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A GLOBAL CRISIS, AN UNSHAKEN MISSION Financial Year 2020/21 remained a difficult year for Changi Airport Group (CAG), as the Covid-19 situation around the world showed no signs of abating. Despite glimpses of recovery, the pandemic remained a threat around the world, with the global aviation industry faced with the challenge of a long-drawn battle with the disease. Against this global backdrop, Changi Airport’s passenger traffic continued to be dismal. Despite this, CAG has stayed resolute and focused on its mission to help Singapore stay connected to the rest of the world, safely and securely. Besides adopting new procedures and measures to protect airport workers and passengers, CAG has responded to the situation with innovative solutions, such as touchless technology to keep passengers safe, and novel experiences to keep visitors engaged. All these, while it supports national efforts to re-open travel progressively and ensures that Changi Airport continues to play a vital role in the timely and effective transportation of global supplies during this time. CAG has also shown its ingenuity and ability to adapt to a harsh operating environment with financial prudence, while continuing to serve passengers and customers, and supporting partners and staff. As the outlook for the near future remains uncertain, with countries easing border controls with much caution, the tenacity of CAG to hold fast to its mission will help Changi Airport emerge stronger and maintain its position as a global air hub.
CONTENTS
02 Mission, Vision and Values 28 Air Traffic Statistics
03 Corporate Profile 29 Maintaining Singapore’s Connectivity to the World
04
32 Service Excellence Amid Challenging Times
Chairman & 36 Staying Operationally Ready
40 The Future of Changi Airport
CEO Message 41 Building New Capabilities in Retail
43 Capturing New Business Opportunities
08 Board of Directors 44 A Sparkle in the Dark
15 Executive Management 46 Maintaining a Global Presence
16 Management Team 49 Building a Stronger and
17 Financial Review More Cohesive Talent Pool
21 Corporate Governance 51 Engaging Fans Around the World
52
25 Enterprise Risk Management
26
Group Financial
Business and Summary
Operations Review
IBC Corporate Information
Changi Airport Group – Annual Report 2020/21 01
Mission, Vision
and Values
Mission To be the
World’s Leading Airport Company,
Growing a Safe, Secure and Vibrant Air Hub
in Singapore and enhancing the communities we serve worldwide.
Exceptional People, Connecting Lives.
Vision
We aspire to build a company where ordinary people achieve exceptional
results. We believe in the potential of our people. Working together as a
team, we bring great ideas to life and achieve exceptional results beyond
our individual capabilities.
Customers are our inspiration. From the youngest child to the largest
corporation, we understand that what we provide connects people in
ways that will enhance their lives.
Values Our values guide us in everything we do. They are the foundation for our
decisions and the heart of our organisation. Changi Airport Group is about
world-class service, delivered through our passion and culture of excellence.
We value Integrity is We are committed to
Our People at the Heart Our Customers
We are the best in of everything We succeed with
Our Business we do Our Partners
02 Changi Airport Group – Annual Report 2020/21
Corporate
Profile
Changi Airport Group (Singapore) Pte Ltd
(CAG) was formed on 16 June 2009 and
the corporatisation of Singapore Changi
Airport (IATA: SIN, ICAO: WSSS) followed
on 1 July 2009. As the company managing
Changi Airport, CAG undertakes key
functions focusing on airport operations
and management, air hub development,
commercial activities and airport
emergency services. CAG also manages
Seletar Airport (IATA: XSP, ICAO: WSSL)
and through its subsidiary Changi Airports
International, invests in and manages
airports around the world.
Changi Airport Group – Annual Report 2020/21 03
Chairman &
CEO message
Financial year 2020/21 has been
the most difficult year in Changi
Airport’s history. As new waves
of Covid-19 surged in many areas
around the world, hopes of travel
recovery were dampened by
on-going closure of borders. As
Singapore lacks a domestic air
travel market, Changi Airport Group
(CAG) has been especially hard hit.
With travel restrictions yet to be
lifted in many countries, Changi’s
aircraft movements remained low
and registered a decline of 80%
year-on-year. Passenger traffic
spiralled down 98% to 1.1 million,
compared to the year before. In the
troughs of April and May 2020, the
number of passengers at Changi
Airport stood at a mere 0.5% of pre-
Covid levels.
The enormous turbulence caused
by the global pandemic not only
upended daily lives, but also
disrupted economic activity. With
much fewer travellers passing
through, footfall at Changi’s
terminals as well as Jewel Changi
Airport (Jewel), a 51% CAG joint
venture, were adversely impacted.
Concession sales at Changi Airport
plummeted to S$280 million, about
11% of the previous year’s.
Overall, the Group’s revenue
fell by 78% to S$697 million in
2020/21. The decline was due
in part to the performance of its
overseas business under wholly
owned subsidiary, Changi Airports
International (CAI), which was
not spared from the impact of
the virus. The company’s key
investment in Brazil’s Tom Jobim
International Airport continued to
face challenging market conditions
and reported a significant decline
of 83% in passenger movement for
the year.
04 Changi Airport Group – Annual Report 2020/21
Staying focused on our mission the previous year, with the airport The mandatory OAT of passengers
handling over 1.5 million tonnes of was conducted at facilities set up
Despite the tough operating
airfreight in 2020/21. by CAG’s operations team in the
environment, CAG held fast to its
terminals. The team also developed
mission of ensuring that Changi
As the development of Covid-19 a web portal service – Safe Travel
Airport continued to connect
vaccines progressed, CAG took Concierge – for passengers to
Singapore to the rest of the world.
steps to prepare the Changi air conveniently pre-book and pay for
We kept our sight on preserving the
cargo community for the major the test ahead of their arrival. In
status of the Changi air hub, which
logistical task of distributing the addition, the portal enables them
is a critical lifeline of the Singapore
highly temperature-sensitive to check that they have met all
economy.
vaccines. Through the formation of the entry requirements prior to
a Changi Ready Taskforce, which departure for Singapore.
