Singapore Telecommunications Ltd Annual Report 2023

FY2023 Annual Report · Singapore Telecommunications Ltd

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Our
Purpose-
Driven
Journey

Since embarking on our strategic
reset in 2021 to accelerate
growth in the 5G era, our journey
has been driven by a common
purpose to Empower Every
Generation. This shared ambition
has brought our people closer
together and given greater
focus to our transformation to
become a more relevant and
socially impactful Group. We
believe technologies like 5G can
bring positive, lasting change for
everyone – enriching consumers’
experiences, helping enterprises
get ahead in the digital economy
and closing digital gaps in our
communities. With our expertise
and unique assets, we want
to open up a world of digital
possibilities and keep paving the
way for a more sustainable and
inclusive future.

Our Strategy and Progress

Business Reviews

Governance and Sustainability

CONTENTS

Overview

02 Our Business Footprint
04
Financial Highlights
05 Sustainability Highlights
06 Chairman and GCEO Message
08 Our Strategy and Progress
10 Harnessing the Power of 5G
12 Board of Directors
17 Organisation Structure
18 Management Committee

Business Reviews

22 Group CFO Review
24 Consumer Singapore CEO Review
26 Optus CEO Review
28 Group Enterprise CEO Review
30 NCS CEO Review

Governance and Sustainability

34 Corporate Governance
Investor Relations
76
78 Risk Management

Philosophy and Approach

90 Sustainability

Performance

98 Group Five-year Financial Summary
102 Group Value Added Statements
103 Management Discussion and Analysis

Financials

114 Directors’ Statement
125 Independent Auditors’ Report
131 Consolidated Income Statement
132 Consolidated Statement of
Comprehensive Income

133 Statements of Financial Position
135 Statements of Changes in Equity
139 Consolidated Statement of Cash Flows
143 Notes to the Financial Statements

Additional Information

245 Interested Person Transactions
246 Further Information on Board of Directors
250 Additional Information on Directors

Seeking Re-election

260 Further Information on

Management Committee

264 Key Awards and Accolades
267 Shareholder Information
269 Corporate Information
270 Contact Points

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Report 2023 online.

ASIA’S LEADING
COMMUNICATIONS
TECHNOLOGY
GROUP

We are based in a dynamic
region that is primed to be the
fastest-growing digital economy.
Guided by our purpose to empower
people and businesses through technology,
our talented teams are accelerating digital
innovation across our markets. Together with
Optus and our regional associates Airtel, AIS,
Globe and Telkomsel, we focus on growing
our digital capabilities and breaking new
ground in emerging technologies such as 5G.

81%

Underlying
net profit from
operations
outside Singapore

Deep customer
relationships and
insights, with

> 770m

mobile customers in

21 countries

46%

of our people are
based out
of Singapore

Our Business FootprintTHAILAND

Ordinary shares 23.3% (1)
Mobile customers 46.1m
Broadband customers 2.3m

Ordinary shares 24.99%
An investor in telcos,
media and technology

PHILIPPINES

Voting shares 22.3% (2)
Mobile customers 84.2m
Broadband customers 2.3m

INDIA,
SOUTH ASIA,
AFRICA

Effective interest 29.4%

Mobile customers
India: 335m
South Asia: 3.1m
Africa: 140m

Broadband customers
India: 6m

SINGAPORE

INDONESIA

AUSTRALIA

Mobile customers 4.3m
Broadband customers 0.7m

Effective interest 35.0%
Mobile customers 151m

Mobile customers 10.4m
Broadband customers 1.3m

Notes:
(1) Based on direct equity interest only.
(2) Singtel has an economic interest of 46.8% in Globe.
All figures at 31 March 2023 unless otherwise stated.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSFY2023

FY2022

YOY Change (%)

Operating Revenue
(S$m)

14,624

15,339

Share of Associates’ Pre-Tax Profits
(S$m)

2,287

2,136

EBIT
(S$m)

3,399

3,181

Underlying Net Profit
(S$m)

2,053

1,923

Net Profit
(S$m)

2,225

1,949

Dividend Per Share
(S cents)

(3)

14.9

9.3

Return on Invested Capital (4)
(%)

8.3

7.3

Return on Equity
(%)

8.5

7.3

5
(+ 5) (1)

7
(+ 13) (2)

7
(+ 11) (2)

14
(+ 19) (2)

1.0
percentage
point

1.2
percentage
points

Notes:
(1) On constant currency basis, excluding NBN migration revenue and Amobee in prior comparative period FY2022.
(2) On constant currency basis.
(3)
(4) Excluding Optus goodwill. With Optus goodwill, Group return on invested capital would be 5.9% and 5.4% in FY2023 and FY2022 respectively.

Includes additional payout of 5.0 cents per share from the assets that the Group recycled in FY2023.

Financial HighlightsCreating value
for customers

> 770m
mobile customers
connected across
the Group

> 95%
5G standalone
coverage in
Singapore

#1
for 5G download
speeds in Singapore(1)
and Australia(2)

Minimising
environmental
impact

11%
reduction in scope
1 and 2 absolute
emissions

2,363MWh
of renewable energy
generated in FY2023

Top 100
on the Clean200 list
by Corporate Knights
and As You Sow(3)

Uplifting
communities

> S$54m
raised for the Singtel
Touching Lives Fund
since 2002

> 35,000
volunteering hours
to support our
communities

#1
SEA company in
2023 Digital Inclusion
Benchmark by World
Benchmarking
Alliance

Advancing
diversity, equity
and inclusion and
building a future-
ready workforce

> 30%
of staff, management
and board are women

~ S$22m
invested in training our
people in Singapore
and Australia

> 3,000
employees reskilled
to new roles

Notes:
(1) Ookla Speedtest Awards Q1 – Q4 2022.
(2) Opensignal 5G Global Mobile Network Experience Awards.
(3) The Clean200 report ranks large publicly listed global companies by their total clean energy revenues.

Sustainability HighlightsOVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSMobile growth across Singapore and
Australia returned, with a similar
trend experienced by our regional
associates, particularly Airtel in India.
Add to this the growth of our ICT
business – our core businesses saw a
strong 15% EBIT growth.

Our 5G leadership helped to
reinvigorate our core businesses – a
key reason why we were voted the
strongest brand in Singapore for
the second straight year and the
sixth strongest telco brand globally
by Brand Finance. In Singapore, we
achieved standalone 5G nationwide
coverage, three years ahead of
regulatory targets, effectively making
Singapore the first country in the
world to be fully covered by this
next-generation wireless technology.
Hitting this critical milestone has given
us a head start in commercialising 5G.
Not only are our customers enjoying
faster speeds and better connectivity
when using their mobile devices, we
have begun helping enterprises to
innovate and grow by exploiting the
full capabilities and best applications
that 5G can offer. Importantly, with our
5G infrastructure in place, Singapore
can step confidently into its next phase
of growth as a global smart nation.
In Australia, Optus has switched
on its 3,000th 5G site this year as it
expands its national 5G coverage,
while establishing the fastest mobile
speeds in the country for the third year
running.

Restructuring for growth

Consistent with our ongoing strategic
reset, we further reorganised our
structure to reposition the Group for
growth. In Singapore, we consolidated
our consumer and enterprise
businesses into a single operating
unit to drive synergies, productivity
and cost savings at the country level.
This follows a similar move in 2022,
when we transferred the management

of Optus Enterprise to Australia,
effectively giving Optus more
operational autonomy to respond to
market changes and compete more
effectively. We’ve recently established
a standalone infrastructure unit called
Digital InfraCo to better unlock the
latent value of our portfolio of quality
assets that includes our regional data
centre business, our carrier businesses
in subsea cable and satellite, as well
as Paragon, our all-in-one platform
for 5G MEC and cloud orchestration.

This restructuring began in 2021
when our ICT arm NCS was
empowered to accelerate its
expansion into Asia-Pacific as an
autonomous business unit. NCS has
since expanded and regionalised with
a 12,000-strong workforce, a footprint
that extends to Australia and sales
bookings of some S$3.2 billion.

We believe these moves will
accelerate the Group’s pace of
growth, particularly in areas where
we have a right to play. The Digital
InfraCo, for instance, will build on our
portfolio of data centres in Singapore
with new data centres in Thailand
and Indonesia coming online by 2025.
Together with a 58MW project at Tuas
in Singapore, the new builds will more
than double our capacity to 155MW
in the next three years.

Recycling capital to invest
in growth

Besides reinvigorating our core and
developing new growth engines,
we embarked on a series of capital
management initiatives to rebalance
and optimise our associates’
portfolios. We increased our stake
in AIS’ parent company Intouch
Holdings to 24.99% for S$330 million,
demonstrating our confidence in
AIS’ potential to build on its position
as the mobile operator of choice in
Thailand and become the leader

Lee Theng Kiat
Chairman

Dear Shareholders,

It has been a year of recovery and
progress despite uncertainties in the
macroeconomic environment. The
lifting of travel restrictions around
the world sounded an official end
to COVID-19 and its profound
disruptions. This set the scene for
a broad-based economic recovery
and the return of international travel.
Against this backdrop, our business
has come back strong, while we
pivoted assertively into new areas
of growth, as economies continue
to undergo rapid digitalisation. Our
FY2023 net profit grew 14% to
S$2.23 billion, allowing us to make a
total dividend payout of 14.9 cents
per share.

Reinvigorating our core
business

As economies around the world
roared back to life and companies
accelerated their digital transformation
post-pandemic, we were well-
positioned to capture the tailwinds
of digitalisation and positive upside.

Chairman and GCEO Message

As economies around the world roared
back to life and companies accelerated
their digital transformations post-
pandemic, we were well-positioned to
capture the tailwinds of digitalisation
and positive upside.

in digital and enterprise services.
Another key initiative was the
divestment of a 3.3% stake in Airtel
in India which unlocked S$2.5 billion
for the Group. This has helped to
fully fund our 5G needs in Singapore,
while allowing us to grow other new
businesses. We recently supported
our Indonesian partner Telkom, as it
embarked on a process to integrate its
fixed broadband business Indihome
into Telkomsel.

We see this as a rare opportunity for
Telkomsel to tap into the high-growth
fixed broadband market in Indonesia
with the country’s largest broadband
operator that is a profitable and cash-
generating partner.

Creating a sustainable
future of work

In line with our capital recycling
strategy to unlock the latent value of
our assets and invest the proceeds in
growth areas where we can achieve
higher returns, we partnered with
global real estate group Lendlease
to redevelop our Comcentre
headquarters into a S$3 billion world-
class sustainable workplace featuring
the latest smart building and digital
technologies come 2028. As anchor
tenant, Singtel will occupy about 30%
of total space in the new development,
while sharing rental revenue with
Lendlease. This move will further

strengthen our financial position while
creating an exciting next-generation
workplace for our employees.
Importantly, it will also contribute
to the rejuvenation of the Orchard
Road precinct with a net-zero energy
development that is aligned with our
carbon neutral commitments.

Supporting our communities

Doing right by our communities and
our planet continues to guide us on
our purpose-driven journey. We’ve
strengthened our sustainability
commitments by bringing forward
our net-zero goal to 2045 from 2050.
We’ve also updated our 2030 SBTi
targets to ensure alignment with
the 1.5°C climate goal as set out in
the Paris Agreement. These targets
are currently pending validation
by SBTi and we will share them
when approved. We continue taking
care of our stakeholders by making
community investments of S$32 million
across Singapore and Australia. As
always, staff development is high
on our agenda, with S$22 million
invested in reskilling and retraining
our people in Singapore and Australia.
Our work-study programmes across
Singtel, Optus and NCS are helping
our people deepen their expertise
and capabilities to remain relevant
in our fast-paced industry, even as
they stay on the job. We will keep
striving to make a positive impact

Yuen Kuan Moon
Group Chief Executive Officer

on society by supporting our people
and communities and preventing
irreversible climate change.

We would like to extend our heartfelt
thanks to the Board for their guidance
and the management for helping to
navigate the past year’s challenges.
Given the 5G leadership that we’ve
established, and our ongoing efforts
to restructure and drive new growth,
we have every confidence the Group is
well-placed to do bigger and better in
the year ahead.

