ltd, Chairman of the Audit Committee and Member of the Risk Committee
Sook Mee, FCPA (Singapore), has been a non-executive director on the Board of Aviva Ltd since July 2011. She was Managing Director (Finance & Corporate Affairs) at Great Eastern Holdings Ltd, largest life insurance company in Singapore and Malaysia; when she elected for early retirement in April 2009. Her executive role in Great Eastern over a period of twelve years included leadership over regional finance, actuarial & risk management. During which time she was board director at Lion Global Investors Ltd and several private equity companies with real estate investments in China, Japan and India; and had direct oversight over the real estate investments by Great Eastern. She has more than thirty years of operational and corporate leadership experience in the real estate and hospitality sector, including start-ups of mega hotels and resorts in Singapore and Indonesia.
Sook Mee is currently appointed as a non-executive director at Aviva Ltd and Navigator Investment Services Ltd. She is appointed director at Lohseeyip Pty Ltd, a company trustee, since 2013.
Justin Paul BREHENY ("Justin"),
Member of the Audit Committee and Risk Committee
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 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 Nuchev Group of companies in Melbourne.
Nishit Piyush MAJMUDAR ("Nishit"),
Executive Director and Chief Executive Officer of Aviva Ltd
Nishit holds a Bachelor of Commerce from Bombay University and is a Fellow of the Institute of Actuaries in London and India.
In February 2012, Nishit joined Aviva Singapore as the Chief Executive Officer. Prior to this role, Nishit served as the Regional Actuarial Director in the Aviva Asia Pacific Regional Office (APRO).
Nishit has over 30 years of experience in finance and executive management and has worked in India, UK, Philippines, Thailand and Singapore. He has held a variety of senior roles across the Asia Pacific region with Aviva, Prudential, the Monetary Authority of Singapore and Watson Wyatt.
He is currently appointed as an Executive Director of Aviva Ltd and Chairman of Navigator Investment Services Ltd, Aviva Financial Advisers Pte. Ltd and Professional Investment Advisory Services Pte Ltd. He also holds a directorship in Aviva Life Insurance Company India Limited.
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.
Read the report here