The UOB Group Remuneration Policy is applicable Group-wide and includes all overseas subsidiaries and overseas branches within the Group. It sets out the principles and philosophies that guide the design, operation and management of our remuneration programmes. The objective is to ensure we attract, motivate and retain a highly-skilled workforce across the organisation worldwide, while also encouraging values-based behaviours that underpin the long-term financial strength and reputation of the Group. Our remuneration programmes are designed to support the Group’s business strategies and objectives and to comply with the principles and standards set by the Financial Stability Board and the Guidelines on Corporate Governance for Financial Holding Companies, Banks, Direct Insurers, Reinsurers and Captive Insurers which are Incorporated in Singapore. The policy covers the remuneration of directors and all employees, including Senior Executives (SE) and Material Risk Takers (MRT). SEs are the Group Chief Executive Officer and senior corporate Managing Directors. MRTs are employees with significant organisational responsibilities that have a material impact on the Group’s performance and risk profile, and employees with high risk mandates in the form of risk-weighted assets and trading limits. The policy is reviewed by the Remuneration Committee (RC) regularly to ensure our compensation practices and programmes take into consideration regulatory requirements and are responsive to market developments.