SINGAPORE, October 15, 2015 – AIG Asia Pacific Insurance Pte. Ltd. (“AIG Singapore”) today announced the appointment of Shirish Apte and Isabella Loh as independent directors to its board. This is the first time that AIG Singapore has appointed independent directors. They have been appointed for a three-year term, effective from October 15, 2015.
The independent directors will bring an outside perspective to AIG Singapore’s board of directors and help to steer the company’s corporate strategy. Furthermore, their independence will strengthen the company’s corporate governance practice.
Shirish Apte is currently a Non-Executive Director on the Boards of Commonwealth Bank of Australia, Bank Handlowy in Poland and Citibank Japan Ltd. Isabella Loh has been the Chairman of the Singapore Environment Council since 2008.
Matt Harris, Chief Executive of AIG Singapore, said: “We warmly welcome our newly appointed independent directors. We look forward to drawing on their diverse experiences, views and ideas to support our efforts to be our customers’ and partners’ most valued insurer.”
Annex: Independent Directors’ Biographies
Shirish Apte holds Non-Executive Directorships on the boards of Bank Handlowy in Poland, and Citibank Japan Ltd. He also serves as an Independent Director in a number of organisations – Crompton Greaves Ltd (where he is also Chairman of the Audit Committee), Crompton Greaves Holdings Belgium BV (a wholly owned subsidiary of Cromption Greaves Ltd), Commonwealth Bank of Australia and International Healthcare Holdings. Shirish has 33 years’ experience with Citigroup/Citibank, leading strategic business units with profit and loss responsibilities, and in relationship and risk management. Among his many assignments, Shirish was country head for Citibank Handlowy Poland, Regional Chief Executive Officer, Central Eastern Europe Middle East Africa for the Corporate and Investment Bank and co-CEO Asia Pacific, from 2009 to 2011. In this role, he was a member of Citigroup's Executive and Operating Committees. From 2012 to 2014, Shirish was Chairman Asia Pacific Banking before retiring from Citigroup. Prior to joining Citibank, he was a senior consultant with Andersen Consulting (now Accenture) where he handled strategy work for banking and insurance companies. Shirish qualified as a member of the Institute of Chartered Accountants, England and Wales, and holds a Master of Business Administration from London Business School (with a major in Finance).
Isabella Loh is the Chairman of the Singapore Environment Council since 2008. The Council is a non-profit governmental organisation that partners communities, businesses and governments to achieve urban sustainable developments in Singapore and the region. Isabella previously sat on various global boards, including Aurecon Australia Group Limited and Aurecon Pte Ltd, from 2009 to 2013, and Coats Plc UK from 2010 to 2012. She was also the Chairman of Shell Marine Products Ltd, and Shell’s CEO and Vice President for Global Marine Fuels and Lubricants from 2005 to 2010. Prior to that, she was the President and Chief Executive Officer of SembCorp Environmental Management Pte Ltd from 1999 to 2005. Isabella is currently a Non-Executive Board Director of a Mongolian property firm, Asia Pacific Investment Partners Ltd, since 2014. She is currently the Chairman of the Practising Management Consultant Certification Board as part of the Singapore Business Advisors and Consultants Council, and was a Governing Council member of the Singapore Institute of Management until August 2015. She was appointed the Chairman of the Advisory Committee of the School of Applied Science and Board of Governors of Republic Polytechnic since 1 August 2014. She is also an Adjunct Professor at NTU and a Member of the Advisory Board of the Nanyang Technological University’s College of Engineering. Isabella holds a Bachelors (Hons) Degree in Aeronautical Engineering from Imperial College and a Masters of Science degree in Management Science from the MIT Sloan Fellow School of Management.