Corporate Governance

Sembcorp Marine believes that high standards of corporate governance are essential in sustaining the Group's businesses and performance.

Committed to this belief, we place a strong emphasis on the professionalism, integrity and commitment of our people and put in place a sound system of policies, practices and internal controls across the Group.

Going forward, we will continually review the Group’s corporate governance principles, framework and practices to ensure that they remain relevant.

Code of Corporate Governance

Sembcorp Marine adopts corporate governance practices which are in conformity with the Code of Corporate Governance 2012 issued by the Singapore Exchange Securities Trading Limited. Attaining a high level of corporate governance is vital in ensuring the future sustainability of the organisation and creating long term value for shareholders.

Sembcorp Marine’s commitment to corporate responsibility is described in its Code of Business Conduct, which provides specific guiding principles for employee conduct, in line with the company’s core values and corporate governance policies.


Learn more about our corporate governance practices here


Board Committees

Sembcorp Marine has several Board Committees which assist in the discharge of the Board’s responsibilities:


      Mr Ron Foo Siang Guan, (Chairman), Non-executive, independent director
      Mr Lim Ah Doo, Non-executive, independent director
      Mr Eric Ang Teik LimNon-executive, independent director
      Mr Koh Chiap Khiong, Non-executive, non-independent director


      Mr Bob Tan Beng Hai (Chairman), Non-executive, independent director
      Mr Ron Foo Siang Guan, Non-executive, independent director
      Mr Eric Ang Teik Lim, Non-executive, independent director
      Mrs Gina Lee-Wan, Non-executive, independent director
      Mr William Tan Seng Koon, Non-executive, independent director


      Tan Sri Mohd Hassan Marican (Chairman), Non-executive, independent director
      Mr Ajaib Haridass, Non-executive, independent director
      Mr Bob Tan Beng Hai, Non-executive, independent director
      Mr William Tan Seng Koon, Non-executive, independent director
      Mr Neil McGregor, Non-executive, non-independent director
      Mr Wong Weng Sun, Executive, non-independent director


      Tan Sri Mohd Hassan Marican (Chairman), Non-executive, independent director
      Mr Ajaib Haridass, Non-executive, independent director
      Mr Eric Ang Teik Lim, Non-executive, independent director
      Mr William Tan Seng Koon, Non-executive, independent director


      Mr Ajaib Haridass (Chairman) Non-executive, independent director
      Tan Sri Mohd Hassan Marican, Non-executive, independent director
      Mr Eric Ang Teik Lim, Non-executive, independent director


      Mr Lim Ah Doo (Chairman), Non-executive, independent director
      Tan Sri Mohd Hassan Marican, Non-executive, independent director
      Mr Ajaib Haridass, Non-executive, independent director
      Mr Bob Tan Beng Hai, Non-executive, independent director
      Mrs Gina Lee-Wan, Non-executive, independent director
      Mr Koh Chiap Khiong, Non-executive, non-independent director


For more information on our Board of Directors, please click here.


Enterprise Risk Management

Sembcorp Marine adopts an enterprise risk management (ERM) framework which comprises systems of risk management and internal controls and related risk policies, procedures, processes and limits. The framework is regularly reviewed and improved to assist the Group in identifying, assessing and managing its key risks.

The Board delegates its risk oversight responsibility to the Board Risk Committee,  which is supported by the ERM Committee and the ERM sub-committees.

For more information on the Group’s ERM framework and the key risks faced by the Group, please click here.

Business Ethics & Integrity 

Sembcorp Marine has in place anti-bribery compliance and fraud risk management policies to ensure high standards of corporate governance and business integrity. These policies are communicated across the Group’s global operations to its business partners including customers, suppliers and contractors. Training sessions are also conducted to educate employees on the related topics.

Further augmenting this framework is the established Group-wide whistle-blowing policy and procedure, which provides an avenue for employees and external parties to raise concerns about possible improprieties in confidence for independent investigation. Sembcorp Marine also carries out periodic audits to ensure regulatory compliance as well as the continued effectiveness and adequacy of internal controls in the prevention of bribery, corruption and fraud.

Anti-Bribery Compliance Policy
Fraud Risk Management Policy
Whistle Blowing Policy


        Sembcorp Marine adopts a zero tolerance approach towards bribery and corruption. The Group, its subsidiaries and associated companies are committed to conducting business in a professional, fair and ethical manner. Any acts to obtain an unfair advantage through bribery or corruption by employees or third-party representatives, including agents, consultants, distributors, teaming partners, contractors, joint-venture partners and vendors that represent the Group, will not be condoned.

        The Group has in place an anti-bribery policy that provides standards of conduct for employees and third-party representatives to ensure that all business dealings are conducted with integrity and in compliance with anti-bribery and corruption laws. Such laws include the Prevention of Corruption Act in Singapore (Chapter 241), the Foreign Corrupt Practices Act in the United States, the Bribery Act 2010 in the United Kingdom, and laws enacted pursuant to the Convention on Combating Bribery of Foreign Public Officials in International Business Transactions adopted by member states of the OECD Convention.