During the year, CAG worked closely
CAG co-led with the Civil Aviation
with the Singapore government to
Authority of Singapore (CAAS), the To give passengers greater
jumpstart air traffic by facilitating
airport was able to strengthen its assurance of a safe travel journey,
passengers visiting under reciprocal
unbroken cold chain capabilities CAG also introduced a contactless
green lane and unilateral opening self-service check-in process
to provide the safe, reliable and
arrangements. It also swiftly set up with the use of infrared proximity
efficient transportation of Covid-19
dedicated Transit Holding Areas in sensors at the automated check-in
vaccines into Singapore and
the terminals, with robust health and kiosks and automated bag-drops
the region.
safety protocols in place to enable across Changi’s terminals and
transfers and transits at Changi Jewel. This is complemented by
Transforming Changi Airport’s
Airport. biometric systems implemented at
operations
the immigration checkpoints where
Together with the Singapore Although air travel demand is not facial and iris recognition are now
Tourism Board, we collaborated with expected to return to pre-Covid used to verify travellers’ identity
industry partners to introduce travel levels any time soon, CAG was not instead of fingerprint scanning.
insurance to arriving passengers. at a standstill. During the year, we
To facilitate business meetings in worked tirelessly with the airport Working alongside the Ministry
Singapore, CAG joined a consortium community to transform Changi of Transport and CAAS, CAG also
led by Temasek Holdings to launch Airport’s operations, with the put in place multiple risk-based
Connect@Changi – a dedicated implementation of safe processes to measures to protect airport
short-stay facility which allows meet new travel regulations and yet workers, including the segregation,
business travellers to have physical provide passengers a smooth travel vaccination and regular testing
meetings with local counterparts experience despite the pandemic. of airport workers in close
in a ‘bubble-wrapped’ setting and consultation with the Ministry of
without the need for quarantine. Passenger flows within the Health. Airport workers are also
terminals were quickly adjusted to provided with suitable personal
To help keep global supply chains prevent risks of virus transmission. protective equipment and training.
uninterrupted, CAG increased the Arriving passengers were
number of cargo flights at Changi segregated according to the We note the emergence of a
to make up for the severe reduction government’s prevailing country Covid-19 cluster at Changi Airport
in bellyhold capacity. CAG worked risk assessment. They all had to in May 2021. This outbreak was
with the government to set clear proceed directly for a Covid-19 unexpected and a disappointment,
guidelines for cargo conveyance on on-arrival test (OAT) and thereafter but it has spurred us to implement
passenger aircraft. This opened the to their Stay-Home Notice (SHN) additional measures to further
opportunity for over 60 passenger accommodation if required. Those strengthen the airport’s defences
airlines to launch cargo-only from very high-risk countries against the transmission of the
passenger flights from Changi to were escorted from the point of virus. These efforts, which include
over 80 cities. As a result, Changi’s disembarkation until they boarded ensuring the continued welfare of
air cargo throughput saw a less the dedicated transport to their SHN our frontline workers, are on-going
significant drop of 23% compared to accommodation. and we will provide a full reporting
Changi Airport Group – Annual Report 2020/21 05
Chairman &
CEO message
of the various measures undertaken sector assistance package. We also fencing technology was introduced
in our next annual report. helped to identify retraining and to better guide airfield drivers on
redeployment opportunities for the taxiways.
Pivoting our commercial business their staff.
Preserving Changi’s bond with
With Covid-19 turning more
Ensuring operational safety and Singaporeans
consumers to online shopping,
excellence
CAG focused on serving the In these difficult times, CAG drew
retail needs of travellers through As CAG sought to transform Changi strength from the support of
Changi’s e-commence platform Airport’s operations, it continued Singaporeans for Changi Airport. To
– iShopChangi.com. During the with the critical development plans maintain the airport’s special bond
year, iShopChangi also switched necessary to prepare the airport with them, we have endeavoured
from a purely buy-and-fly business for the future. During the year, to delight locals with new Changi
model to one that actively targets Changi’s Runway 3 was opened for experiences.
the domestic market as well. This civil operations as part of long-term
enabled Singapore residents to plans to support the Singapore air The Changi Airport Connector, which
enjoy tax-absorbed shopping, hub with a three-runway system. links the airport to East Coast Park
without flying. In keeping with and Singapore’s park connector
Changi’s commitment to deliver For emergency preparedness, network, was launched in October
the best retail experiences, the a crisis exercise simulating an 2020. The connector includes the
Changi Shopping Concierge was aircraft land crash at the new Changi Jurassic Mile, Singapore’s
introduced to offer personalised Runway 3 terrain was conducted. newest and largest permanent
shopping services through Due to Covid-19 restrictions, an outdoor display of life-sized
WhatsApp. To keep customers inaugural Airport Emergency Plan dinosaurs, as well as Hub & Spoke,
engaged, airside shopping tours webinar was held for all airlines a new pit-stop with a café, bicycle
with safe management measures and ground handling agents, along rental shop and shower facilities.
were conducted for members of the with a virtual table-top exercise.
Changi Rewards loyalty programme. CAG also creatively deployed For its year-end festivities, CAG
mannequins and casualty tags in presented the inaugural Changi
At the landside, Terminal 3 place of role players for the ground Festive Village, which offered a slew
Basement 2 was revitalised with deployment exercise. At Seletar of interactive play activities and
new brands and pop-up retail Airport, a similar virtual table-top a shopping carnival spanning the
stores to add buzz. A concerted crisis exercise was held. airport terminals and Jewel. From
effort was also made to launch ‘glampcations’ in Jewel to dinosaur
innovative marketing initiatives to In the pursuit of operational displays in Terminal 3 and night
help drive sales for the airport’s excellence, CAG adopted and go-karting at Terminal 4, visitors
tenants. When food and beverage trialled various innovative had no lack of choice for a fun-filled
operators were badly hit from technologies in 2020/21 to local holiday at Changi without
the restrictions imposed by the strengthen airside operations going overseas.
Singapore government on dining in, and management. This included
CAG started a new delivery service the use of video analytics and Sustaining business operations
called Changi Eats to serve locals at vehicle tracking to provide greater In taking bold steps to invest in the
home with the extensive offerings on-ground visibility for real-time recovery of travel and the future of
from Changi’s terminals and Jewel. operational management. A new Changi Airport, CAG was mindful
airfield lighting control system was of adopting financial prudence for
Throughout this time, we remained also rolled out to enable air traffic business sustainability in a prolonged
committed to helping our airport controllers to better manage flights downturn. Across the Group,
tenants ride out the storm by in low-visibility conditions. Training manpower rationalisation and in-
offering them additional rebates for airfield drivers was stepped up sourcing were undertaken to further
and rental waivers beyond the with simulators adopting virtual reduce operating costs. This was
financial assistance provided reality technology to increase coupled with a company-wide salary
under the government’s aviation training realism. In addition, geo- reduction and hiring freeze.
