Ren Ci (“the Organisation”) recognises the importance of having a well-defined corporate governance system and processes, and is fully committed to upholding high standards of transparency and accountability within the Organisation to our stakeholders.
The Board has established Sub-Committees, each chaired by a Board member to assist in the execution of its responsibilities. The eight Sub-Committees are:
• Audit Committee
• Building Committee
• Community Engagement Committee
• Governance & Risk Committee
• Human Resource Committee
• Investment Committee
• Medical Advisory Committee
• Nominating Committee
The activities of each of the Sub-Committees during the financial year are as follows:
The Audit Committee (“AC”) held four meetings since the date of the last Director’s report and carried out the functions of an audit committee as specified in the terms of reference approved by the Board of Directors. In carrying out its functions, the AC reviewed the overall scope of both the external and internal audits and met with the auditors to discuss the results of their examinations and their evaluation of the organisation's system of internal controls. The AC also reviewed the finance policies and financial statements of the organisation.
Ren Ci has established a control self-assessment (“CSA”) framework in 2019, an initiative by the organisation to strengthen the internal control processes, create a stronger awareness of risk practices and establish a clearer line of accountability for controls.
Over the course of the last three financial years, Ren Ci has developed and completed the CSA questionnaires for key processes. The internal auditor, Ernst & Young Advisory Pte Ltd (“EY”), had developed, completed and validated questionnaires for the completed key processes and the results of the CSA validation were discussed and reported to the AC.
In addition, the AC reviewed and endorsed the Internal Audit and CSA plans for the next two financial years. This is to ensure continued validation on the adequacy of Ren Ci's internal controls, and to ensure that recommendations to improve the efficiency and effectiveness of these internal controls are implemented.
The Building Committee (“BC”) reviewed and endorsed the following projects, with further guidance in several aspects on project planning and implementation:
• Automated Building Access Control for Ren Ci Community Hospital
• Autonomous Mobile Robot deployment at Ren Ci @ Ang Mo Kio
• Multi-Disciplinary Consultancy Services for Addition & Alteration Works at Ren Ci Community Hospital
• Kitchen Equipment Setup and On-Premise Kitchen Operations for Ren Ci @ Woodlands
The Committee also provided guidance on the installation of solar panels at Ren Ci Community Hospital, the first initiative of the organisation in support of the Singapore Green Plan 2030.
Community Engagement Committee
The Community Engagement Committee (“CEC”) oversees fundraising, volunteer management and corporate communication functions. The Committee provided oversight of the various fundraising initiatives, development of volunteers and reviewed key corporate collaterals such as the annual report, as well as ensured the existing policies in the area of fundraising, volunteer development and corporate communications remain relevant. In the new normal of endemic living, the Committee also participated in dialogue sessions and events to better engage our various stakeholders.
Governance & Risk Committee
At its yearly meeting, the Governance & Risk Committee (“GRC”) discussed and provided guidance on the review of the Ren Ci 2023 Risk Register to ensure that Ren Ci’s operations remain sustainable and that there is business continuity.
In the same year, the GRC endorsed the Governance Statement and the online Governance Evaluation Checklist (GEC) submitted to the Charity Portal for which all areas in the checklist were met. When the Charity Council reviewed the Code of Governance for Charities and IPCs and called for feedback from the sector, the GRC also provided advice and suggestions regarding the proposed simplified code, which were subsequently submitted for the Charity Council’s consideration.
Human Resource Committee
The Human Resource Committee (“HRC”) supported a series of human resource policy reviews and initiatives consistent with the best practices in the sector. In its commitment to provide and maintain a work environment that is safe from harassment, the Committee introduced a new policy for Workplace Harassment keeping up with the HR best practices and Tripartite Guidelines. Housing and night duty allowances were also reviewed. In line with MOM’s Tripartite Statement of Flexible Work Arrangements, the Committee implemented a Work-from-Home arrangement for staff. In addition, the Gifts and Cash declaration policy was reviewed to provide greater clarity on how to deal appropriately with gifts, tips and other forms of monetary awards received by staff so that Ren Ci continues to uphold personal and organisational integrity.
Ren Ci’s digital transformation journey crossed an important milestone with the launch of a new HR system that will integrate different sources of data, and allow greater flexibility and scalability to bring about a seamless experience across different work processes and functions. The automation of the core HR functions and processes will result in an estimated annual savings of $270,000 based on increased operational efficiency.
As part of leadership development, the HR committee continues to review Management’s update on the Succession Planning a
Against a challenging investment cycle, the Investment Committee (“IC”) met more frequently compared to previous years, to review the performance of fund managers and to ensure the investment portfolios meet the overall investment objectives and guidelines of the organisation as set by the Board.
During the year, the Committee continued to explore options available to reduce risks, particularly given the turbulent market conditions, and to protect the investment portfolio. The Committee will continue to provide guidance and feedback on matters relating to investments and investment policies to the Board.
Medical Advisory Committee
The Medical Advisory Committee reviewed the organisation’s response to COVID-19 and controls adopted as Singapore exited the acute phase of the COVID-19 pandemic and established an endemic COVID-19 new norm. The Committee also reviewed and provided guidance on the improvement of services
As part of good governance and in alignment with the Charity Transparency Framework, the Nominating Committee complies with the Board renewal and Performance Evaluation policy which includes:
• Nomination and renewal of Board every 2 years,
• Board skills matrix as part of succession planning,
• Orientation and induction within 2 months of joining for new Board members, and
• Annual Board Self-Assessment exercise to gauge the effectiveness of the Board’s performance. The assessment results were discussed at the subsequent Board meWrking oeting to sidentify areas of improvement.
From time to time, the Board establishes Working Committees to provide further guidance and oversight in specific areas. There are currently four Working Committees, the IT Steering Committee, Tender Committee, Facility Medifund Committee, and Ren Ci Assistance Scheme.
The IT Steering Committee guides the development of IT strategy and architecture to improve security, productivity and optimise cost. The Tender Committee guides and endorses RFP recommendations for scopes of work that are not covered by other Board sub-committees, including guidance on procurement matters. The IT Steering Committee and Tender Committee met four times and thrice respectively during the year to discuss key projects such as NGEMR implementation and the procurement of organisation-wide services.
The Facility Medifund Committee which oversees the Government Medifund and Medifund Silver Assistance schemes for Ren Ci beneficiaries, met twice last year. The Ren Ci Assistance Scheme Committee meets annually to give guidance on the support rendered to beneficiaries who require additional assistance on top of existing subsidy schemes.