Yours sincerely,

Lee Theng Kiat
Chairman

Yuen Kuan Moon
Group Chief Executive Officer

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSPURPOSE
Empower Every Generation — Harnessing
technology to empower people and businesses
and create a more sustainable future

VISION
To be a leading communications
and digital services provider

OUR
DIFFERENTIATORS

OUR STRATEGIC PILLARS

5G leadership

Extensive scale
and reach

Our brand

Our people

Reinvigorating
the core

15% EBIT growth from
core businesses (1)

Leveraged 5G leadership to
commercialise services

Consolidating consumer
and enterprise businesses in
Singapore and Australia to drive
growth and synergies

15% increase in regional
associates’ profit before tax (2)

Developing new
growth engines

Regional data centre business
expanded to Thailand and
Indonesia; capacity to more than
double to 155MW in 3 years

Digital InfraCo established to
capture new growth

NCS expanding regionally,
accelerating enterprise and digital
business growth

GXS launched in Singapore;
provides loan and deposit products
to underbanked population

Data insights

MACROTRENDS SHAPING OUR INDUSTRY

Infrastructure

Rise of digital
economy

Technology and
platform proliferation

Notes:
(1) Comprising Optus (excluding NBN migration revenue), Group Enterprise and Singapore Consumer businesses.
(2) On constant currency basis.

Our Strategy and ProgressWe have made significant strides in the two years since
setting a new direction to drive new growth and value in
the 5G era. We are reinvigorating our core businesses with
our 5G leadership, and consolidating our consumer and
enterprise units to optimise synergies and deliver better
customer outcomes. Our growth engines – NCS, data
centre and digital banking businesses – are growing in

scale while our newly-created standalone infrastructure
unit, Digital InfraCo, will boost efforts to unlock value from
our assets and capture opportunities from the accelerated
digitalisation. These efforts are underpinned by our
commitment to contribute to a better world by empowering
our people to be their best, tackling environmental
challenges and digital gaps.

Active capital
management

Championing sustainability
and people

Unlocked S$2.8b from asset
recycling, largely from
divestment of 3.3% Airtel stake

Financial flexibility with
S$2.6b of free cash flow

Solid balance sheet with S$3.2b
of cash and low gearing

11% reduction in scope 1 and 2
absolute emissions

S$32m community investment
in Singapore and Australia

S$22m training investment in
Singapore and Australia

> 840,000 people gained
digital skills and access
since 2015

OUR
STAKEHOLDERS

Customers

Investors

Communities

Employees

Increased dependence
on critical infrastructure

Global
ESG action

Regulators and
governments

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
The Singtel Group has been leading in 5G, the game-changing technology driving new
immersive consumer experiences and accelerating business transformation, in our main
markets of Singapore and Australia. Despite disruptions from COVID, we’ve built fast, pervasive
and reliable 5G networks. Singapore became the world’s first country to be covered by
nationwide standalone 5G in July 2022, which was instrumental in Singtel being voted the
strongest brand in Singapore for the second straight year and the sixth strongest telco brand
globally by Brand Finance. In Australia, Optus switched on its 3,000th 5G site this year.

We’ve made 5G adoption and innovation easier and faster than ever before with the
introduction of Singtel Paragon, the industry’s first all-in-one orchestration platform for 5G
edge computing and cloud service. This has helped spur the use of our 5G solutions across
manufacturing, healthcare, logistics and other mission-critical sectors.

We believe the transformative power of 5G should be accessible to all. That is why we partner
with global industry bodies, telcos, tech companies and start-ups to enable seamless universal
connectivity through initiatives such as the GSMA Open Gateway framework, and to keep on
growing the 5G ecosystem.

With our 5G leadership, advanced capabilities like network slicing, and unrelenting pursuit of
excellence, we are determined to unleash 5G’s full potential to catalyse new growth and build
a more connected and sustainable digital future.

Harnessing the Power of 5G

OUR 5G MILESTONES

SINGAPORE

FEB 2022

JUL 2022

OCT 2022

Introduced Paragon,
the first all-in-one
orchestration platform for
5G edge computing and
cloud services.

Achieved nationwide 5G
standalone coverage
– world’s first country
to be fully covered by
standalone 5G.

Deployed Singapore’s
most energy-efficient 5G
radio cell.

Won Ookla’s 5G
Speedtest in Singapore
for the third year running.

AUSTRALIA

OCT 2022

DEC 2022

FEB 2023

MAR 2023

Awarded Australia’s fastest
5G for mobile download
speeds by Opensignal for
the third year in a row.

Started deploying new
radio access equipment
that can achieve power
savings of up to 25%
per site.

Turned on 900Mhz
spectrum, extending 5G
coverage by 20% per site;
and demonstrated dynamic
network slicing.

Launched 5G cloud
gaming partnership
with Pentanet.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSBoard of
Directors

decision-

Our Board sets the overall
direction for the Group’s
strategy and their diversity
in areas such as skills,
backgrounds, experiences and
gender enhan
ces
making and contributes to our
long-term success. More than
40% of our Board are women
and all Board members are
leaders from various fields
such as telecommunications,
technology, banking, finance,
legal and government.

Lee Theng Kiat, 70

Yuen Kuan Moon, 56

Chairman,
Non-independent and
Non-executive Director

Group Chief Executive Officer,
Non-independent and
Executive Director

Committee(s)
Chairman, Finance and Investment

Committee

Committee(s)
Member, Optus Advisory Committee
Member, Technology and Resilience

Member, Corporate Governance and

Committee

Nominations Committee

Member, Executive Resource and
Compensation Committee

Member, Optus Advisory Committee

Date of Appointment
Director and Group Chief Executive
Officer on 1 January 2021

Date of Appointment
Director on 15 January 2020
Chairman on 30 July 2020

Last Re-elected
30 July 2020

Number of Directorships in Listed
Companies (Including Singtel)
1

Last Re-elected
30 July 2021

Number of Directorships in Listed
Companies (Including Singtel)
1

John Arthur, 68

Gautam Banerjee, 68

Bradley Horowitz, 58

Independent
Non-executive Director

Lead Independent and
Non-executive Director

Independent
Non-executive Director

Committee(s)
Member, Audit Committee
Member, Optus Advisory Committee
Member, Risk Committee
Member, Technology and Resilience

Committee

Date of Appointment
1 January 2022

Last Re-elected
29 July 2022

Number of Directorships in Listed
Companies (Including Singtel)
1

Committee(s)
Chairman, Audit Committee
Chairman, Corporate Governance and

Committee(s)
Member, Finance and Investment

Committee

Nominations Committee

Member, Risk Committee

Date of Appointment
Director on 1 March 2018
Lead Independent Director on
30 July 2021

Last Re-elected
30 July 2021

Number of Directorships in Listed
Companies (Including Singtel)
2

Date of Appointment
26 December 2018

Last Re-elected
29 July 2022

Number of Directorships in Listed
Companies (Including Singtel)
1

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSGail Kelly, 67

Lim Swee Say, 68

Christina Ong, 71

Independent
Non-executive Director

Committee(s)
Chairman, Executive Resource and

Committee(s)
Chairman, Technology and Resilience

Committee(s)
Member, Corporate Governance and

Compensation Committee

Committee

Nominations Committee

Chairman, Optus Advisory Committee
Member, Audit Committee
Member, Corporate Governance and

Nominations Committee

Date of Appointment
26 December 2018

Last Re-elected
29 July 2022

Number of Directorships in Listed
Companies (Including Singtel)
1

Member, Finance and Investment

Member, Risk Committee

Committee

Date of Appointment
1 June 2021

Last Re-elected
30 July 2021

Date of Appointment
7 April 2014

Last Re-elected
29 July 2022

Number of Directorships in Listed
Companies (Including Singtel)
4

Number of Directorships in Listed
Companies (Including Singtel)
3

Rajeev Suri, 55

Tan Tze Gay, 58

Teo Swee Lian, 63

Independent
Non-executive Director

Committee(s)
Member, Executive Resource and
Compensation Committee

Member, Technology and Resilience

Committee(s)
Member, Audit Committee
Member, Executive Resource and
Compensation Committee

Committee

Date of Appointment
1 January 2021

Last Re-elected
30 July 2021

Date of Appointment
6 February 2023

Last Re-elected
–

Number of Directorships in Listed
Companies (Including Singtel)
2

Committee(s)
Chairman, Risk Committee
Member, Corporate Governance and

Nominations Committee

Member, Executive Resource and
Compensation Committee

Member, Technology and Resilience

Committee

Date of Appointment
13 April 2015

Last Re-elected
30 July 2021

Number of Directorships in Listed
Companies (Including Singtel)
3

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSWee Siew Kim, 62

Yong Hsin Yue, 51

Yong Ying-I, 59

Independent
Non-executive Director

Committee(s)
Member, Finance and Investment

Committee(s)
Member, Risk Committee

Committee

Date of Appointment
1 October 2020

Last Re-elected
30 July 2021

Date of Appointment
1 January 2022

Last Re-elected
29 July 2022

Number of Directorships in Listed
Companies (Including Singtel)
3

Number of Directorships in Listed
Companies (Including Singtel)
1

Date of Appointment
15 November 2022

Last Re-elected
–

Number of Directorships in Listed
Companies (Including Singtel)
1

Refer to pages 246 to 249 for biographies.

Notes:
(1) Information as at 8 June 2023.
(2) Mr Venky Ganesan stepped down from the Singtel Board following the conclusion of the Annual General Meeting on 29 July 2022.

As of 1 June 2023

Group Chief Executive Officer
Yuen Kuan Moon

GROUP BUSINESSES

GROUP CORPORATE FUNCTIONS

Chief Executive Officer,
Digital InfraCo

Audit Committee

Bill Chang

Group Chief Internal Auditor

Chief Executive Officer,
NCS

Ng Kuo Pin

Chief Executive Officer,
Optus

Kelly Bayer Rosmarin

Chief Executive Officer,
Singtel Singapore

Ng Tian Chong

Deputy Chief Executive Officer,
Singtel Singapore
Chief Executive Officer,
Business Development

Anna Yip*

Craig Young

Group Chief Financial Officer

Arthur Lang

Group Chief Corporate Officer

Lim Cheng Cheng

Group Chief People and
Sustainability Officer

Aileen Tan

Group Chief Information Officer

William Woo

Group Chief Technology Officer

Jorge Fernandes

Note:
* Deputy CEO, Singtel Singapore reports to CEO, Singtel Singapore

CEO, Business Development reports to Group CEO

Organisation StructureOVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSOur Management Committee
comprises members with
demonstrated leadership
capabilities and expertise in areas
critical to our success, including
technology, engineering, finance
and consulting. We recently
welcomed two new members to
the Management Committee, and
four out of 11 of them are female.

From left to right:

1. Ng Kuo Pin
Chief Executive Officer, NCS

3. Kelly Bayer Rosmarin
Chief Executive Officer, Optus

2. Aileen Tan
Group Chief People and
Sustainability Officer

4. Ng Tian Chong

Chief Executive Officer,
Singtel Singapore

5. Yuen Kuan Moon
Group Chief Executive Officer

Management Committee

6. Arthur Lang
Group Chief Financial Officer

7. Jorge Fernandes

Group Chief Technology Officer

8. Bill Chang
Chief Executive Officer,

Digital InfraCo

9. Lim Cheng Cheng
Group Chief Corporate Officer

As of 1 June 2023.

10. Anna Yip

Deputy Chief Executive Officer,
Singtel Singapore
Chief Executive Officer,
Business Development

11. William Woo

Group Chief Information Officer

Refer to pages 260 to 263 for biographies.

Business
Reviews

We have deepened our capabilities to capitalise on the opportunities brought
about by digitalisation. We continue to solidify our market position with our 5G
leadership and investments to build up critical information infrastructure assets
across the region. Our platforms and solutions are providing enterprises with
flexibility and scalability to operate more efficiently and productively as they
transform digitally. We are also providing the best connectivity and launching
new services to enrich our customers’ digital experiences.

Singtel staff performing 5G network testing at the Floating Platform
ahead of Singapore's 2022 National Day Parade.

UNLOCK YOUR BUSINESS
ADVANTAGE WITH

Singtel

Paragon

Industry’s first all-in-one platform
for 5G network, edge computing,
cloud and services orchestration
helps power up possibilities and
transformations across industries.

growth initiatives. Encouragingly, we are seeing our
regional associates follow our lead in active capital
management, as they sold towers worth S$3.2 billion
to fund their growth.