06 Changi Airport Group – Annual Report 2020/21
To optimise resources, Changi Overall, the Group recorded a net We also thank our Board members
Airport’s terminal operations were loss attributable to shareholder for providing their strategic
consolidated with the suspension of the Company of S$954 million, counsel to the Group. We take
of Terminals 2 and 4 in May 2020. In driven by weaker performance this opportunity to express
2020/21, CAG also took a pause on due to the Covid-19 pandemic, as our appreciation to outgoing
the development of the new Terminal well as non-cash impairment and Board member Eric Ang for his
5 to allow for a major review to be depreciation charges. Total equity contribution over the years, and
conducted on the pandemic’s impact attributable to the shareholder of welcome Mark Yeo to the Board.
on the aviation sector. The review the Company was S$6.9 billion, a
will study how current designs decline of 12%. We wish to pay a special tribute to
could be adapted to meet potential Liew Mun Leong who stepped down
new requirements arising from the Building a firm foundation in our as Chairman and Board Director
pandemic. people of the Group in September 2020.
As the founding Chairman of CAG
In response to the rapidly changing
Overseas, our international arm, CAI, since 2009, Mr Liew played a pivotal
aviation landscape, our people have
sought to maintain a stronger cash role in paving the way for Changi
had to adopt new ways of working
position by moving towards an asset- to operate more flexibly to meet
and develop new skillsets to design
light business model, pursuing longer the challenges of a highly dynamic
and execute transformative projects.
term operations and management aviation environment. His vision
To support their growth and
projects, as well as commercial and passion for Changi remains an
development, various programmes
joint ventures. During the year, CAI inspiration to the people of CAG and
were launched to build their
clinched a five-year commercial the airport community today.
learning capacity and agility, as
partnership with Guangzhou Baiyun well as prepare them for the digital
International Airport and several We also thank our airport partners
future of work. With work-from-
other contracts in China. It also for their resolute partnership,
home being the default for most of
continued to adopt a disciplined and every member of the Changi
the year, CAG ensured that every
approach to its expansion and assess community for bravely facing the
employee had continued access to
projects on risk-adjusted returns. daunting challenges with positivity
quality learning resources online.
and resilience. We are confident
Strengthening financial resilience that we will be able to rise from
During the year, a new initiative
the current setback, with the right
With stringent cost-cutting which enabled employees to
measures in place to prepare for
measures and strong support from seek short-term attachments
recovery.
government authorities through outside of their regular portfolio
various forms of Covid-19 reliefs, was introduced to grant them
As countries across the globe
the Group’s operating expenses exposure to different areas of the
step up on vaccinations, and with
(excluding depreciation and business. The Project Starship
emerging testing technologies
amortisation charges) fell by 52% to programme has been a leap forward
promising to be more affordable
S$737 million and a positive EBITDA in strengthening cross divisional
and delivering faster results, there
of S$178 million was achieved in collaboration.
is good reason to believe that travel
2020/21. With cash burn reduced, will resume in a matter of time.
the Group’s liquidity position A silver lining When that happens, Changi Airport
remained healthy at S$1.82 billion Covid-19 looks set to remain for will be ready to give passengers the
as at 31 March 2021. some time as the virus continues to confidence to fly again.
evolve. As we navigate through this
To strengthen its liquidity position, uncertain period, we wish to thank
CAG raised S$500 million through the Singapore government and its
a 10-year bond issuance priced at agencies (including the Ministry Tan Gee Paw
1.88% per annum in May 2021. A of Transport and CAAS), and our Chairman
revolving credit facility of S$2 billion shareholder for lending their very
was also secured in April 2021 to strong support to the aviation Lee Seow Hiang
serve as a standby source of liquidity. community. Chief Executive Officer
Changi Airport Group – Annual Report 2020/21 07
Board of
Directors
Our Board of Directors oversees the Group’s long-
term strategy, providing management guidance
for continuing and steady growth, while protecting
the interests of stakeholders and employees.
Michael George
Tan Ching Yee Lim Zhi Jian William Barclay
Kelvin Fan Chng Sok Hui Kwa Kim Li
08 Changi Airport Group – Annual Report 2020/21
Tan Gee Paw Lee Seow Hiang
Professor
Tan Kong Yam Ng Chee Khern Chia Song Hwee
Wahab Yusoff Kee Teck Koon Mark Andrew Yeo
Changi Airport Group – Annual Report 2020/21 09Board of
Directors
Tan Gee Paw Technology Medal in 2015. Mr Tan Mr Lee is concurrently Deputy
was conferred the Meritorious Chairman of CAI, Chairman of
Chairman
Service Medal in 2001 for his work Jewel Changi Airport Trustee Pte
Mr Tan Gee Paw is the non- as Permanent Secretary of the Ltd and Chairman of the Board
executive chairman of CAG. He was then Ministry of the Environment of Changi Foundation Ltd. He
appointed to the Board on and the Distinguished Service also chairs the National Library
1 May 2017 and was subsequently Order in 2010 for his work as Board and sits on the board of
appointed the Non-Executive Chairman of PUB. In 2011, Mr Tan NTUC FairPrice Co-operative
Chairman of the Board on 23 was conferred the Distinguished Ltd. He holds the appointment of
October 2020. Engineering Alumni Award by the President, Airports Council
National University of Singapore; International (ACI) Asia-Pacific
Mr Tan is currently the Special the Distinguished Member Regional Board and is a director on
Advisor to the Chairman of Award by National University of the ACI World Governing Board.
the PUB, Singapore’s National Singapore Society in 2014; and the
Water Agency, a member of the Distinguished Professional From 1989 to 2005, Mr Lee
Centre for Liveable Cities Panel Engineer Award in 2018 by the held various appointments in
of Distinguished Advisors, a Professional Engineers Board. He the Republic of Singapore Air
Director of Surbana Jurong Private was elected an Honorary Fellow Force (RSAF) and the Ministry of
Limited and an adjunct professor of the Institution of Engineers, Defence, with his last appointment
at the Lee Kuan Yew School of Singapore and awarded the being Deputy Head of Air
Public Policy and the Faculty of Lifetime Engineering Achievement Operations in HQ RSAF. From
Engineering, National University Award in 2015. Mr Tan was also 2005 to 2008, he was the Principal
of Singapore. elected as a Fellow of the Academy Private Secretary to the late
of Engineering, Singapore in 2012. Minister Mentor Lee Kuan Yew in
Mr Tan was the previous Chairman the Prime Minister’s Office. Mr Lee
of the PUB from 1 April 2001 up Mr Tan graduated with First was awarded the Singapore Armed
until his retirement on 31 March Class Honours in Bachelor of Forces (SAF) Overseas Scholarship
2017. His previous appointments Engineering (Civil) from the and President’s Scholarship in
include being appointed as University of Malaya in 1967, and 1989. He was also awarded the
member on a number of a Master of Science in Systems SAF Postgraduate Scholarship
government committees, the Engineering from the University (General Development) in 2002.
