The ACE Corporate Governance code is a set of:

Principles

- Fundamental rules of ethical behaviour

Prescribed applications

- Standards requiring mandatory compliance, and if not, public disclosure

Best practices

- Desirable practical standards recommended or optimal governance

Where countries within Asia Pacific are branch operations and not subsidiaries, and prudential / regulatory authorities do not require the formation of Boards and Audit committees, ACE’s policy is to form Executive Boards of Management and Executive Audit Committees. The operation, roles and responsibilities of these formal committees of management are generally in line with Boards and Audit Committees.

 

While it may not be practical to have a majority of independent members, there must be a degree of independence in the composition of each committee. Thus the overall corporate governance approach is consistent through the region irrespective of the legal structure that may exist country by country.

 

To the extent that this corporate governance policy conflicts with an ACE company’s Constitution (or similar document) or the laws of the jurisdiction in which that company operates, this corporate governance policy does not need to be complied with.
  

Where local laws impose a more onerous obligation, such obligation must be complied with.

 

The 7 Key Principles of ACE Corporate Governance are:

1.	Independence
2.	Integrity
3.	Proper oversight
7.	Accountability
5.	Strong internal controls
6.	Transparency
7.	Deterrence