As a result of our improved business performance and
robust financial standing, we will be paying total dividends
of 14.9 cents(2) – a 60% increase from last year. This is
supported by higher ordinary dividends of 9.9 cents or
80% of underlying net profit, which is at the high end of
our dividend policy, and an additional payout of 5.0 cents
from the assets we have recycled. We will continue to take
a holistic approach to shareholder returns, with payouts
funded by operating cashflow and any excess proceeds
from capital recycling, after funding growth initiatives and
repaying debt.

Firing up our growth engines

We made good headway in our regional data centre
strategy to capitalise on the growing demand for
generative AI, digital and cloud services in ASEAN. We
have commenced new builds that will more than double
our capacity to 155MW within the next three years. They
will be green, best-in-class hyperconnected data centres
with state-of-the-art technologies. We look forward to
collaborating with more like-minded partners to support
the rapidly growing digital economy in this region.

Our digital bank venture with Grab, GXS, officially
launched last year to serve the underbanked population
in Singapore. It has introduced differentiated products
such as a savings account that provides daily interest
without requiring a minimum balance, and a fully
customisable loan product based on customer insights
from our ecosystem. We are not stopping at Singapore.
Our upcoming digital banks in Malaysia and Indonesia
can tap the regional technology architecture we have
built, including our core banking system, as they prepare
for launch later in 2023. Digital banking will make a
tremendous difference for millions of Southeast Asians in
the region and we’re excited about what’s to come.

After the spate of acquisitions by NCS in the last financial
year, we have been working hard to ensure that the

CREATING VALUE AND
DELIVERING TO OUR
STRATEGY

We performed strongly in the second year of our strategic
reset despite ongoing global economic uncertainty,
elevated inflation and currency headwinds. Our proactive
approach to capital management has led to a second
successive year of over S$5 billion of cash generated(1),
ensuring we are in good stead as we continue to execute
to our strategy to increase shareholder value.

Proactive capital management
supporting higher returns

Last year, we unlocked S$2.8 billion, mainly from divesting
a 3.3% direct stake in our regional associate Airtel. This
transaction not only illuminated the sizeable value of our
holdings in Airtel, it also boosted our efforts to enhance
total shareholder returns. We expect to recycle another
S$6 billion in the mid-term to continue supporting our

Notes:
(1) Free cash flow and capital recycled.
(2) Dividends of 7.8 cents payable in August 2023 (comprising final dividend and additional payout from asset recycling).

Group CFO ReviewWe’ve ended the year on
stronger footing and built
significant momentum
behind our strategic reset.
Our financial position is solid,
underpinned by a proven
capital recycling model.

post-acquisition integration is completed as quickly as
possible so that we can reap synergies to further expand
our presence and supercharge our capabilities.

Associates charging ahead

Our regional associates have been charging ahead
with their respective growth initiatives in 5G and fixed
broadband to cater to the accelerated digitalisation
across their markets. Airtel became the first telco in India
to launch 5G commercial services last October, fortifying
its position as a premium brand at the forefront of the
latest technology. In Thailand, AIS will soon leapfrog in
fixed broadband after requisite regulatory approvals are
obtained to fully acquire internet service provider 3BB
as well as a 19% stake in Jasmine Broadband Internet
Infrastructure Fund. Meanwhile, Telkomsel in Indonesia
signed a conditional spin-off agreement with parent
company Telkom to integrate Telkom’s Indihome, the largest
broadband operator. We believe these developments for
AIS and Telkomsel will enhance their growth prospects and
be accretive for us as a long-term investor.

Driving total shareholder returns

As part of our strategy, we have been working to maximise
corporate value and increase capital efficiency across the
Group. We have set a low double-digit(3) return on invested
capital (ROIC) target for the Group in the mid-term from
the current ROIC of 8.3%(3).

In FY2024, we will continue focusing on driving
profitability in our core businesses, which includes
Singtel and Optus operations as well as our regional
associates, to support higher dividends. What this means
is growing revenues, reducing costs and managing the
capital intensity of each business. For growth engines
such as NCS and our regional data centre business,
we aim to improve their internal rate of returns, and
establish capital partnerships to support growth and
scale them up.

Investing in a sustainable future

We are deeply conscious of our responsibility to the
environment and duty to create a sustainable future as
we pursue business growth. Building on our foundations
of a shadow carbon price last year, we intend to
implement an internal carbon fee throughout the
Group, as we step up efforts to make our operations
greener and support our transition to net-zero emissions.
We expect this decision to incentivise investments in
energy efficiency and low-carbon innovation as well
as help us make better informed decisions on capital
expenditure and procurement, underscoring our
commitment to put sustainability at the core of all of
our businesses. At the same time, we are also looking
to collaborate with our regional associates to amplify
the impact of our contributions as one Group, such as
sharing best practices.

Focusing on value creation

We’ve ended the year on stronger footing and built
significant momentum behind our strategic reset. Our
financial position is solid, underpinned by a proven
capital recycling model. Given the prevailing climate
of uncertainty, we will remain watchful and continue
to emphasise agility, resilience and prudence in
our financial approach as we accelerate Singtel’s
transformation into a techco and drive growth and
value for all our stakeholders.

Arthur Lang
Group Chief Financial Officer

Note:
(3) Excluding Optus goodwill.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
We will build on our superior
network and differentiated
services, and leverage
new technologies such as
generative AI, to provide
exceptional customer
experiences. We will also
invest in unique business-to-
business-to-any end-user
(B2B2X) partnerships to build
multiple levers for growth in
Singapore and the region,
within and beyond telco.

SUPPORTING DIGITAL
LIFESTYLES

Our sustained investment and innovation have brought
our consumers the most advanced connectivity and digital
services in the market, empowering them to fully embrace
a connected lifestyle.

a row. Opensignal, an independent global standard
for mobile networks, also recognised Singtel as having
the fastest 5G download speeds in South-East Asia and
Oceania.

We have strengthened our standing as Singapore’s service
provider of choice, delivering 18% growth in our full-year
earnings to S$331 million, before interest and taxes.

Leading in 5G

We established Singapore as a global pioneer when we
completed the rollout of our nationwide standalone 5G
network in July 2022, paving the way for exciting new
consumer experiences and growth. Since then, we have
continued to strengthen our 5G coverage to cover more
than 1,600 outdoor locations and 600 buildings, including
underground train lines, as at the end of March 2023.

Our network superiority has been recognised broadly
by industry experts. Ookla, a global leader in network
intelligence and connectivity insights, has recognised
Singtel for having the fastest 5G mobile network in
Singapore in its annual speed test, for the third year in

To make 5G relevant to consumers, we brought 5G’s
highspeed and low latency to life through use cases such
as Singapore’s first fully mobile live-streamed outdoor
event in Sentosa – the Singapore Motocross Beach Race.
We deployed network slicing at the 2022 Formula One
Grand Prix Season in Singapore, where our customers
caught the seamless coverage of the race on the Singtel
CAST video app, despite being in a high-density zone with
more than 250,000 spectators.

These developments have contributed to a 70% increase in
our 5G base from a year ago and we expect further growth
as 5G applications become more pervasive.

Enhancing our roaming services

The re-opening of borders drove demand for roaming
services, which is a very important part of our business in
Consumer. Outbound traveller volumes have recovered to

Consumer Singapore CEO Reviewmore than 75% of pre-COVID levels as at end of
March 2023 and we anticipate further increase in the
months ahead as China progressively re-opens its borders.

The success of these efforts is reflected in our consistent
best-in-industry Net Promoter Score, which improved by
5.25 points year-on-year to 22.75.

Ahead of the re-opening, we enhanced our ReadyRoam
plans to offer larger data bundles and longer validity
periods, and expanded our 5G roaming network to cover
over 55 destinations worldwide. These initiatives have
allowed us to capitalise on the rebound in international
travel and roaming.

Raising the bar on customer experience

We made significant investments to improve the customer
experience and strengthen trust. For example, we
implemented network quality monitoring and remote
router rebooting during inactive periods to prevent WiFi
performance degradation, successfully reducing call-ins for
assistance by 36%.

Our Smart Network initiative has provided our customers
with greater control, protection and connectivity. Customers
are now able to check the WiFi signal strength in various
parts of their home, upgrade their home internet equipment
for better performance, sign up for cyber security services,
or subscribe to a connectivity boost to level up their gaming
experience, directly from the MySingtel App.

We’ve expanded our digital service offerings for consumers
and made them easier to access. Through CAST.SG,
customers can purchase and activate all of our video
content, lifestyle and hardware offerings via a single app.

To provide our customers with better access to digital
banking services, we integrated Dash with the Grab-Singtel
digibank, GXS. Singtel customers are able to sign up for a
GXS bank account and check their balance directly from
our Singtel Dash app. GXS customers are also able to make
QR payments at Dash merchants.

Our rewards programmes have been further enhanced,
to offer more value to our loyal consumers. We are the
exclusive telco partner of yuu Rewards Club, which allows
members to accumulate and enjoy rewards points at over
1,000 partner stores in Singapore. This complements our
Red rewards programme, which offers our customers more
value on roaming, data, devices, entertainment on CAST,
lifestyle indulgences with partner merchants, and priority
services such as four-hour home site support.

Building a better future for all

Keeping our customers safe is our utmost priority,
especially as scams and cyber security threats grow
in sophistication and pervasiveness. We proactively
block over 30 million scam calls and 20 million scam
messages monthly and are continually exploring new
ways to help customers combat this relentless threat.
Earlier this year, we rolled out Broadband Protect, a new
feature embedded within our network which identifies
and blocks malicious websites on any smart device
connected to a customer’s WiFi network using advanced
technologies like AI.

We also made strides in our environmental and
community efforts. Our Donate Your Data programme
saw 30,000 GOMO customers donate over 1,000
terabytes of mobile data to seniors, helping them stay
connected with their loved ones. We also deployed
Singapore’s greenest 5G radio cell together with
Ericsson, which is 58% more energy efficient than 4G.
This, to our knowledge is the most energy-efficient
network in Singapore. In addition, to further reduce our
carbon footprint, we collected more than 5,100kg of
e-waste for recycling.

Forging ahead

The local telco sector remains highly competitive, while
facing persistent inflationary pressures.

We will build on our superior network and differentiated
services, and leverage new technologies such as
generative AI, to provide exceptional customer
experiences. We will also invest in unique business-
to-business-to-any end-user (B2B2X) partnerships to
build multiple levers for growth in Singapore and the
region, within and beyond telco – from digital finance,
insurance, entertainment, to travel and more. The
strategic consolidation of our consumer and enterprise
units will also unlock synergies and enable us to bring
compelling solutions to market in a faster, agile way.

Anna Yip
Chief Executive Officer,
Consumer Singapore

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWScustomer relationships. We strive to play a positive
role in our customers’ lives by driving regular positive
engagement, and enhancing their digital engagement, and
we remain focused on building their trust and loyalty in the
year ahead.

Delivering real value

Many Australian households are being careful with their
spending, with near historical low consumer confidence
metrics showing the impacts of high inflation, rising
interest rates and economic uncertainties. Optus is
offering customers more value in the ways it will matter
most, whether it’s our flexible Choice Plans which provide
exceptional value compared to our main competitor, our
newly refreshed Roaming Plans to delight those venturing
overseas again, or our differentiated O-Team and Smart
Spaces services to help run a more efficient and
connected home.

Optus also continued to increase the options available
on our world-first SubHub product, which simplifies
management of customers’ myriad of subscription
services – and the unique opportunity to trial and save
up to 10% on their services. Now with 16 partners, Optus
SubHub offers customers an even wider variety of choices
to bundle and save, including popular platforms like Netflix,
Amazon Prime, Paramount+ and now Microsoft 365 and
Binge as well.

Optus Sport reinforced its commitment to streaming
the world’s best football for sport-loving Australians, by
streaming not only the Premier League, but also securing
the Australian media rights to the final tournament of the
UEFA EURO 2024, the exclusive Australian rights to Spain’s
LaLiga as well as holding the Australian media rights to
the FIFA Women’s World Cup 2023, to be held from July to
August 2023 in Australia and New Zealand.

Putting customers in control of their
connectivity

We continue to provide customers with new reasons to
engage with us, including launching additional features
on our Living Network. Launched in May 2021, the Optus
Living Network offers a range of on-demand innovative
network features designed to empower them to transform
their daily connected experience within the category-
leading My Optus App.