Principal of Ngee Ann Polytechnic, of Singapore in 1971. He was
Permanent Secretary of the then conferred an Honorary Degree He holds a Bachelor of Arts
Ministry of the Environment, of Doctor of Science from the (Honours) from the University of
Advisor on Rail Transformation, University of Westminster, Cambridge, UK, and a Master of
Ministry of Transport (MOT) and UK in 1993; and an Honorary Business Administration from
Special Advisor to Land Doctorate in Engineering from the Massachusetts Institute of
Transport Authority. Sheffield University, UK in 1995. Technology, USA.
In 2013, he was conferred an
Mr Tan received the Public Honorary Degree of Doctor of
Tan Ching Yee
Administration Medal (Silver) Engineering by the Nanyang
in 1978 and a Special Award Technological University. Mrs Tan is a Non-Executive
(Gold Medal) for Clean River Director of CAG. She was appointed
Commemoration in 1987. He Lee Seow Hiang to the Board on 1 May 2017.
also received the Medal of Executive Director and CEO
Commendation at the NTUC May Mrs Tan is the Permanent
Day Award in 2005, the President’s Mr Lee is the CEO of CAG. He was Secretary of the Ministry of
Award for the Environment in 2007 appointed to the Board on 16 June Finance, Singapore. She also holds
and the President’s Science and 2009. the appointment of Permanent
10 Changi Airport Group – Annual Report 2020/21Secretary (Special Duties), Prime At the Ministry of Manpower, President Asia for the International
Minister’s Office. he was the Deputy Director of Air Transport Association and
the Foreign Workforce Policy Chief Executive of the regional
She assumed these posts on 1 Department. At the Monetary airline SilkAir. Mr Barclay began
May 2016. She is Chairman of Authority of Singapore, he held the his career with Singapore Airlines,
the Inland Revenue Authority of positions of the Deputy Director holding various portfolios in
Singapore and the Accounting and of the Strategic Planning Office Singapore, Germany, Switzerland,
Corporate Regulatory Authority, and Senior Policy Analyst of the Belgium and the UK.
and a board member of the Prudential Policy Department.
National Research Foundation and Mr Barclay has a Master of Science
the Lee Kuan Yew School of Public Mr Lim was awarded the degree in Transport Planning &
Policy. Overseas Scholarship by the Engineering from the University
Monetary Authority of Singapore of Leeds and he completed the
Mrs Tan was previously Permanent and graduated from Carnegie Advanced Management Program
Secretary at the Ministry of Health Mellon University with a double at Harvard Business School.
and the Ministry of Education. major in Computer Engineering
Before that, she was the Chief and Economics. He also holds a
Professor Tan Kong Yam
Executive of the then Infocomm Master in International Policy from
Development Authority of Stanford University and a Master Professor Tan is a Non-Executive
Singapore, and also Deputy in Public Administration Director of CAG. He was appointed
Secretary (Infocomm and Media Edward S. Mason Program from to the Board on 30 January 2015.
Development) at the former the Harvard Kennedy School.
Ministry of Information, Professor Tan is presently
Communications and the Arts. Professor of Economics at the
Michael George William Barclay
Nanyang Technological University.
Prior to these roles, she had Mr Barclay is a Non-Executive He is also Deputy Chairman
worked at the Ministry of Education Director of CAG. He was appointed of APS Asset Management
and Ministry of Trade and Industry. to the Board on 16 June 2009. (China) and sits on the boards of
Mrs Tan read Economics at Surbana-Jurong and CapitaLand
Cambridge University and Mr Barclay is the Group CEO and China Trust (CLCT).
obtained her Master of Science in Executive Director of Mandai Park
Management from the Graduate Holdings. He oversees both Mandai From 1984 to 1988, Professor
School of Business, Stanford Park Development, the entity set Tan was the Assistant Director
University. up to drive the rejuvenation of on exchange rate policy at the
Mandai into an integrated wildlife Monetary Authority of Singapore
Lim Zhi Jian and nature precinct, and Wildlife and assistant to the late Dr Goh
Reserves Singapore, the operator of Keng Swee, the former Deputy
Mr Lim is the Alternate Director four award-winning zoological parks Prime Minister of Singapore,
to Mrs Tan Ching Yee. He was – Jurong Bird Park, Night Safari, who had been invited by Mr Deng
appointed to the Board on 1 May River Safari and Singapore Zoo. He Xiaoping to advise China on
2017. also serves as Chairman of Mandai economic development strategy.
Global and as a Non-Executive
Mr Lim is Director (Reserves Director of Mandai Nature. From June 2002 to June 2005,
and Investment) at the Ministry he was a senior economist at the
of Finance. Prior to joining the Prior to joining Mandai Park World Bank office in Beijing. In
Ministry of Finance in June 2016, Holdings, Mr Barclay was CEO of 2004, he was a member of the
he held various appointments in Sentosa Development Corporation World Bank expert group on the
the Ministry of Manpower and the for seven years. This followed 11th five-year plan (2006 to 2010)
Monetary Authority of Singapore. on from stints as Regional Vice for the State Council in China. The
Changi Airport Group – Annual Report 2020/21 11Board of
Directors
expert group provided analysis 2nd Permanent Secretary in Board, and President and CEO
and policy recommendations to Singapore’s Ministry of Health of Chartered from 2002 to
the Chinese government. Prior to from August 2014 to February 2009. Mr Chia also held various
that, he was the chief economist 2016, Director of the Security management positions at
of the Singapore government and Intelligence Division from Chartered, including Senior Vice
at the Ministry of Trade and 2010 to 2014, and Chief of the President, Chief Financial Officer,
Industry (1999 to 2002) and head RSAF from 2006 to 2009. Mr Ng and Chief Administrative Officer.
of the Department of Strategy was also a board member of Civil Prior to Chartered, Mr Chia
and Policy at the NUS Business Aviation Authority of Singapore was Regional Controller for
School. He has also worked at (CAAS), Singapore Technologies Asia, Australia, and the Middle
the Hoover Institution at Stanford Engineering Ltd and CapitaLand East for the drilling group of
University and World Bank in Mall Trust. Schlumberger, a global oilfield
Washington, DC. services group.