        Under the policy, employees and third-party representatives are not allowed to give, promise, offer, or authorise the giving of anything of value, either directly or indirectly, to a government official or other covered individual, for the purpose of influencing any act or decision of such a person to secure an improper advantage or to otherwise obtain or retain business for the Group. Any breach of this policy is considered a serious violation which may result in disciplinary action or termination of the business relationship with a third-party representative who violates this policy.

        The provision of incidental routine business courtesy is to be kept at a level that is commensurate with the reasonable and proportionate norms for the industry. The Group will also conform to the relevant local legislations and regulations in countries where it has business presence. All gifts, entertainment and hospitality given to customers and other outside parties are required to be properly accounted for and recorded.

        Employees must ensure that all expense claims relating to hospitality, gifts or entertainment expenses incurred are submitted to ensure accountability. All accounts, invoices, memoranda and other documents and records relating to dealings with external parties should be prepared and maintained with strict accuracy and completeness.


        Sembcorp Marine adopts a holistic approach to address the risk of fraud. The Group has in place a fraud risk governance framework and related policies and procedures to prevent, detect and respond to incidents of fraud. This programme is reviewed at least annually and revised to meet the changing needs of the Group.

        Acts of fraud committed by employees or parties to gain dishonest or unfair benefits for themselves or related parties to the detriment of the Group are strictly not tolerated. The perpetrators may face consequences such as disciplinary warnings, termination of employment or other contractual relationship, and be reported to the appropriate law enforcement or regulatory body.

        Fraud risk assessment, fraud communication and training, background and due diligence checks are some of the preventive measures taken by the Group. To detect fraud, both internal and external audits are performed, as well as process controls such as reconciliation, physical counts and data analysis. Another effective detective measure is the whistle-blow channel. For confirmed cases of fraud or corruption, disclosure will be made to the appropriate bodies such as SGX, SPF, CPIB etc. Where control deficiencies are uncovered in the investigation process, remediation actions will be taken.

        The Group requires all books, records and accounts be kept to accurately and fairly reflect all transactions and disposition of assets. Internal controls are also implemented to provide reasonable assurance that transactions are carried out in compliance with applicable Group policies. False, misleading, incomplete, inaccurate or artificial entries in the Group’s books and records are strictly prohibited.

        1. Complaint by any person of possible improprieties in matters of financial reporting or other matters is directed to the Sembcorp Marine Ltd (“SCM” or the “Company”) Audit Committee (“AC”). Whistle blow complaints are carefully considered and investigated under the oversight of the AC.
        2. Improprieties refer to actions, misconducts or infringements / non-compliance that are likely to or have resulted in loss of reputation, assets, and/or misstatements of financial results, and/or negative impacts to the businesses / operations of the Group.  Examples of possible improprieties include:
          • Non-compliance with SCM’s policies or code of conduct
          • Fraudulent acts or misappropriation / misuse of company assets
          • Non-disclosure of conflict of interest / abuse of authority
          • Inappropriate acts or inadequate controls that may cause financial loss or damage to the reputation of SCM
          • Fraud against investors and regulatory authorities
          • Acts or omissions that are likely to or do deceive or mislead internal or external auditors or accountants relating to the preparation or audit of SCM’s records or financial statements.
        3. SCM does not condone any retaliatory action taken against any complainant that has filed any complaint alleging possible improprieties nor does it condone complaints made maliciously, in bad faith, or otherwise in abuse of the whistle-blowing system, and will undertake remedial actions as appropriate.
        4. The identity of a complainant and the information provided, so disclosed, shall be kept confidential. The AC shall deploy their best efforts to keep the identity of any complainant and the information provided confidential, save where:
          1. the identity of the complainant and the information provided, in the opinion of the AC, are required on a confidential basis by a party appointed by the AC to carry out an investigation or by professionals engaged to advise on the complaint. The written permission of the complainant who has disclosed his/her identity shall be obtained prior to the release of his/her identity to facilitate the investigation or for the purpose of obtaining professional advice;
          2. it is required by law, order or direction of any court, regulatory body or stock exchange, or the information is provided to the relevant authority for criminal investigation.
        5. The policy and procedures herein shall be read in conjunction with relevant laws, regulations, rules, directives or guidelines on the receipt, retention and treatment of complaints governed by this policy.
        6. This policy is reviewed annually to ensure that it remains relevant and effective.

Investor Relations

corpgov-IR (1)

The Group adopts a pro-active approach in reaching out to investors and shareholders, and ensuring regular, fair and timely communication at all times. Sembcorp Marine is also committed to fostering long-term relationships with the investment community while upholding high corporate transparency standards.

To achieve these objectives, multiple communication platforms are utilised. These include group briefings with analysts, media and investors, one-on-one meetings with shareholders and potential shareholders, investor conferences and roadshows, the Group’s corporate website as well as company visits and shipyard tours.


 Learn more about our investor relations practices here 



Code of Business Conduct

Click here for more info

Verification Statement

Click here for the Verification Statement on GRI Content Index of Annual Report 2014