CUSTOMERS: AT THE CENTRE
OF EVERYTHING WE DO

This year’s performance is the result of Optus’ strong
customer-led strategy. We’ve put our customers’ needs first
in the decisions we have made and actions we have taken
– delivering Australia’s fastest 5G mobile network, creating
new experiences that enrich their lives through the Living
Network, and offering significant value to them through
competitively priced products and services. Our innovation
credentials have also been recognised, with Optus named
as one of Australia’s most innovative companies. As a
result, we’ve seen 425,000 new customers join Optus,
enhancements to our products and service offerings, and
improvement in our ROIC and profitability growth.

We also brought our Consumer and Enterprise businesses
together, creating an integrated ‘One Optus’ to serve all
Australian customers. The newly formed Enterprise and
Business division creates the opportunity to deliver scale
and synergies and saw Optus gain traction in all segments
of the B2B market, as well as deliver initial cost efficiencies.

Whilst these achievements are positive, we recognise
that we have more work to do to achieve our vision to
be Australia’s most loved everyday brand with lasting

Optus CEO ReviewWe will continue to prioritise
our customers in the decisions
we make, and the actions we
take so we can achieve our
vision of becoming Australia’s
most loved everyday brand
with lasting customer
relationships.

One noteworthy Living Network addition is Network Pulse, a
new interactive feature that provides customers with unique
transparency in relation to the quality of their connection.
Unlike anything any other telco has offered, Network Pulse
provides real-time details on the strength and speed of
their connection, whether they are streaming, gaming or
making video calls. And if a customer wants to increase
their mobile or home internet network performance, they
can pay for a Turbocharge on demand!

In addition to Network Pulse, the Optus Living Network
includes Internet and Mobile Turbocharge, Unlimited Data
Day, Donate Your Data, Donate Your Device, Call Translate,
Optus Pause, WiFi Secure®, Game Path, Sidekick, Call
Notes and Optus Eco, with more features to come.

More customer connectivity

We’ve rolled out an additional 1,200 5G sites and switched
on our 3,000th 5G site this year. We’ve also expanded the
breadth of our 5G coverage, taking it far and wide to places
like Tasmania, Townsville, Mackay and remote Northern
Territory, just to name a few. This year, Opensignal named
Optus Australia’s Fastest 5G for mobile download speeds
for the third year in a row, with an average of 240.5Mbps.

Winning back customer trust

We’ve made a series of commitments and investments to
lift our cyber capabilities, provide additional protections
and tools for our customers, and share insights and
learnings to help protect Australia more broadly.

Building capabilities customers expect

Optus is taking an innovative approach to ensure we
have the skills required to deliver what our customers
need now and to anticipate what they will need in
the future.

Optus customers embrace digital – with over 87% of
service interactions delivered via self-serve digital
channels – and we’ve continued to leverage Contact
Centre AI technology to improve our service offering and
help reduce customer wait times.

We are also equipping our teams with enhanced digital
skills and accreditation to better support customer
outcomes and career development. Now in its third
year, Optus U, delivered in partnership with Australian
universities, creates bespoke curriculums and delivers
our people micro-credential programmes that focus on
the skills needed to drive our business to future success.
This year, Optus also welcomed our biggest ever
graduate cohort, with 50 science, technology,
engineering and mathematics (STEM) graduates taking
part in our newly established Tech Talent Incubator
programme, a bespoke multi-year graduate programme
designed to ensure we attract the very best talent in the
market to serve our customers.

Powering optimism with options for
our customers

We truly value our customers’ loyalty and commitment to
us, and are determined to provide value for money with
more options and unique features that matter to them
and to empower them to be more connected than ever
and optimistic about their futures.

We will continue to prioritise our customers in the
decisions we make and the actions we take so we can
achieve our vision of becoming Australia’s most loved
everyday brand with lasting customer relationships.

Optus is committed to rebuilding trust following the cyber
attack which targeted our customers’ personal information.
We are deeply sorry this attack happened on our watch,
and we are determined to do better in the future.

Kelly Bayer Rosmarin
Chief Executive Officer,
Optus

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSThese innovations have enabled us to achieve many
industry firsts, from the deployment of immersive 5G AR
solutions at Micron Technology’s 3D NAND flash memory
fabrication plant to the 5G campus network powering
the autonomous robots that build electric vehicles at
the Hyundai Motor Group’s Innovation Centre. We also
collaborated with Ericsson and Qualcomm Technologies to
achieve record 5G upload speeds of more than
1.6Gbps – a critical boost for smart manufacturing. These
partnerships demonstrate how enterprises can leverage
Singtel’s 5G network for high-precision quality control and
advanced manufacturing operations that were previously
not possible.

In addition, our 5G MEC incubator with Intel helps
enterprises deploy 5G edge applications faster and
smarter. We’ve also integrated Asia’s first Microsoft Azure
public MEC into our 5G network and Paragon platform
to empower our customers to enjoy low latency, secure,
performance-optimised applications and services.

In the retail sector, we’re piloting Singapore’s first
5G-enabled smart retail showcase with Apple’s ecosystem
of partners to help merchants trial digital solutions that
can help enhance retail workflows, improve operational
efficiencies and create unique customer experiences,
ahead of actual deployment.

EMPOWERING THE
GROWTH OF DIGITAL
ECONOMIES

New technologies and unprecedented connectivity have
profoundly reshaped our digital experiences and unlocked
new ways for enterprises to enhance their productivity,
capitalise on emerging opportunities and grow.

Our innovations are also making waves outside of
Singapore, with Optus in Australia and AIS in Thailand
leveraging Paragon to help enterprises deploy 5G MEC
use cases.

We’ve paved the way for the region’s enterprise
digitalisation at scale with Singapore’s fastest 5G network
and the industry’s first all-in-one orchestration platform,
Paragon with multi-access edge compute (MEC), our
advanced digital infrastructure, and suite of
innovative services.

Driving 5G innovation and adoption

Through Paragon, we’ve made it faster and easier for
enterprises to adopt 5G for business transformation. We’re
also building a partnership ecosystem around it to create
even richer vertical industry solutions such as autonomous
robotics, real-time video AI, immersive 4K/8K augmented
reality/virtual reality (AR/VR), mixed reality, and digital
twin solutions.

Investing in digital infrastructure

Consumers’ and businesses’ insatiable appetite for high-
definition video content, AR/VR, and mission-critical
business applications, is driving demand for high-speed,
ultra-low latency connectivity.

Our comprehensive network of undersea submarine fibre-
optic cables provides Singtel customers the best country-
to-country connectivity in the region. We’re augmenting
this with our investments in two undersea submarine cable
systems – the 6,000km-long Asia Link Cable connecting
Singapore to Brunei, the Philippines, Hong Kong SAR, and
Hainan (China), as well as the 19,200km-long Southeast
Asia-Middle East-Western Europe 6 (SEA-ME-WE 6)
connecting multiple countries between Singapore, Egypt

Group Enterprise CEO Review

We will continue to
accelerate our infrastructure
and services leadership,
trailblaze innovations across
industries, to empower
developers, partners, and
enterprises across the region
to thrive in an interconnected
digital economy.

and France. These investments will allow us to support
businesses across the region with our networks, solutions
and services, as well as our upcoming regional
data centres.

The demand for green data centres has surged as regional
enterprises transition to the cloud, a trend that has been
further accelerated by the keen interest in generative AI
technologies such as ChatGPT.

We’re a leader in Singapore’s data centre sector and will be
breaking ground on a state-of-the-art 58MW data centre
in Tuas in the coming months – one of the greenest in the
Asia region with an expected power usage effectiveness
of under 1.3. Building on this expertise in developing and
operating multi-tenanted data centres, we partnered
Telkom and Medco Power to build a 17MW data centre
in Indonesia. In Thailand, we partnered Gulf Energy and
AIS to build a data centre with 20MW or more of capacity.
The three projects, which will double our data centre
capacity when operational in 2025, will help us capture
greater growth and further entrench our position as the
region’s leading sustainable data centre player. We are also
exploring more data centre opportunities in other regional
markets including Malaysia and Vietnam.

Supporting evolving enterprise
communications needs

The shift to hybrid work has made an indelible change to
the enterprise communications market.

With application programming interfaces built into
Singtel’s Communications-Platform-as-a-Service, we
equip our customers with voice, messaging and video
features to enhance their internal communications and
customer experiences, securely.

We’re also bolstering our existing suite of unified
communications (UC) products through our strategic
partnerships with industry leaders like Zoom and
Microsoft. We partnered Zoom to bring their latest
offerings to market, the first telco in Singapore to do so.
With Teams UC Connector from Singtel, we’ve made it
easier for customers to make and receive calls on the
move with their mobile devices using Microsoft Teams,
so their business communications can happen all in
one place. Through these solutions, we’ve helped our
customers’ workforce and their supply chain become
more agile, flexible and productive.

Our end-to-end security solutions provide businesses
with protection from threats such as unauthorised
access, data breaches, and other cyber threats. We
integrated our suite of network-centric cyber security
and managed services with our security operations
centre and leveraged our network leadership to ensure
secure and reliable connections to enable enterprises
to protect their data and systems from malicious
attacks. Through our services, customers can enjoy
complete security coverage protection for the network,
applications and the cloud.

Accelerating enterprise digital
transformation and innovation

Exciting times await, with an increasing number of
enterprises embarking on their digital transformation
journey, leveraging and benefiting from the increased
accessibility of technologies like 5G, edge and the
cloud. We will continue to accelerate our infrastructure
and services leadership, trailblaze innovations
across industries, to empower developers, partners,
and enterprises across the region to thrive in an
interconnected digital economy.

Bill Chang
Chief Executive Officer,
Group Enterprise

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

NCS CEO
Review

Our pivot from a traditional
ICT service provider to a
technology services firm with
strong digital capabilities
that serve the Asia Pacific
region has ensured we are
more closely aligned with
our clients’ needs and we are
seeing significant progress
as a result.

ACCELERATING
TRANSFORMATIONAL
GROWTH

In FY2023, we continued to advance steadily in our three
axes of growth – expanding across Asia Pacific, doubling
down on our government and enterprise businesses, and
growing our digital capabilities. We delivered a strong
revenue performance propelled by growth across key lines
of business coupled with contributions from our recently
acquired subsidiaries. Operating revenue was 18% higher
at S$2.7 billion with contributions from our global business
rising from 5% to 15%. The enterprise and telco sectors
accounted for 33% of revenue, up from 26%. Having made
investments to boost our digital capabilities amid the
ongoing digital transformation in the region, digital projects
now contribute more than half of our overall revenues.

Advancements across strategic axes

Building on our two Strategic Business Groups, Gov+ and
Telco+, we established an Enterprise Strategic Business
Group. This new group combines our core capabilities and
industry expertise across industries such as healthcare,

transport, finance, industrial and commercial, to drive
business growth and help clients accelerate their digital
transformations.

Under Telco+, we are co-creating with telcos from
15 countries in areas such as digital telco transformation
and AI-powered business models, as well as 5G-enabled
revenue models. These efforts have helped to expand our
Enterprise and Telco+ revenue by 49%, compared to the
same period a year ago.

To better support our clients’ digital transformation needs
across the Asia Pacific, we scaled up our global delivery
capabilities. We set up a strategic delivery centre in
Vietnam, complementing two existing ones in India and
China. This delivery centre offers bespoke infrastructure
services and taps into a pool of international tech talent,
enabling our clients to run operations more efficiently and
at optimised costs. It will employ a team of more than
3,000 by 2025, and contribute towards optimising our cost
to serve.

We accelerated our capabilities in cloud transformation and
migration services in the government sector. Additionally,
Gov+ partnered with clients to harness technology to
enhance experiences and lives in our community, such as
launching an augmented reality experience for Gardens by

the Bay and an award-winning app called FWMOMCare
to better monitor the health and movement of hundreds of
thousands of migrant workers for effective contact tracing
and improved pandemic management.

Growing our digital capabilities

We launched Global NEXT, creating a regional digital
powerhouse championing innovation in cloud, data, digital
and platforms. With over 2,000 tech specialists across
18 specialisations, this global team straddling Singapore
and Australia provides clients with a comprehensive end-
to-end suite of technology services that will enable them to
be at the forefront of technology and innovation.