A recipient of the President’s
Professor Tan is a graduate Scholarship and SAF Overseas Mr Chia holds a Bachelor of
of Princeton University with a Scholarship, Mr Ng holds a Business (Accountancy) degree
Bachelor of Arts (Honours) and has Bachelor of Arts (Second Upper with distinction, from Edith
a PhD in Economics from Stanford Class Honours) and a Master of Cowan University, Australia, and
University. Arts in Philosophy, Politics and is a member of CPA Australia. He
Economics from the University of was honoured with the Electronic
Oxford. Mr Ng also graduated with Engineering Times Annual
Ng Chee Khern
a Master of Public Administration Creativity in Electronics Award
Mr Ng is a Non-Executive Director from Harvard University. for Executive of the Year in 2007.
of CAG. He was appointed to the
Board on 1 March 2018. Chia Song Hwee Kelvin Fan
Mr Ng is Permanent Secretary Mr Chia is a Non-Executive Brigadier General (BG) Fan is a
(Smart Nation and Digital Director of CAG. He was appointed Non-Executive Director of CAG. He
Government) in the Prime to the Board on 1 October 2018. was appointed to the Board on 15
Minister’s Office. He leads August 2018.
the Smart Nation and Digital Mr Chia is the Deputy Chief
Government Group, which was Executive Officer at Temasek. In BG Fan is currently the Chief of
formed in May 2017 to drive the February 2021, he was appointed Staff – Joint Staff/SAF Inspector
digitalisation of the government, to the board of A*STAR (Agency General in the SAF. He joined the
so that the government may apply for Science, Technology and SAF in 1998 as an Air Warfare
digital and smart tools to improve Research). Mr Chia also serves as Officer and has served various
the lives of citizens and the a member of Singapore’s Advisory command roles in Ground Based
productivity of businesses. Council on the Ethical Use of Air Defence units. Prior to his
AI and Data, established by the current appointment, BG Fan has
He is also the Chairman of the Infocomm Media Development served as Director (Policy) in the
Government Technology Agency of Authority (IMDA) since 2018. Ministry of Defence, as well as
Singapore (GovTech) board and Head Air Operations and Head Air
a board member of the National Prior to joining Temasek in 2011, Plans in the RSAF. BG Fan is also
Research Foundation. Mr Ng Mr Chia was the Chief Operating a member of the Singapore
previously held the following Officer at GlobalFoundries. Before Administrative Service. Between
positions: Permanent Secretary the integration of GlobalFoundries 2007 and 2009, he served as
(Defence Development) in and Chartered Semiconductor Senior Assistant Director in the
Singapore’s Ministry of Defence Manufacturing Ltd (Chartered), Ministry of Trade and Industry,
from May 2014 to April 2017, he served as Director of the where he was responsible for
12 Changi Airport Group – Annual Report 2020/21developing tourism policies such Council. Mrs Chng previously practice with the law firm. Her
as the Integrated Resorts. served on the boards of the practice spans various aspects
Bank of the Philippine Islands, of law, although her pet area of
In 1998, BG Fan was awarded the the Inland Revenue Authority practice is real estate, Ms Kwa
SAF Overseas Scholarship. He has of Singapore, Housing & also advises on loans, trusts,
a Master of Economics from Development Board, Accounting wills, probates, joint ventures and
Cambridge University, UK, and Standards Council and, for 10 cross border transactions.
a Master of International and years, as the Supervisor of
Developmental Economics from the board of DBS Bank (China) Ms Kwa holds various positions
Yale University, USA. BG Fan was Limited. outside her legal practice,
also a 2010 graduate of the US Air including directorships in Jurong
Force Command and Staff College Mrs Chng is a Chartered Financial Town Corporation and Mapletree
in Maxwell Air Force Base, USA. Analyst, a Certified Financial Commercial Trust. In the health
In 2013, BG Fan was awarded the Risk Manager, an Institute of sector, she is Trustee of the
SAF Post-Graduate Scholarship Banking and Finance Singapore Singapore Cardiac Society.
as well as the Lee Kuan Yew She formerly served on the
Distinguished Fellow, as well as
Post- Graduate Scholarship. Boards of Singapore Chinese
a Fellow Chartered Accountant
He graduated with a Master of Girls’ School, National University
of Singapore. Mrs Chng was
Business Administration from Health System, Lee Kuan Yew
the recipient of AsiaRisk’s Risk
the Sloan School of Management, School of Public Policy, Sentosa
Manager of the Year Award in
Development Corporation and
Massachusetts Institute of 2002 and The Asian Banker’s
HSBC Bank (Singapore) Limited.
Technology in 2014. In 2015, BG Inaugural Risk Manager of the
Fan was awarded the Public Year Award in 2012. Mrs Chng Ms Kwa was awarded the Ministry
Service Administration (Military) was named Best Chief Financial of Education Service to Education
(Silver). Officer at the Singapore Corporate Award and the Ministry of Health
Awards 2013 and Accountant Appreciation Service Award.
Chng Sok Hui
of the Year in the inaugural
Singapore Accountancy Awards
Mrs Chng is a Non-Executive in 2014. She is a member of the Wahab Yusoff
Director of CAG. She was International Women’s Forum
Mr Wahab is a Non-Executive
appointed to the Board on 1 (Singapore).
Director of CAG. He was appointed
October 2019. to the Board on 1 October 2019.
Kwa Kim Li
Mrs Chng is the Chief Financial Mr Wahab holds the position of
Officer of DBS Group, and a Ms Kwa is a Non-Executive Vice President (Asia Pacific &
member of the DBS Executive Director of CAG. She was Japan) at Forescout Technologies
Committee. Prior to this appointed to the Board on 1 Pte Ltd. Forescout Technologies
appointment in 2008, she was the October 2019. provides integrated security
Managing Director and Head of platform services to enable
Risk Management at DBS Group Ms Kwa is the Managing Partner enterprises and government
and held the position for six years. of Lee & Lee, Advocates and agencies to gain situational
Solicitors, one of Singapore’s awareness of their extended
Mrs Chng is the Chairman of oldest law firms. enterprise environment to reduce
the board of DBS Bank India cyber and operational risks.
Limited. She serves on the board Ms Kwa graduated in 1979
of Singapore Exchange Limited from the National University of With over 30 years of experience
and chairs its Risk Management Singapore and was called to the in the information technology,
Committee. Additionally, she is Singapore Bar in 1980. She is computer and cybersecurity
a member of the CareShield Life still presently still in active legal fields, Mr Wahab has held various
Changi Airport Group – Annual Report 2020/21 13Board of
Directors
leadership roles in companies four other social enterprises. Mr Yeo is a Director on the Board
that are focused on helping multi- He is presently a Director of of CAI since December 2018 and
national corporations establish CapitaLand Investment Limited was subsequently appointed
and grow their operations in and a Non-Executive Director of the Chairman of CAI’s Board
the Asia Pacific region. Prior to Mandai Park Holdings Pte Ltd, on 16 December 2019. Mr Yeo
joining Forescout Technologies, NTUC Fairprice Co-operative also sits on the Board of Keppel
Mr Wahab was Vice President Limited, CapitaLand Limited and Infrastructure Trust, a position he
and General Manager of Palo Raffles Medical Group Ltd. Mr Kee has held since 2015. Prior to his
Alto Networks ASEAN from 2015 also is also a member of Angsana current appointments, Mr Yeo held
to 2017. He also held the role of Fund Investment Committee, non-executive directorship on the
Vice President of McAfee & Intel Singapore Labour Foundation. Boards of Cityspring Infrastructure
Security South Asia from 2009 Trust, Singapore Cruise Centre
to 2015 and was EMC Computer His previous notable and Singapore Expo/Singex.
