INTRODUCTION
The Society adheres to the principles and guidelines of the Code of Governance for Charities and Institutions of a Public Character (Revised 2017) (“Code of Governance”), the Charities Act, and regulations as governed by the Charity Council. Throughout the past year, we remained steadfast in our unwavering dedication to ensuring the effective governance and long-term sustainability of the Society's life-saving mission.
BOARD AND MANAGEMENT
The Society operates under the governance of Board composed of not less than 10 Society Members and not more than 15 Society Members, elected from the Society Members at alternate Annual General Meeting (AGM), all of whom volunteer their services and have no business affiliations with BMDP. Based on their knowledge, skills, expertise, experience, and their potential to contribute to the Society's growth. Board members serve a two-year term and are nominated through a formal and transparent process by the BMDP Nomination Committee, considering their personal and professional qualifications to support the Society's strategic oversight.
It is worth noting that there are no Board members who served on the Board for more than ten (10) consecutive years. After a two-year break, they are eligible for reappointment. Similarly, the roles of Honorary Treasurer cannot be held for more than than two (2) consecutive Terms, after which he/she shall step down for at least two (2) years before his/her re-election to the same post may be considered. The Board shall conduct a Board self-evaluation at least once during its term of office BMDP’s scope of authority is outlined in the constitution.
CONFLICT OF INTEREST POLICY
The Executive Committee puts in place a policy to ensure that all members of the Executive Committee, Sub-Committees, staff and volunteers (collectively refer to as “members”) fulfil their obligations to act in the best interest of the Society at all times. All members are required to declare any actual, potential and/or perceived conflict of interest in accordance to the Policy and documented procedures at the point of hire, annually and/or as soon as such conflict or the possibility of such conflict arises. All members are not allowed to vote on or participate in the decision-making on matters where they have actual, potential and/or perceived conflict of interest.
RESERVES MANAGEMENT
The BMDP adopts a prudent approach in determining its reserves level to ensure the BMDP’s long-term financial sustainability and ability to provide continued services to its beneficiaries. The Board reviews the level of reserves that is adequate to fulfil the continuing obligations of the BMDP on a regular basis.
BMDP’s reserves comprise of the General fund used towards its strategic and operational objectives as well as Designated funds for specified programmes. There are no Restricted funds.
FUNDRAISING PRACTICES
All charities and IPCs are expected to keep their fund-raising efficiency ratio below 30%. This is commonly known as the 30/70 rule.
BMDP takes great effort in managing its cost of fundraising. For FY22, BMDP’s fundraising efficiency ratio stands at 12.5%, well within the stipulated guidelines.
LOANS/DONATIONS
Society, operating as a charitable organization, does not engage in the lending of funds or the provision of donations. We will only consider extending loans or offering donations to individuals in rare and exceptional circumstances as authorized by the Society’s Executive Committee.
AUDIT AND LEGAL
The Internal Auditor at Baker Tilly Singapore collaborates closely with both the Audit and Governance Committee and the Management to methodically evaluate the internal controls of the Society. These assessments are conducted periodically according to predefined scopes. Furthermore, processes are reviewed in a rotating manner throughout the years. SCS statutory auditors are RSM Chio Lim LLP, and legal support is provided by BMDP Legal Volunteers.
ENTERPRISE RISK MANAGEMENT
Volunteers As part of the organisation's risk management process, an annual review and update of the risk register take place. Process owners are responsible for assessing their processes, determining the sufficiency of controls, and implementing additional mitigating controls where necessary. Key risks are deliberated during Management meetings to ensure awareness and regular updates are shared with the Board Members.
Considering the establishment of internal controls, the assessments performed by both external and internal auditors, and the risk management evaluations conducted by the management, the Board Members, with support from the Audit and Governance Committee, have determined that the Society's internal controls effectively address financial, operational, compliance, and information technology risks that are pertinent and significant to its operations. The Board Members acknowledge that the system of internal controls and risk management provides a reasonable level of assurance, albeit not absolute, that they will not be adversely affected by foreseeable events while working towards the organisation’s objectives.
In this context, the Board Members also acknowledge that no system of internal controls and risk management can offer complete assurance against the occurrence of significant errors, lapses in decision-making, human errors, losses, fraud, or other irregularities.
REMUNERATION FOR BOARD AND KEY STAFF
Our organisation has three employees earning over $100,000, as detailed in the accompanying table. Our Board serve on a voluntary basis and do not receive compensation. Staff are not involved in setting their own pay, and salary of staff reporting directly to the CEO are done in consultation with the Chairperson of the relevant Sub-Committees or as designated. Additionally, no paid staff members are close family members of the CEO or board members.
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