NEXT also leverages our innovation centres in Singapore,
China and Australia to help our clients transform their
businesses digitally. Our pillars in cloud, data, digital and
platforms will address key digital trends such as multi-
platform digital world, digital humans and more that
could impact governments and enterprises over the
next few years.

We partnered with the Tiong Bahru Community Centre and
Tiong Bahru Market Hawkers’ Association to pilot Breeze,
an innovative transport app to provide greater convenience
and better driving experiences for users through real-time
hyper-localised information. Breeze integrates disparate
and multiple sets of data, and adopts AI and video
analytics, leveraging NCS’ long-standing expertise in the
land transport sector and digital innovation capabilities to
drive positive impact for communities.

Developing talent for a digital economy

NCS is committed to building a Singaporean core of
tech talent and offering multiple pathways of success
for our people. In October 2022, we partnered the
Infocomm Media Development Authority and institutes of
higher learning to launch a new integrated work-study
programme, Fusion, for polytechnic graduates. Over
the next two years, we will hire and train 400 of them,
sponsoring their studies at the Singapore Institute of
Technology or the Singapore Institute of Management. This
follows the success of NCS’ ongoing work-study programme
for university graduates, Nucleus, which will hire and train
another 800 graduates over the coming two years. A similar
talent development programme for Institutes of Technical

Education graduates is in the pipeline and will offer 400
placements.

As part of our efforts to build an engaging workplace,
we rejuvenated NCS Hub, offering our people an
enhanced suite of collaborative spaces and dedicated
learning zones. We are confident this new home will
enable them to build deeper connections and foster
greater creativity and innovation. We also launched
NCS Mentors, to complement our core NCS Dojo
apprenticeship-centric training and development
programme.

Pressing ahead toward our goals

We have been privileged to play a key role for over
40 years in transforming the way people work, live and
play in partnership with governments and enterprises.
Our pivot from a traditional ICT service provider to a
technology services firm with strong digital capabilities
that serve the Asia Pacific region has ensured we are
more closely aligned with our clients’ needs and we are
seeing significant progress as a result.

Although the global economic situation remains
uncertain, we will continue to be agile, innovative and
collaborative with a focus on three key priorities in
FY2024 – operational rigour, delivery excellence and
client value co-creation – to remain competitive in a
changing business environment.

We are excited about the future and the opportunities
that lie ahead for NCS as more advancements in
technology emerge. We are delving deeper into areas
such as generative AI, metaverse, sustainability and
digital trust to help our clients harness technology for
business transformation, growth and innovation.

We remain committed to our purpose to advance
communities by partnering with governments and
enterprises to harness technology. We will continue
to do this by bringing people together to make the
extraordinary happen.

Ng Kuo Pin
Chief Executive Officer,
NCS

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSGovernance and
Sustainability

We are committed to forging a more inclusive and sustainable future, one
where our technology and innovation serve as a catalyst for positive change
and our environment is protected for generations to come. To achieve this, we
are ensuring that our business practices are aligned with our values, while
embedding governance and sustainability into our business. We are also
empowering communities with the necessary digital capabilities and tools to
enable them to benefit from the opportunities the digital economy brings. This
is only possible with dedicated people, and we are investing in them to bring
about a better world for everyone.

Catalyst

Fusion and Nucleus

Supercharge your career with
our work-study programmes

Building the Future of Work
Building the Future of Work
Building the
Future of Work

Singapore’s first end-to-end
carbon neutral development –
coming your way in 2028

Our governance organisation

Chairman
Lee Theng Kiat

Key objective
Responsible for
leadership of
the Board and
for creating
conditions for
overall Board,
Board Committee
and individual
Director
effectiveness

The Board of
Singtel
14 Directors:
12 independent
Directors and 2
non-independent
Directors

Key objective
To create value
for shareholders
and to ensure the
long-term success
of the Group

Audit Committee
Chairman
Gautam Banerjee
4 independent Directors

Key objective
Assist the Board in discharging its statutory and other responsibilities relating to internal
controls, financial and accounting matters, compliance, and business and financial risk
management

Corporate Governance & Nominations Committee
Chairman
Gautam Banerjee
4 independent Directors and
1 non-independent Director

Key objectives
Establish and review the profile of Board members, make recommendations to the Board
on the appointment, re-nomination and retirement of Directors, review the independence of
Directors, assist the Board in evaluating the performance of the Board, Board Committees
and Directors, and develop and review the Company’s corporate governance practices

Executive Resource & Compensation Committee
Chairman
Gail Kelly
4 independent Directors and
1 non-independent Director

Key objectives
Establish the Group remuneration framework, oversee the remuneration of the Board
and Senior Management, review succession planning, talent management, as well as the
Group’s organisation culture and employee engagement

Finance & Investment Committee
Chairman
Lee Theng Kiat
4 independent Directors and
1 non-independent Director

Key objectives
Provide advisory support on the development of the Group’s overall strategy, review
strategic issues, approve investments and divestments, review the Group’s Investment and
Treasury Policies, evaluate and approve financing offers and banking facilities, and manage
the Group’s liabilities

Risk Committee
Chairman
Teo Swee Lian
5 independent Directors

Key objectives
Ensure that Management maintains a sound system of risk management and internal
controls to safeguard shareholders’ interests and the Group’s assets, and determine the
nature and extent of the material risks that the Board is willing to take in achieving the
Group’s strategic objectives

Technology and Resilience Committee
Chairman
Key objectives
Review the frameworks, policies, strategies and resourcing for the internal control
Lim Swee Say
environment in relation to technology, security and operational resilience and oversee the
4 independent Directors and
related risk exposures, and vulnerabilities with respect to its information technology and
1 non-independent Director
operational technology systems

Optus Advisory Committee
Chairman
Gail Kelly
2 independent Directors,
2 non-independent Directors
and 4 non-Board members

Key objective
Advise on strategic business issues relating to the Australian Optus businesses

Group Chief Executive Officer
Yuen Kuan Moon

Key objectives
Manage the Group’s business and implement strategy and policy

Key objective
Direct Management on operational policies and activities

Management Committee
Group CEO (chairman)
CEO Singtel Singapore
CEO Optus
Deputy CEO Singtel Singapore/
CEO Business Development

CEO Digital InfraCo
CEO NCS
Group Chief Financial Officer
Group Chief Corporate Officer
Group Chief People and
Sustainability Officer

Group Chief Information Officer/
Group Chief Digital Officer
Group Chief Technology Officer

Corporate Governance
Introduction

Singtel aspires to the highest standards of corporate
governance as we believe that good governance supports
long-term value creation. To this end, Singtel has a set of
well-defined policies and processes in place to enhance
corporate performance and accountability, as well as
protect the interests of stakeholders. The Board of Directors
is responsible for Singtel’s corporate governance standards
and policies, stressing their importance across the Group.
Singtel is listed on the Singapore Exchange Securities
Trading Limited (SGX) and has complied in all material
respects with the principles and provisions in the Singapore
Code of Corporate Governance 2018 (2018 Code). This
report sets out Singtel’s governance organisation and
our approach to corporate governance practices with
reference to the 2018 Code. Where there are deviations
from the principles and provisions, we have explained our
rationale and set out our practice to uphold the spirit of the
2018 Code. We provide a summary of our compliance with
the express disclosure requirements in the 2018 Code on
pages 73 to 75.

Board Matters

Role of the Board
The Board aims to create value for shareholders and
ensure the long-term success of the Group by focusing on
the development of the right strategy, business model, risk
appetite, management, succession plan and compensation
framework. It also seeks to align the interests of the Board
and Management with that of shareholders and balance
the interests of all stakeholders. In addition, the Board sets
the tone for the entire organisation where ethics and values
are concerned.

The Board oversees the business affairs of the Group. It
assumes responsibility for the Group’s overall strategic
plans and performance objectives, financial plans and
annual budget, key operational initiatives, major funding
and investment proposals, financial performance reviews,
compliance and accountability systems, and corporate
governance practices. The Board also appoints the Group
CEO, approves policies and guidelines on remuneration
as well as the remuneration for the Board and the
Management Committee, and approves the appointment
of Directors. In line with best practices in corporate
governance, the Board also oversees the long-term
succession planning for the Management Committee.

Singtel has established financial authorisation and
approval limits for operating and capital expenditure, the
procurement of goods and services, and the acquisition
and disposal of investments. The Board approves
transactions exceeding certain threshold limits, while
delegating authority for transactions below those limits to
the Board Committees and the Management Committee to
optimise operational efficiency.

Material items that require Board approval
• The Group’s strategic plans
• The Group’s annual operating plan and budget
• Full-year and half-year financial results
• Dividend policy and payout
•
• Board succession plans
• Succession plans for Management Committee

Issue of shares

positions, including appointment of, and
compensation for, Management Committee
members

• Underlying principles of long-term incentive

schemes for employees

• The Group’s risk appetite and risk tolerance
for different categories of risk, as well as risk
strategy and the policies for management of
material risks

• Acquisitions and disposals of investments

exceeding certain material limits

• Capital expenditure exceeding certain material

•

limits
Interested Person Transactions exceeding certain
limits

• Overall sustainability and climate-related
strategies, including materiality topics and
reviews of the progress and performance of the
Group’s ESG commitments and strategy

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSBoard meetings
The Board and Board Committees meet regularly to
discuss strategy, operational matters and governance
issues. All Board and Board Committee meetings are
scheduled well in advance of each year in consultation
with the Directors. At each scheduled Board meeting, the
Board sets aside time for discussion without the presence of
Management (except the executive Director) and also sets
aside time for the non-executive Directors to meet without
any executives present. The independent Directors meet at
least once annually.

The Board holds up to five scheduled meetings each
year and may also hold ad hoc meetings as and when
warranted by circumstances. A total of 10 Board meetings
(including six ad hoc Board meetings) were held in the
financial year ended 31 March 2023. Attendance at Board
or Board Committee meetings via telephone or video
conference is permitted by Singtel’s Constitution.

Typically, where circumstances permit, one Board
meeting a year is held in Australia, where one of Singtel’s
key subsidiaries, Optus, is located. In addition, where
circumstances permit, the Board makes an overseas trip
annually to a country where the Group has a significant
investment or has an interest in investing, or where Board
members can explore new technology relevant to the
Group’s growth strategy. On such occasions, the Board may
meet with local business leaders and government officials
to help Board members gain greater insight into those
countries. The Board also meets with Singtel’s partners
and key customers in those countries to develop stronger
relationships with such partners and customers. Board
meetings may include presentations by senior executives

and external consultants/experts on developments in areas
relevant to the Group’s business. This allows the Board to
develop a good understanding of the Group’s businesses
and to promote active engagement with the Group’s
partners and key executives.

Annual Strategy Management Workshop
Each year, the Singtel Board and Senior Management hold
a Strategy Management Workshop (SMW). In 2022, the
SMW was held in Singapore on 7 November 2022. The SMW
2022 was structured around a series of presentations and
facilitated discussions that helped to foster collaborative
thinking and generate new ideas. The discussion agenda
for the SMW 2022 focused on the Group’s strategic reset
priorities and the topics covered included:
• an analysis of the external environment of the Group,
including the macroeconomic conditions and market
trends and competition;

• a discussion of potential growth strategies for the

Group;

• an assessment of the financial implications of the

proposed strategies; and

• an action plan outlining next steps and responsibilities.

All members of the Board and Senior Management team
attended the SMW 2022.

A record of the Directors’ attendance at Board meetings
during the financial year ended 31 March 2023 is set out
on page 37. Where a Director is unable to attend a Board
meeting, he is provided with the briefing materials and may
discuss issues relating to matters to be tabled at the Board
meeting with the Chairman or the Group CEO.

Corporate GovernanceDirectors’ attendance at Board/general meetings during the financial year ended 31 March 2023 (1)

Scheduled
Board Meetings

Ad Hoc
Board Meetings

Independent
Directors’ Meeting

Annual
General Meeting

Number of
Meetings
Held

Number of
Meetings
Attended

Number of
Meetings
Held

Number of
Meetings
Attended

–

✓

–

✓

–

✓

–

✓

–

✓

Name of Director

Lee Theng Kiat (2)

Yuen Kuan Moon

John Arthur

Gautam Banerjee

Bradley Horowitz

Gail Kelly

Lim Swee Say

Christina Ong

Rajeev Suri

Tan Tze Gay (3)

Teo Swee Lian (4)

Wee Siew Kim

Yong Hsin Yue

Yong Ying-I (5)

Venkataraman (Venky)
Ganesan (6)

Notes:
(1) Refers to meetings held/attended while each Director was in office.
(2) Mr Lee Theng Kiat recused himself and did not participate at an ad hoc Board meeting due to a conflict of interest.
(3) Ms Tan Tze Gay was appointed to the Board on 6 February 2023.
(4) Ms Teo Swee Lian recused herself and did not participate at an ad hoc Board meeting due to a conflict of interest.
(5) Ms Yong Ying-I was appointed to the Board on 15 November 2022.
(6) Mr Venkataraman (Venky) Ganesan stepped down from the Board following the conclusion of the AGM on 29 July 2022.