Systems, South Asia’s Vice appointments include being
President and General Manager appointed as the Executive Mr Yeo has held various senior
from 2003 to 2009. Director of NTUC Enterprise Co- banking positions working on
operative Limited from January the infrastructure sector in Asia,
Mr Wahab is presently a Board 2017 to September 2019 as well Europe and Latin America mainly
Director of Workforce Singapore as the Non-Executive Chairman doing project finance advisory.
(WSQ), EZ-Link Pte Ltd and of CAI from September 2012 to He was based both in Singapore
Rekanext Capital Partners Pte Ltd December 2019. and London. Thereafter, he held
(a venture capital fund focused on several leadership positions in
ASEAN pre-series start-ups). He Mr Kee started his career in corporates in Asia and the Middle-
is also a member of Singapore’s 1979 with the SAF and was with East. He started his career in the
Future Economy Council and the Ministry of Defence until Singapore civil service.
Kaplan Industry Advisory Board 1991. Thereafter he held senior
(IT and Engineering). management appointments with Mr Yeo graduated with a Master of
several organisations before Arts from the University of Oxford
Mr Wahab holds a Bachelor joining the CapitaLand Group in and a Master of Laws from the
of Engineering degree from 2003. He spent 13 years in various National University of Singapore.
the National University of senior leadership positions at He also attended the Advanced
Singapore and is a graduate of CapitaLand and retired as its Management Programme with
INSEAD’s International Executive Chief Investment Officer in July INSEAD.
Programme. 2009. His other senior roles at
CapitaLand included being CEO
Kee Teck Koon overseeing the group’s real estate
fund management, commercial,
Mr Kee is a Non-Executive retail mall and serviced residence
Director of CAG. He was appointed businesses.
to the Board on 1 March 2020.
Mr Kee holds a Master of Arts in
Mr Kee is the Deputy Chairman Engineering Science from Oxford
of NTUC Income Insurance University, UK.
Cooperative Limited and the
Non-Executive Director and Board Mark Andrew Yeo
Advisor of NTUC Enterprise Co-
operative Limited, the holding Mr Yeo is a Non-Executive Director
entity of NTUC FairPrice, NTUC of CAG. He was appointed to the
Income, NTUC First Campus and Board on 1 April 2021.
14 Changi Airport Group – Annual Report 2020/21Executive
Management Team
1
1 Lee Seow Hiang
Chief Executive Officer
2
2 Lim Peck Hoon
Executive Vice President,
Commercial
3 Ng Lai Leng
Chief Financial Officer
3 Executive Vice President,
Corporate;
Executive Vice President,
Enterprise Performance &
Development
4 Tan Lye Teck
4 Executive Vice President,
Airport Management
5 Yam Kum Weng
Executive Vice President,
Airport Development
5 6 Eugene Gan
Chief Executive Officer,
Changi Airports International
6
Changi Airport Group – Annual Report 2020/21 15Management
Team*
Changi Airport Group
Ang Siew Min Jacqueline Lee Ong Chee Chiau
Senior Vice President, Senior Vice President, Group Senior Vice President,
Development Operations Changi East Programme Changi East T5 Planning
Management Office
Chan Boon Seng Ong Sim Lian
Group Project Director, Leong How Yin Group Senior Vice President,
Changi East Construction Group Project Director, Design Management
Changi East Planning,
Chua Siew Hwi Tan Boon Seng
Design & Construction
Senior Vice President, Project Director,
Enterprise Performance Leong Kok Hoong Project Control
Senior Vice President,
Chung Choon San Ivan Tan
Development Contracts
Group Project Director, Group Senior Vice President,
& Cost Control
Changi East Construction Corporate & Marketing
Leong Yuh Khee Communications
Goh Hwai Kar
Senior Vice President,
Senior Vice President, Tan Kok Siong
Corporate IT & Technology
People Services & Rewards Project Director,
Leslie Pakianathan Changi East Construction
Jayson Goh
Project Director,
Managing Director, Justina Tan
Tunnel Construction Management
Airport Operations Management Managing Director,
Lim Ching Kiat People
Hung Jean
Managing Director,
Chief Executive Officer, Teng Hwee Onn
Air Hub Development
Jewel Changi Airport Development Senior Vice President,
Albert Lim Engineering Management
Koh Miaw Ling & Systems Planning
Senior Vice President,
Senior Vice President,
Passenger Experience
T5 Building Teo Chew Hoon
Ling Ming Koon Group Senior Vice President,
Koh Ming Sue Airside Concessions
Senior Vice President,
Managing Director,
Airport Operations
Engineering & Development Wen Dazhi
Planning & Strategy;
Senior Vice President,
Leck Siew Leng Senior Vice President,
Tunnel Design Management
Senior Vice President, Airside Operations
Internal Audit Ivy Wong
Jeffrey Loke Senior Vice President,
Alvin Lee Senior Vice President,
Enterprise Strategy & Development
Chief, Pricing & Commercial Strategy
Airport Emergency Service Yeo Kia Thye
Jessie Loong Managing Director,
Audrey Lee Senior Vice President,
Airport Operations
Group Senior Vice President, Legal & Compliance
Planning & Airside
Regulatory & Economic Affairs
Matthew Ngan
Senior Vice President,
Changi East Mechanical & Electrical
Changi Airports International (Management Committee)
Sher Khan Brenda Leng Oon Wei Ying
Managing Director, Director & Head, Director,
Changi Airport Consultants Human Resources Risk Management
Peter Lee Chung Shek Lim Wee Ping See Ngee Muoy
Managing Director, Managing Director, Managing Director,
Changi Airport Planners & Engineers Strategy & Planning Legal & Compliance
Ng Kuan Luen Tan Ee
Director, Chief Financial Officer
Portfolio Strategy
* As at 16 June 2021.
16 Changi Airport Group – Annual Report 2020/21Financial
Review
Financial Higlights
FY16/17 FY17/18 FY18/19 FY19/202 FY20/21
Profit & Loss (S$’mil)
Total revenue 2,305 2,602 3,040 3,119 697
Total expenses 1,401 1,649 2,120 2,252 1,433
EBITDA1 1,208 1,310 1,466 1,637 178
Profit / (Loss) attributable to
shareholder of the Company 662 849 677 438 (954)
Financial Position (S$’mil)
Assets 9,260 14,894 15,108 15,948 15,301
Liabilities 2,223 6,457 6,647 7,818 8,469
Cash and marketable 2,694 2,164 1,866 2,528 1,815
securities
Equity attributable to
shareholder of the Company 7,044 7,600 7,839 7,887 6,916
Financial Ratios
EBITDA margin 52.4% 50.3% 48.2% 52.5% 25.5%
NPAT margin 28.5% 32.1% 18.9% 4.8% n.m.
