My first Publication ocbc_ar17_fullreport_english | Page 75

DEFERRED REMUNERATION
Deferred and
Retained Remuneration
Senior management
Cash
Shares
Share-linked
instruments
Other
Other material risk-takers
Cash
Shares
Share-linked
instruments
Other
(1)

(2)
Total outstanding
deferred
remuneration of which: total outstanding
deferred and retained
remuneration exposed to
ex post explicit and/or
implicit adjustments Total amendments
during the year due
to ex post explicit
adjustments (1) Total amendments
during the year due
to ex post implicit
adjustments (2) Total deferred
remuneration
paid out in the
financial year
100%
0%
100%
0% 100%
0%
100%
0% 0%
0%
0%
0% 0%
0%
0%
0% 40%
0%
40%
0%
0%
100%
0%
100%
0% 0%
100%
0%
100%
0% 0%
0%
0%
0%
0% 0%
0%
0%
0%
0% 0%
35%
1%
34%
0%
0% 0% 0% 0% 0%
Examples of ex post explicit adjustments include malus, clawbacks or similar reversal or downward revaluations of awards.
Examples of ex post implicit adjustments include fluctuation in the value of shares performance or performance units.
ACCOUNTABILITY
AND AUDIT
PRINCIPLE 10: ACCOUNTABILITY
The Board is responsible for the
provision of a balanced and
understandable assessment of the
Bank’s performance, position and
prospects, including interim and other
price-sensitive public reports as well
as reports to regulators. On a regular
basis, the Board will require key
executives to present and explain
to the Board the performance and
business plans of key business areas
and operations of the Bank.
The Board is kept apprised of material
changes in legislation and regulatory
requirements including requirements
under the SGX-ST Listing Rules. The
Board will take necessary steps to
ensure that the Bank complies with
these requirements. In compliance
with SGX-ST Listing Rule 720(1) on
undertaking with regard to Directors
or executive officers, the Bank has also
procured undertakings from its Directors
and key executive officers in the form
prescribed by the SGX-ST.
PRINCIPLE 11: RISK MANAGEMENT
AND INTERNAL CONTROLS
The Board is responsible for the
governance of risk. It sets the tone for
the Bank’s risk culture and oversees,
through the Risk Management Committee,
the establishment and operation of an
independent risk management system
for managing risks on an enterprise-
wide basis, the adequacy of the risk
management function (including ensuring
that it is sufficiently resourced to monitor
risk by the various risk categories and
that it has appropriate independent
reporting lines), and the quality of the
risk management processes and systems.
The Board also has oversight of the
Bank’s risk appetite and risk activities to
ensure that these are consistent with
the Bank’s strategic intent, the operating
environment and effective internal
controls, as well as capital sufficiency and
regulatory standards.
Further details on risk management
are described under the section on Risk
Management Committee on page 65.
The Board is also responsible for
ensuring that the Bank’s internal
controls adequately safeguard
shareholders’ interests and the Bank’s
assets. The Bank has in place self-
assessment processes for all business
units to assess and manage the
adequacy and effectiveness of their
internal controls, and their level of
compliance with applicable rules and
regulations. The results of evaluations
are reviewed by senior management.
The Board has received assurances from
the CEO and Chief Financial Officer
on the effectiveness of the Bank’s
risk management and internal control
systems, and that the financial records
have been properly maintained and the
financial statements give a true and
fair view of the Bank’s operations
and finances.
Based on the internal controls
established and maintained by the
Group, work performed by the internal
and external auditors, and reviews
performed by management and various
Board Committees, the Board - with
the concurrence of the Audit and Risk
Management Committees - is of the
opinion that the system of internal
controls, including financial, operational,
compliance and information technology
controls as well as risk management
BUILDING ON OUR CORPORATE STRATEGY FOR SUSTAINABLE GROWTH
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