Access to information
Prior to each Board meeting, Singtel’s Management
provides the Board with information relevant to matters
on the agenda for the meeting. As far as possible, such
information is provided a week in advance of the Board
meeting. The Board also receives regular reports pertaining
to the operational and financial performance of the Group,
as well as information on developments relevant to the
Group. Such reports enable the Directors to keep abreast
of key issues and developments in the industry, as well as
challenges and opportunities for the Group.

The Board has separate and independent access to
Senior Management and the Company Secretary at all
times. Procedures are in place for Directors and Board

Committees, where necessary, to seek independent
professional advice, paid for by Singtel.

Director development/training
The Board values ongoing professional development and
recognises that it is important that all Directors receive
regular training to be able to serve effectively on, and
contribute to, the Board. The Board has therefore adopted
a policy on continuous professional development for
Directors.

All Directors are encouraged to undergo continual
professional development during their term of appointment
to ensure that they are able to fulfill their obligations
and continually improve the performance of the Board.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
Professional development may relate to a particular subject
area, committee membership, or key developments in
Singtel’s environment, market or operations. Directors are
encouraged to consult the Chairman if they consider that
they personally, or the Board as a whole, would benefit
from specific education or training regarding matters that
fall within the responsibility of the Board or relate to the
business of Singtel.

All Directors have completed training on sustainability
as required by SGX listing rules, except for a recently
appointed Director who will complete the training by the
financial year ending 31 March 2024. Directors have also
received bi-annual briefings on ESG-related matters with
at least one session per year dedicated solely to discussing
climate issues affecting the Group in addition to regular
updates, including specific discussions on overall climate
strategy and targets.

The Board has a structured orientation program for new
Directors. As part of the programme, all new Directors
appointed to the Board are briefed by the Chairman, as
well as the chairmen of the Board Committees, on issues
relevant to the Board and Board Committees. They are also
briefed by Senior Management on the Group’s business
activities, strategic direction and policies, key business risks,
the regulatory environment in which the Group operates
and governance practices, as well as their statutory and
other duties and responsibilities as Directors. In addition,
Singtel arranges for new Directors to tour various Singtel
facilities, such as the Singtel FutureNow Innovation Centre
and the DC West data centre, to help familiarise new
Directors with the Group’s business.

Directors who have no prior experience as a director of
an issuer listed on the SGX are provided with training on
the roles and responsibilities of a listed issuer in
accordance with the SGX listing rules. The training costs
are borne by Singtel. During the year, Singtel arranged for
Mr John Arthur, who was appointed to the Board in
January 2022, to attend such training conducted by the
Singapore Institute of Directors (SID). Singtel also arranged
for additional training conducted by SID as requested by
other Directors.

Upon appointment to the Board, each Director receives
a Directors’ Manual, which sets out the Director’s duties
and responsibilities and the Board’s governance policies

and practices. The Directors’ Manual is maintained by the
Company Secretary. In line with best practices in corporate
governance, new Directors also sign a letter of appointment
from the Company stating clearly the role of the Board and
non-executive Directors, the time commitment that would be
expected of the Director and other relevant matters.

Board composition
The Singtel Board has a strong independent element. There
are 14 Directors on the Board, comprising 12 independent
non-executive Directors, one non-independent non-executive
Director and one executive Director. The Board has
appointed a Lead Independent Director. A description of the
role of the Lead Independent Director is set out on page 47.
The profiles of the Directors are set out on pages 12 to 16
and pages 246 to 249. There are no alternate directors
on the Board.

The size and composition of the Board are reviewed from
time to time by the Corporate Governance and Nominations
Committee (CGNC). The CGNC seeks to ensure that the size
of the Board is conducive for effective discussion and
decision making, and that the Board has an appropriate
number of independent Directors. The CGNC also aims to
maintain a diversity of expertise, skills and attributes among
the Directors. Any potential conflicts of interest are taken
into consideration.

In order to ensure that Singtel continues to be able to meet
the challenges and demands of the markets in which Singtel
operates, the Board is focused on enhancing the diversity of
skills, expertise and perspectives on the Board in a
structured way, by proactively mapping out Singtel’s Board
composition needs over the short and medium term.

Board membership
The CGNC establishes and reviews the profile required of
Board members and makes recommendations to the Board
on the appointment, re-nomination and retirement
of Directors.

When an existing Director chooses to retire, is required to
retire from office by rotation, or the need for a new Director
arises, the CGNC reviews the range of expertise, skills and
attributes of the Board and the composition of the Board.
The CGNC then identifies Singtel’s needs and prepares
a shortlist of candidates with the appropriate profile for
nomination or re-nomination.

Corporate GovernanceThe CGNC takes factors such as attendance, preparedness,
participation and candour into consideration when
evaluating the past performance and contributions of
a Director during the Board recommendation process.
However, the re-nomination or replacement of a Director
does not necessarily reflect the Director’s performance or
contributions to the Board. The CGNC may have to consider
the need to position and shape the Board in line with the
evolving needs of Singtel and the business.

When deciding on the appointment of new Directors to
the Board, the CGNC and the Board consider a variety
of factors, including the core competencies, skills and
experience that are required on the Board and Board
Committees, as well as diversity, independence, conflicts of
interest and time commitments.

Directors must ensure that they are able to give sufficient
time and attention to the affairs of Singtel and, as part
of its review process, the CGNC decides whether or not a
Director is able to do so and whether he has adequately
carried out his duties as a Director of Singtel. The Board has
also adopted an internal guideline that seeks to address
the competing time commitments that may be faced
when a Director holds multiple board appointments. The
guideline provides that, as a general rule, each Director
should hold no more than five directorships in public
listed companies. However, the Board recognises that the
individual circumstances and capacity of each Director
differ and there may be circumstances where a different
limit on board appointments is appropriate. The guideline
also provides that (a) in support of their candidature for
directorship or re-election, Directors are to provide the
CGNC with details of other commitments and an indication
of the time involved; and (b) non-executive Directors should
consult the Chairman or chairman of the CGNC before
accepting any new appointments as Directors.

Board tenure
In order to ensure Board renewal, the Board has in place
guidelines on the tenure of the Chairman and Directors.
The guidelines provide that Directors are appointed for
an initial term of three years and this may be extended
to a second three-year term. As a general rule, a Director
shall step down from the Board no later than at the Annual
General Meeting (AGM) to be held in his sixth year of
service. Where a Director is not appointed at an AGM, the
Director’s term will be deemed to have commenced on the

date of the AGM immediately following the date on which
the Director was appointed. The CGNC may, in appropriate
circumstances, recommend to the Board that a Director’s
term be extended beyond the second three-year term.
For the Chairman, the same principles apply except that
the term is determined from the point he became the
Chairman.

The Company’s Constitution provides that a Director must
retire from office at the third AGM after the Director was
elected or last re-elected.

A retiring Director is eligible for re-election by Singtel
shareholders at the AGM. In addition, a Director appointed
by the Board to fill a casual vacancy or appointed as an
additional Director may only hold office until the next
AGM, at which time he will be eligible for re-election by
shareholders. If at any AGM, fewer than three Directors
would retire pursuant to the requirements set out above,
the additional Directors to retire at that AGM shall be those
who have been longest in office since their last re-election
or appointment. The Group CEO, as a Director, is subject to
the same retirement by rotation, resignation and removal
provisions as the other Directors, and such provisions will
not be subject to any contractual terms that may have been
entered into with the Company. Shareholders are provided
with relevant information in the Annual Report on the
candidates for election or re-election.

The CGNC has specifically considered the experience and
contributions of Mrs Christina Ong and Ms Teo Swee Lian
as long-serving members of the Board. The CGNC is of the
opinion that it is in the Group’s interests for these Directors
to continue serving on the Board to provide continuity
and insights into the business. Mrs Ong is a veteran legal
professional and has served for many years on the Risk
Committee (RC) and CGNC, allowing Singtel to tap into
her extensive experience as a corporate lawyer. Ms Teo
has also served for many years on the CGNC, Executive
Resource and Compensation Committee and RC. As
chairman of the RC, she plays a pivotal role in helping
Singtel navigate key issues relating to the Group’s risk
exposures.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSThe Board’s current composition reflects its commitment to
diversity in all the abovementioned areas. The appointments
of Ms Yong Ying-I and Ms Tan Tze Gay in November 2022
and February 2023 respectively, further add to the Board’s
diversity in terms of gender, skills and experience.

In relation to gender diversity, 43% of the Singtel Board,
or six out of the 14 Board members, are female. The
Board is of the view that gender is an important aspect
of diversity and will strive to ensure that (a) any brief to
external search consultants to identify candidates for
appointment to the Board will include a requirement to
present female candidates; (b) female candidates are
included for consideration by the CGNC whenever it seeks
to identify a new Director for appointment to the Board;
(c) the Board appoints at least one female Director to the
CGNC; and (d) there is significant and appropriate female
representation on the Board, recognising that the Board’s
needs will change over time taking into account the skills
and experience of the Board.

In relation to geographical diversity, four of Singtel’s
14 Directors, namely, Mr John Arthur, Mr Bradley Horowitz,
Mrs Gail Kelly and Mr Rajeev Suri, are based in and have
extensive experience in jurisdictions outside Singapore
including Australia, the United States of America, the United
Kingdom and Europe. The Singapore-based Directors also
have experience with countries outside Singapore, including
countries in the Asia Pacific.

In relation to skills diversity, the current Board comprises
members who are business leaders and professionals with
diverse expertise, experience and backgrounds including
telecommunications, engineering, technology, investment,
banking, finance, accounting/audit, legal, regulatory/
government, public policy and general management.

Board diversity
Singtel is committed to building a diverse, inclusive and
collaborative culture. Singtel recognises and embraces
the benefits of diversity on the Board, and views
diversity at the Board level as essential to supporting the
attainment of its strategic objectives and its sustainable
development. A diverse Board will include and make
good use of differences between the Directors in terms of
skills, experience, background, gender, age, ethnicity and
other relevant factors. Such diversity allows for different
viewpoints to be represented, encourage richer discussions
amongst the Board and Management and help drive better
outcomes for the Group.

Since 2016, the Board has adopted a Board Diversity
Policy to ensure an appropriate balance of perspectives,
skills and experience on the Board. The Board Diversity
Policy provides that, in reviewing Board composition and
succession planning, the CGNC will consider the benefits
of all aspects of diversity, including diversity of skills,
experience, background, gender, age, ethnicity and other
relevant factors. These differences will be considered in
determining the optimum composition of the Board and,
when possible, should be balanced appropriately. All Board
appointments are made based on merit, in the context of
the skills, experience, independence and knowledge which
the Board as a whole requires to be effective. Diversity
is a key criterion in the instructions to external search
consultants.

The Board’s diversity targets are as follows:
• Gender diversity: At least 30% of Directors should

be female;

• Geographic diversity: The Board will include

international Directors (based outside of Singapore)
on the Board to provide expertise and connections in
geographical regions where the Group has operations;
and

• Skills diversity: In view of the size and complexity of the
Group and the business and regulatory environment in
which it operates, Singtel aims to have expertise across
different domain knowledge and functional disciplines
represented on the Board, including expertise in
technology, legal/regulatory, sustainability, audit, risk,
people, investments and public policy.