Return on equity 9.6% 11.6% 8.8% 5.6% -12.9%
1
EBITDA (Earnings before interest, taxes, depreciation and amortisation) include a portion of “Other income and losses-net” amounting
to S$218 million (FY2019/20: S$40 million) relating to Covid-19 grants and reliefs received from the Singapore and Brazilian government
authorities.
2
The Group has adopted Singapore Financial Reporting Standards (International) (SFRS(I)) with effect from 1 April 2019. In accordance
with the transition requirements, FY19/20 comparatives and balances as at 31 March 2020 have been restated.
n.m.: Not meaningful
Changi Airport Group – Annual Report 2020/21 17Financial
Review
Group operating revenue countries sought to restore supply chains. By March
2021, cargo throughput in Changi Airport had almost
Global travel restrictions resulting from the Covid-19
rebounded to pre-Covid levels as the reduction of
pandemic adversely impacted the performance of
bellyhold cargo capacity led airlines to increase
Changi Airport Group (Singapore) Pte Ltd (CAG) and
frequencies of cargo-only flights.
its subsidiaries (the Group). Both Changi Airport
as well as Tom Jobim International Airport in Rio
Prior to 2020, Changi Airport had already been
de Janeiro, Brazil, a 51% owned subsidiary of the
pivoting its business strategy to serve the non-
Group, saw significant declines in passenger traffic
travellers market and finding ways to deepen
movements of 98% and 83%, respectively, compared
engagement with customers online. In April 2020,
to the previous financial year. Some airports in the
iShopChangi, Changi’s e-commerce platform,
Group’s overseas portfolio in Russia and China were
extended tax-absorbed shopping to non-travellers
less impacted due to strong rebound in domestic
in Singapore, converting its buy-and-fly model for
passenger traffic. Jewel Changi Airport (Jewel), a
travellers to a marketplace for domestic buyers as
joint venture between CAG and CapitaLand, saw lower
well. This timely move allowed airport retailers a
footfall as visitor numbers fell after the onset of the
chance to continue trading during a period of travel
Covid-19 pandemic.
restrictions.
Overall, the Group’s revenue declined by 78% year-on-
Various other initiatives were undertaken during
year (y-o-y) to S$697 million in financial year 2020/21.
the financial year to drive new revenue streams. In
The Group’s revenue from airport services declined
August 2020, CAG launched Changi Eats, its food
by 86% y-o-y while revenue from airport concessions
delivery service to support tenants. The service
and rental income fell by 80% y-o-y. The decline in
allows customers to order from up to five different
the Group’s revenue was partially mitigated by higher
food and beverage outlets from both Changi Airport
revenue from the cargo segment and efforts to grow
and Jewel. In October 2020, CAG started organising
e-commerce and other new revenue streams.
shopping tours in the transit area. This helped to
generate sales for tenants and allowed Changi to
While passenger movements in Changi Airport
acquire a new customer base.
plunged, demand for cargo remained strong as
44% 25%
S$305 S$173
FY20/21
Group Revenue Airport service fees
S$697 Other airport services1
Other revenue
(million)
Airport concessions
and rental income
21%
S$148
10%
S$71
1 Other airport services mainly comprise cargo services, franchise fees, utility charges, consultancy fees, carpark revenue and other
sundry income.
18 Changi Airport Group – Annual Report 2020/217%
S$104
11%
S$165
49%
14% FY20/21
S$696 Depreciation and amortisation
Services, security and other
S$201 Group Expenditure related expenses
S$1,433 Maintenance of land, buildings
and equipment
(million)
Employee compensation
Government charges and
CAAS services
19%
S$267
Group operating expenses Frequent cleaning and disinfection was carried out
across terminals at both Changi and Tom Jobim
The Group’s operating expenses declined by 36%
airports, as well as Jewel. Parts of T4 were converted
y-o-y to S$1,433 million. A significant portion of
into the nation’s largest vaccination centre to support
operating expenses amounting to $696 million
the national vaccination programme. This enabled the
comprised depreciation and amortization. Excluding
vaccination of aviation workers, air crew and other
depreciation and amortization, the Group’s operating
front-line workers to be carried out swiftly. At Jewel,
expenses fell by 52% to S$737 million.
various precautionary measures were implemented
to ensure high levels of cleanliness and hygiene.
The Group had undertaken stringent cost-cutting
Additional resources were deployed on the ground
measures since the start of the Covid-19 pandemic.
to ensure that visitors adhered to safe distancing
measures as it ramped up promotional activities to
At Changi Airport, operations in Terminal 2 (T2) and
drive sales.
Terminal 4 (T4) have been suspended since May 2020.
The pause allowed for T2’s expansion works to be
EBITDA and net loss
accelerated. Service contracts were also extensively
renegotiated to commensurate with lower passenger With stringent cost-cutting measures and strong
traffic. These measures, coupled with a company- support from government authorities through
wide salary reduction and hiring freeze, and support various forms of Covid-19 relief and waivers, the
from the government, enabled Changi Airport to Group achieved a positive EBITDA of S$178 million
reduce its operating expenses by about 56%. Partial in 2020/21. This support included grants from the
closure of terminal areas in Tom Jobim International Jobs Support Scheme and property tax rebates
Airport was also implemented to reduce outsourced provided by the Singapore government, as well as
services and utilities, lowering its operating expenses a short-term financial rebalancing credit from the
by 49% y-o-y. Brazilian government.
Despite cost-cutting measures, the safety of Notwithstanding the impact of Covid-19, some
passengers and staff remained the Group’s priority. assets in Changi Airports International’s (CAI)
Changi Airport Group – Annual Report 2020/21 19Financial
Review
overseas portfolio in Russia and China outperformed cash burn. As at 31 March 2021, the Group’s liquidity
expectations and remained profitable due to strong position remained healthy at S$1.8 billion. The Group
rebound in domestic passenger traffic in the second will continue to exercise discipline in cost and cash
half of 2020, recovering to almost pre-Covid levels. management and adopt new ways of working to
achieve operational and cost efficiencies for long-
Overall, the Group recorded a net loss attributable to term sustainability.
shareholder of the Company of S$954 million, driven
by weaker performance due to the Covid-19 pandemic To further strengthen its liquidity position, subsequent
as well as non-cash impairment, depreciation and to 31 March 2021, CAG raised S$500 million through
amortisation charges. a 10-year bond issuance priced at 1.88% per annum
on 4 May 2021. A committed revolving credit facility
With passenger movements significantly reduced of S$2 billion was also secured to serve as a standby
arising from the pandemic, Tom Jobim International source of liquidity.