Corporate GovernanceIndependent,
non-executive
Directors

Non-independent,
non-executive
Director

Executive
Director/
Group CEO

86%

79%

57%

64%

Independence

43%

50%

21%

Expertise and Experience Matrix

Strategic
Planning

Organisation
Development

Human
Resources

Finance

Mergers
& Acquisitions

Consumer
Marketing
Technology/
Digital

Legal

29%

Regulatory

Government

ESG/
Sustainability

Non-Profit

14%

29%

57%

50%

Gender
Diversity

Male Directors

Female Directors

57%

43%

Expertise and Experience by Geography

79%

Australia

Indonesia

Singapore

Thailand

Philippines

14%

India

China

43%

29%

Asia Pacific

14%

USA

29%

Length of
Service

Age of
Directors

0-3 years

>3-5 years

>5-7 years

>7-9 years

51-55

56-60

61-65

66-70

71-75

57%

22%

14%

29%

14%

36%

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSDirectors' independence
The Board assesses the independence of each Director
annually, and as and when circumstances require, taking
into account the views of the CGNC, in accordance with the
2018 Code. A Director is considered independent if he has
no relationship with the company, its related corporations,
substantial shareholders, or its officers that could interfere
or be reasonably perceived to interfere, with the exercise of
the Director’s independent business judgement in the best
interests of the Company.

The Board considers the existence of relationships or
circumstances, including those identified by the SGX Listing
Manual and the Practice Guidance on the 2018 Code
(Practice Guidance), that are relevant in its determination
as to whether a Director is independent. Such relationships
or circumstances include (a) the employment of a Director
by the Company or any of its related corporations during
the financial year in question or in any of the previous
three financial years; (b) a Director being on the Board
for an aggregate period of more than nine years; (c) the
acceptance by a Director of any significant compensation
from the Company or any of its subsidiaries for the
provision of services during the financial year in question
or the previous financial year, other than compensation
for board service; and (d) a Director being related to
any organisation to which the Company or any of its
subsidiaries made, or from which the Company or any of
its subsidiaries received, significant payments or material
services during the financial year in question or the
previous financial year.

The CGNC and the Board have assessed the independence
of each of the Directors in 2023. A summary of the outcome
of that assessment is set out below.

Based on the declarations of independence provided by the
Directors and taking into consideration the guidance in the
2018 Code, the SGX Listing Manual and (where relevant)
the Practice Guidance, the Board has determined that
Mr Lee Theng Kiat, Chairman of the Singtel Board and
Mr Yuen Kuan Moon, Singtel’s Group CEO are the only
non-independent Directors. All other members of the Board
are considered to be independent Directors. In line with the
Board’s Code of Conduct and Ethics, each of the members
of the CGNC and the Board abstained in respect of the
confirmation of his/her independence status.

Mr Lee Theng Kiat is deemed non-independent given his
previous role as Executive Director of Temasek Holdings

(Private) Limited (Temasek) between April 2019 and
September 2021 and his current roles as a non-executive
director of Temasek and the Chairman of Temasek
International Pte. Ltd. He is not a nominee of Temasek on
the Singtel board and does not act for Temasek in respect of
his role on the Board.

Mr John Arthur, Mrs Gail Kelly, Mr Wee Siew Kim,
Ms Yong Hsin Yue and Ms Yong Ying-I do not have any of
the relationships and are not faced with any of the
circumstances identified in the 2018 Code, the SGX Listing
Manual and the Practice Guidance that could interfere, or
be reasonably perceived to interfere, with the exercise of
his/her independent business judgement in the best
interests of Singtel. The CGNC and the Board are of the
view that each of these Directors has demonstrated
independence in the discharge of his/her duties and
responsibilities as a Director and is therefore an
independent Director.

Mr Gautam Banerjee
Mr Gautam Banerjee was a non-executive independent
director of Defence Science & Technology Agency (DSTA)
and completed his term as a DSTA board member on
14 March 2023. DSTA purchased services and equipment
from the Singtel Group in the ordinary course of business.
Mr Banerjee’s role as a director of DSTA was non-executive
in nature and he was not involved in the day-to-day
conduct of the business of DSTA. The services and equipment
obtained by DSTA from, and payments made by DSTA to,
the Singtel Group were not material or significant in the
context of the Singtel Group or DSTA for the relevant period.

Mr Banerjee is a non-executive independent director of GIC
Private Limited, which purchased services and equipment
from the Singtel Group in the ordinary course of business.
Mr Banerjee’s role in GIC is non-executive in nature and he
is not involved in the day-to-day conduct of the business
of GIC. The services and equipment obtained by GIC from,
and payments made by GIC to, the Singtel Group were not
material or significant in the context of the Singtel Group or
GIC for the relevant period.

The Board has considered the conduct of Mr Banerjee in
the discharge of his duties and responsibilities as a Director
and is of the view that the relationships set out above did
not impair his ability to act with independent judgement in
the discharge of his duties and responsibilities as a Director.
Apart from the relationships stated above, Mr Banerjee
does not have any other relationships and is not faced with

Corporate Governanceany of the circumstances identified in the 2018 Code, the
SGX Listing Manual and the Practice Guidance that may
affect his independent judgement. The Board is of the view
that Mr Banerjee has demonstrated independence in the
discharge of his duties and responsibilities as a Director
and is therefore an independent Director.

Mr Bradley Horowitz
Mr Bradley Horowitz is Vice President of Product
Management of, and an Adviser to, Google Inc. The Google
Inc. group of companies (Google) and the Singtel Group
collaborate from time to time in the ordinary course of
business to offer services to customers. Google provided
services to the Singtel Group and received payments from
the Singtel Group for such services in the ordinary course of
business. The services provided to, and payments received
from, the Singtel Group are not material or significant in
the context of Google or the Singtel Group for the relevant
period.

The Board has considered the conduct of Mr Horowitz in
the discharge of his duties and responsibilities as a Director
and is of the view that the relationships set out above did
not impair his ability to act with independent judgement in
the discharge of his duties and responsibilities as a Director.
Apart from the relationships stated above, Mr Horowitz
does not have any other relationships and is not faced with
any of the circumstances identified in the 2018 Code, the
SGX Listing Manual and the Practice Guidance that may
affect his independent judgement. The Board is of the view
that Mr Horowitz has demonstrated independence in the
discharge of his duties and responsibilities as a Director
and is therefore an independent Director.

Mr Lim Swee Say
Mr Lim Swee Say is the non-executive Chairman of NTUC
LearningHub Pte. Ltd. (NTUCLH). The Singtel Group
provides services to NTUCLH and NTUCLH provides services
to the Singtel Group. The services obtained by NTUCLH
from, and payments made to, the Singtel Group are not
material or significant in the context of the Singtel Group or
NTUCLH for the relevant period. The services obtained by
the Singtel Group from, and payments made to, NTUCLH
are not material or significant in the context of the Singtel
Group or NTUCLH for the relevant period.

Mr Lim is not involved in the process or approval of (i)
the engagement of the Singtel Group by NTUCLH for the
provision of services; and (ii) the engagement of NTUCLH
by the Singtel Group for the provision of services. The

services provided by the Singtel Group to NTUCLH and by
NTUCLH to the Singtel Group are conducted in the ordinary
course of business, on arm’s length basis and based on
normal commercial terms and/or market rates.

The Board has considered the conduct of Mr Lim in the
discharge of his duties and responsibilities as a Director
and is of the view that the relationships set out above did
not impair his ability to act with independent judgement in
the discharge of his duties and responsibilities as a Director.
Apart from the relationships stated above, Mr Lim does
not have any other relationships and is not faced with any
of the circumstances identified in the 2018 Code, the SGX
Listing Manual and the Practice Guidance that may affect
his independent judgement. The Board is of the view that
Mr Lim has demonstrated independence in the discharge of
his duties and responsibilities as a Director and is therefore
an independent Director.

Mrs Christina Ong
Mrs Christina Ong is a partner of Allen & Gledhill LLP
(A&G). She does not hold a 5% or more interest in A&G.
A&G provides legal services to, and receives fees from, the
Singtel Group. A&G also obtains telecommunications and
related services from, and makes payments to, the Singtel
Group in the ordinary course of business. The fees received
by A&G from the Singtel Group, and the services obtained
by A&G from, and the payments made by A&G to, the
Singtel Group are not material or significant in the context
of A&G for the relevant period. The services provided
by, and fees paid by the Singtel Group to, A&G, and the
services provided to, and payments received by the Singtel
Group from, A&G are not material or significant in the
context of Singtel Group for the relevant period.

Mrs Ong is a non-executive independent director of
Oversea-Chinese Banking Corporation Limited (OCBC).
OCBC, in the normal course of business, obtained
telecommunications and related services from, and
made payments to, the Singtel Group not unlike many
organisations in Singapore. The services provided to, and
payments received by the Singtel Group from, OCBC are
not material or significant in the context of the Singtel
Group for the relevant period. OCBC also provides banking
services to the Singtel Group and receives payments from
the Singtel Group for these services. The banking services
provided by OCBC and payments made by the Singtel
Group to OCBC are not material or significant in the context
of the Singtel Group for the relevant period.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSThe Board has considered the conduct of Mrs Ong in the
discharge of her duties and responsibilities as a Director
and is of the view that the relationships set out above did
not impair her ability to act with independent judgement
in the discharge of her duties and responsibilities as a
Director. Apart from the relationships stated above,
Mrs Ong does not have any other relationships and is not
faced with any of the circumstances identified in the 2018
Code, the SGX Listing Manual and the Practice Guidance
that may affect her independent judgement. The Board is
of the view that Mrs Ong has demonstrated independence
in the discharge of her duties and responsibilities as a
Director and is therefore an independent Director.

Mr Rajeev Suri
Mr Rajeev Suri was the Chief Executive Officer of Inmarsat
until 30 May 2023. The Inmarsat group provides equipment
and services to the Singtel Group. The equipment and
services obtained by the Singtel Group from, and payments
made to, the Inmarsat group are not material or significant
in the context of the Singtel Group or the Inmarsat group
for the relevant period.

Mr Suri was not involved in the process or approval of the
engagement of the Inmarsat group by the Singtel Group
for the provision of equipment and services. The provision
of equipment and services by the Inmarsat group to the
Singtel Group was in the ordinary course of business, on
arm’s length basis and based on normal commercial terms
and/or market rates.

The Board has considered the conduct of Mr Suri in the
discharge of his duties and responsibilities as a Director
and is of the view that the relationships set out above did
not impair his ability to act with independent judgement in
the discharge of his duties and responsibilities as a Director.
Apart from the relationships stated above, Mr Suri does not
have any other relationships and is not faced with any of
the circumstances identified in the 2018 Code, the
SGX Listing Manual and the Practice Guidance that may
affect his independent judgement. The Board is of the
view that Mr Suri has demonstrated independence in the
discharge of his duties and responsibilities as a Director
and is therefore an independent Director.

Ms Tan Tze Gay
Ms Tan Tze Gay is a partner of Allen & Gledhill LLP (A&G).
She does not hold a 5% or more interest in A&G.

A&G provides legal services to, and receives fees from, the
Singtel Group. A&G also obtains telecommunications and
related services from, and makes payments to, the Singtel
Group in the ordinary course of business. The fees received
by A&G from the Singtel Group, and the services obtained
by A&G from, and the payments made by A&G to, the
Singtel Group are not material or significant in the context
of A&G for the relevant period. The services provided
by, and fees paid by the Singtel Group to, A&G, and the
services provided to, and payments received by the Singtel
Group from, A&G are not material or significant in the
context of Singtel Group for the relevant period.

Ms Tan is a non-executive, independent director of
SIA Engineering Company Limited (SIAEC). The SIAEC group
may have dealings with Singtel in the ordinary course of
business but Ms Tan is not a party to any decision-making
in the business relationship. SIAEC’s transactions with
Singtel are for standard telecommunications services and
were not accorded special or favourable treatment. The
services provided to, and payments received by, the Singtel
Group from the SIAEC group are not material or significant
in the context of the SIAEC group or the Singtel Group for
the relevant period.

The Board has considered the conduct of Ms Tan in the
discharge of her duties and responsibilities as a Director
and is of the view that the relationships set out above did
not impair her ability to act with independent judgement
in the discharge of her duties and responsibilities as a
Director. Apart from the relationships stated above,
Ms Tan does not have any other relationships and is not
faced with any of the circumstances identified in the 2018
Code, the SGX Listing Manual and the Practice Guidance
that may affect her independent judgement. The Board is
of the view that Ms Tan has demonstrated independence in
the discharge of her duties and responsibilities as a Director
and is therefore an independent Director.