Airport operations and results were adversely
impacted. Due to the prolonged impact of Covid-19 As at 31 March 2021, the Group’s total outstanding
outbreak and delayed recovery in air traffic, an loans and borrowings amounted to S$1.8 billion, of
independent consultant was commissioned to which S$1.5 billion would not be due for repayment
perform an impairment assessment on its intangible within the following 12 months.
assets, primarily its concession right to operate and
manage the airport. Based on the assessment, the Outlook
airport recorded a non-cash impairment charge of
Despite the resurgence of Covid-19 infections in many
S$442 million, of which the Group’s 51% share was
parts of the world, many countries are seeking to
S$225 million.
restore global connectivity and accelerate the pace of
Covid-19 vaccination, providing hope for recovery of
Financial position
air travel.
As at 31 March 2021, the Group’s asset base remained
strong at S$15.3 billion. More than half or 58% of the In Singapore, while air travel demand is not expected
Group’s total assets were made up of property, plant to return to pre-Covid levels in the near term, CAG
and equipment and investment property. Intangible will continue to work with the airport community to
assets of S$2.9 billion, which made up 19% of the put in every effort possible to transform its airport
Group’s total assets, comprised mainly the Group’s operations and concessions business to meet the
concession right to operate and manage Tom Jobim travel demands of a Covid-19 new normal when
International Airport until 2039. A corresponding borders reopen in a safe and calibrated manner. The
concession payable of S$2.6 billion represented the well-being of airport workers, as well as the safety of
Group’s payment obligations to the Brazilian national passengers and visitors, remain a key priority for CAG
agency of civil aviation for the concession right. as it works to preserve the status of the Changi air
hub, a critical lifeline of the Singapore economy.
Total equity attributable to shareholder of the
Company was S$6.9 billion, reflecting a decline of Overseas, to maintain a stronger cash position, the
12% due to the impact of the Covid-19 outbreak. Group will move towards an asset-light business
The various cost-cutting measures undertaken by model, pursuing longer-term operations and
the Group, coupled with the strong support from management projects, as well as commercial joint
government authorities, helped the Group reduce its ventures.
20 Changi Airport Group – Annual Report 2020/21Corporate
Governance
The Board and Management of CAG (‘the Company’) are x. Ms Kwa Kim Li
deeply committed to our Company’s core value – integrity xi. Mr Wahab Yusoff
– which is at the heart of everything we do. We strive to xii. Mr Kee Teck Koon
meet and maintain the highest standards of corporate xiii. Mr Mark Andrew Yeo
governance, professionalism and integrity, to build a
company our stakeholders can be proud of. To operate a The profiles of the current Directors can be found on
sustainable business over the long term and to uphold pages 8 to 14 of this annual report. Changi Airports
and protect the Company’s brand and reputation, we International Pte Ltd (CAI), a wholly-owned subsidiary
strongly believe in being accountable to our immediate of the Company, has a separate Board of Directors,
business and regulatory environment, as well as to the the majority of whom are also independent.
global community.
4. The roles of the Chairman and the CEO are separate
The Company’s Code of Conduct sets out the principles and distinct. The Chairman leads the Board and
and standards of conduct that it expects of all employees facilitates effective and comprehensive Board
in their day-to-day activities and in the decisions they discussions and decision-making on strategic issues,
make. The Company also promotes a ‘speak up’ culture while the CEO has full executive responsibility for
through its whistle-blowing policy, which is intended the management of the Company’s businesses and
to detect and deter unethical or illegal conduct, while implementation of the Group’s strategies and policies.
protecting whistle-blowers from retaliation.
5. Ten committees have been formed to assist the
The Board of Directors Board in the detailed consideration of various
matters. These are the Executive Committee
1. The Company’s Board of Directors is our highest (EXCO), Executive Resource and Compensation
decision-making body. It oversees the Company’s Committee (ERCC), Audit Committee (AC), Tenders
long-term strategies and provides guidance to Committee (TC), Executive Committee on Airport
Management for the long-term performance and Development (ECAD), Operational Risk and Safety
financial soundness of the CAG Group (‘the Group’), Committee (ORSC), Nominating Committee (NC),
while safeguarding the interests of stakeholders. Capital Management Committee (CMC), Technology
Development Committee (TDC) and Terminal 5
Composition and balance Negotiations Committee (T5NC). Each committee is
2. Headed by Non-Executive Chairman, Mr Tan Gee governed by its own terms of reference, which sets
Paw, the Board currently comprises 14 Directors. out the scope of the committee’s authority, duties and
Mr Tan succeeded former Chairman, Mr Liew Mun responsibilities. Ad-hoc committees1 are also formed
Leong, who retired on 10 September 2020. Mr Lee from time to time to review specific issues.
Seow Hiang, our CEO, is the only executive member
of the Board. The majority of our Board members are 6. The Board meets at least four times a year.
independent. Our Directors are individuals with broad
and diverse expertise and experience. Access to information
7. Prior to each Board Meeting and when necessary,
3. The Board Directors of the Company are: the Board is provided with pertinent information –
i. Mr Tan Gee Paw – Chairman including updates on the Company’s operating and
(appointed on 23 October 2020) financial key performance indicators, regulatory,
ii. Mr Lee Seow Hiang – CEO industry and other significant developments
iii. Mrs Tan Ching Yee – Shareholder Representative relating to the Group – to enable the Board to make
(Mr Lim Zhi Jian is her alternate) informed and sound decisions. The Board has full
iv. Mr Michael George William Barclay access to the Senior Management team and the
v. Professor Tan Kong Yam Company Secretary. Should the Directors require
vi. Mr Ng Chee Khern independent professional advice on matters relating
vii. Mr Chia Song Hwee to the businesses or issues affecting their duties,
viii. BG Kelvin Fan the Company will, at its expense, arrange for the
ix. Mrs Chng Sok Hui appointment of relevant professional advisors.
1 The T5NC is an ad-hoc committee, established to oversee the negotiation process and recommend the final terms and quantum of
compensation associated with the demobilisation of the Terminal 5 design and engineering consultants arising in relation to the delays
and changes brought by Covid-19. It consists of one Director (Mr Kee Teck Koon, Chairman) and two non-voting co-opted members (Ms
Patricia Chia and Mr Lee Chuan Seng).
Changi Airport Group – Annual Report 2020/21 21You can also read