Ms Teo Swee Lian
Ms Teo is the non-executive Chairman of CapitaLand
Integrated Commercial Trust Management Limited
(manager of CapitaLand Integrated Commercial Trust)
(CICT). The Singtel Group provides telecommunication
services to CICT and its subsidiaries (CICT Group) and
CapitaLand Investment Limited (CLI) and its subsidiaries
(CLI Group). CLI owns a substantial stake in CICT. Singtel
is also a tenant in some of the malls in CICT’s and CLI’s

Corporate Governance
portfolios. The services obtained by the CICT group and
the CLI Group from, and payments made to, the Singtel
Group are not material or significant in the context of the
Singtel Group, the CICT Group or the CLI Group for the
relevant period. The services obtained by the Singtel Group
from, and payments made to, the CICT Group and the CLI
Group are not material or significant in the context of the
Singtel Group, the CICT Group or the CLI Group for the
relevant period.

Ms Teo is not involved in the process or approval of (i)
the engagement of the Singtel Group by the CICT Group
and the CLI Group for the provision of telecommunication
services; and (ii) the tenancy leases between Singtel and
CICT Group/CLI Group. The abovementioned transactions
are conducted in the ordinary course of business, on arm’s
length basis and based on normal commercial terms and/
or market rates.

Ms Teo is an independent non-executive director
of AIA Group Ltd (AIA). The Singtel Group provides
telecommunications services to the AIA group, and the AIA
group provides insurance services to the Singtel Group. The
services obtained by the AIA group from, and payments
made to, the Singtel Group are not material or significant
in the context of the Singtel Group or the AIA group for
the relevant period. The services obtained by the Singtel
Group from, and payments made to, the AIA group are not
material or significant in the context of the Singtel Group or
the AIA group for the relevant period.

Ms Teo is not involved in the process or approval of (i) the
engagement of the Singtel Group by the AIA group for
the provision of telecommunication services; and (ii) the
engagement of the AIA group by Singtel Group for the
provision of insurance services. The transactions between
the Singtel Group and the AIA group are conducted in the
ordinary course of business, on arm’s length basis and
based on normal commercial terms and/or market rates.

Ms Teo is also a non-executive director of Clifford Capital
Holdings Pte. Ltd. (CCHPL), which is substantially owned
by Temasek. Temasek is also the holding company of CLI.
Ms Teo’s roles in CCHPL and CICT are non-executive in
nature and she is not involved in the day-to-day conduct of
the business of those companies. She does not represent
Temasek on the Singtel Board and she is not accustomed
nor is she under any obligation, whether formal or informal,

to act in accordance with the directions, instructions or
wishes of Temasek in relation to the corporate affairs of
Singtel.

The Board has considered the conduct of Ms Teo in the
discharge of her duties and responsibilities as a Director
and is of the view that the relationships set out above did
not impair her ability to act with independent judgement
in the discharge of her duties and responsibilities as a
Director. Apart from the relationships stated above, Ms Teo
does not have any other relationships and is not faced
with any of the circumstances identified in the 2018 Code,
the SGX Listing Manual and the Practice Guidance that
may affect her independent judgement. The Board is of the
view that Ms Teo has demonstrated independence in the
discharge of her duties and responsibilities as a Director
and is therefore an independent Director.

Conflicts of interest
Under the Board’s Code of Business Conduct and Ethics,
Directors must avoid situations in which their own personal
or business interests directly or indirectly conflict, or
appear to conflict, with the interests of Singtel. The Code
of Business Conduct and Ethics provides that where a
Director has a conflict of interest, or it appears that he
might have a conflict of interest, in relation to any matter,
he should immediately declare his interest at a meeting of
the Directors or send a written notice to the Company
containing details of his interest and the conflict, and recuse
himself from participating in any discussion and decision
on the matter. Where relevant, the Directors have complied
with the provisions of the Code of Business Conduct and
Ethics, and such compliance has been duly recorded in the
minutes of meeting.

Board performance and evaluation
Each year, the Board, with the assistance of the CGNC,
undertakes a process to assess the effectiveness of the
Board, the Board Committees, the Chairman and individual
Directors. For the financial year ended 31 March 2023,
as in previous years, an independent external consultant,
Willis Towers Watson (WTW), was appointed to facilitate
this process. The process enables the Board to identify key
strengths and areas for improvement, as well as provide
insights on the Board’s culture. As part of the process,
the Directors (except for two newly appointed Directors)
were asked to complete evaluation questionnaires. The
evaluation results were aggregated and analysed before

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSbeing reported to the CGNC and thereafter to the Board.
The results were considered by the Board and follow
up actions will be taken where necessary with a view
to enhancing the effectiveness of the Board, the Board
Committees, the Chairman and individual Directors in the
discharge of their duties and responsibilities.

For the Board, the evaluation categories included the
Board’s role in corporate strategy and direction setting,
Board governance and oversight, Board composition,
Boardroom conduct, Boardroom dynamics and
communications, Board processes, CEO performance
management and succession planning, director
development and management, and risk management. For
the Board Committees, the evaluation categories included
committee effectiveness, CEO performance management
and succession planning, director development and
management, and risk management. For the Chairman,
the evaluation categories included the management of
Board and shareholder meetings, interaction between
members of the Board as well as between the Board
and Management, effectiveness of the Board, director
development and overall leadership of the Board. For
individual Directors, the evaluation categories included the
Director’s contribution, knowledge and abilities, teaming
and integrity.

For the financial year ended 31 March 2023, the outcome
of the evaluation was satisfactory. The Board as a whole,
the various Board Committees, the Chairman and
individual Directors received affirmative ratings across all
applicable evaluation categories. Based on the feedback
from the Directors, the following aspects stood out:
• The Board performed well in Corporate Strategy
and Direction Setting, which includes providing
critical stewardship to Management and guiding the
Company's performance in the long term; and

• Boardroom Conduct, Board Dynamics and

Communication – the quality of discussion during Board
meetings was good, with candid dialogues and a high
degree of mutual respect among Board members and
Management.

In addition to the annual evaluation exercise, the
contributions and performance of each Director are
assessed by the CGNC as part of its periodic reviews
of the composition of the Board and the various Board
Committees. In the process, the CGNC is able to identify
areas for improving the effectiveness of the Board and

Board Committees. The Board is also able to assess the
Board Committees through their regular reports to the
Board on their activities.

The Chairman and the Group CEO
The Chairman of the Board is a non-executive appointment
and is separate from the office of the Group CEO. The
Chairman leads the Board and is responsible for ensuring
the effectiveness of the Board and its governance
processes, while the Group CEO is responsible for
implementing the Group’s strategies and policies, and for
conducting the Group’s business. The Chairman and the
Group CEO are not related.

Role of the Chairman
The Chairman is responsible for leadership of the Board
and is pivotal in creating the conditions for overall Board,
Board Committee and individual Director effectiveness,
both inside and outside the boardroom. This includes setting
the agenda of the Board in consultation with the Directors
and the Group CEO, and promoting active engagement and
an open dialogue among the Directors, as well as between
the Board and the Group CEO.

The Chairman ensures that the performance of the Board
is evaluated regularly, and guides the development needs
of the Board. The Chairman leads the evaluation of the
Group CEO’s performance and works with the Group CEO
in overseeing talent management to ensure that robust
succession plans are in place for the senior leadership team.

The Chairman works with the Board, the relevant
Board Committees and Management to establish the
boundaries of risk undertaken by the Group and ensure
that governance systems and processes are in place and
regularly evaluated.

The Chairman plays a significant leadership role by
providing clear oversight, advice and guidance to the
Group CEO and Management on strategy and the drive
to transform Singtel’s businesses. This involves developing
a keen understanding of the Group’s diverse and complex
businesses, the industry, partners, regulators and
competitors.

The Chairman provides support and advice to, and acts
as a sounding board for, the Group CEO, while respecting
executive responsibility. He engages with other members of
the senior leadership regularly.

Corporate GovernanceThe Chairman also maintains effective communications
with large shareholders and supports the Group CEO in
engaging with a wide range of other stakeholders such as
partners, governments and regulators where the Group
operates.

• Finance and Investment Committee (FIC)
• Risk Committee (RC)
• Technology and Resilience Committee (TRC)
• Optus Advisory Committee (OAC)

Role of the Lead Independent Director
The Lead Independent Director is appointed by the Board
to serve in a lead capacity to coordinate the activities of the
non-executive Directors in circumstances where it would be
inappropriate for the Chairman to serve in such capacity.
He also assists the Chairman and the Board to assure
effective corporate governance in managing the affairs of
the Board and the Company.

The Lead Independent Director serves as chairman of
the CGNC. The role of the Lead Independent Director
includes meeting with the independent Directors at least
annually. He provides feedback on the meeting(s) to the
Board and/or the Chairman as appropriate. He will also be
available to shareholders if they have concerns relating to
matters that contact through the Chairman, Group CEO or
Group CFO has failed to resolve, or where such contact is
inappropriate.

Role of the Company Secretary
The Company Secretary attends all Board meetings and is
accountable directly to the Board, through the Chairman,
on all matters to do with the proper functioning of the
Board, including advising the Board on corporate and
administrative matters, as well as facilitating orientation
and assisting with professional development as required.
She assists the Board in implementing and strengthening
corporate governance policies and processes. The
Company Secretary is the primary point of contact between
the Company and the SGX. The Company Secretary is
legally trained, with experience in legal matters and
company secretarial practices. The appointment and
removal of the Company Secretary is subject to the
approval of the Board.

Board and Management Committees
The following Board Committees assist the Board in
executing its duties:
• Audit Committee (AC)
• Corporate Governance and Nominations Committee

(CGNC)

• Executive Resource and Compensation Committee

(ERCC)

Each Board Committee (other than the OAC) may make
decisions on matters within its terms of reference and
applicable limits of authority. The terms of reference of
each Board Committee are reviewed from time to time, as
are the committee structure and membership.

The selection of Board Committee members requires
careful management to ensure that each Board Committee
comprises Directors with appropriate qualifications
and skills, and that there is an equitable distribution of
responsibilities among Board members. The need to
maximise the effectiveness of the Board, and encourage
active participation and contribution from Board members,
is also taken into consideration.

A record of each Director’s Board Committee memberships
and attendance at Board Committee meetings during the
financial year ended 31 March 2023 is set out on page 53.

Audit Committee

Membership

Gautam Banerjee, committee chairman and
independent non-executive Director
John Arthur, independent non-executive Director
Gail Kelly, independent non-executive Director
Tan Tze Gay, independent non-executive Director

Key Objective

• Assist the Board objectively in discharging its
statutory and other responsibilities relating
to internal controls (including information
technology controls), financial and accounting
matters, compliance, and business and financial
risk management

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSThe terms of reference of the AC provide that the AC
shall comprise at least three Directors, all of whom are
non-executive Directors and the majority, including the
chairman, are independent Directors. At least two members
of the AC, including the AC chairman, must have recent
and relevant accounting or related financial management
expertise or experience. The chairman of the AC is not the
Chairman of the Singtel Board.

The AC has explicit authority to investigate any matter
within its terms of reference, and has full cooperation and
access to Management. It has direct access to the internal
and external auditors, and full discretion to invite any
Director or executive officer to attend its meetings, and
reasonable resources to enable it to discharge its functions.
It also has the authority to review its terms of reference and
its own effectiveness annually and recommend necessary
changes to the Board.

The main responsibilities of the AC are to assist the
Board objectively in discharging its statutory and other
responsibilities relating to internal controls (including
information technology controls), financial and accounting
matters, compliance, and business and financial risk
management.

The AC reports to the Board on the results of the audits
undertaken by the internal and external auditors, the
adequacy of disclosure of information, and the adequacy
and effectiveness of the system of risk management and
internal controls. It reviews the half-yearly and annual
financial statements with Management and the external
auditors, and the internal and external auditors’ evaluation
of the Group’s system of internal controls. The AC also
reviews and approves the annual audit plans for the
internal and external auditors.

The AC is responsible for evaluating the cost effectiveness
of external audits, the independence and objectivity of
the external auditors, and the nature and extent of the
non-audit services provided by the external auditors to
ensure that the independence of the external auditors is not
compromised. It also makes recommendations to the Board
on the appointment or re-appointment, remuneration and
terms of engagement of the external auditors. In addition,
the AC approves the Singtel Internal Audit Charter and

reviews the internal audit function for independence and
effectiveness, adequacy of resourcing, including staff
qualifications and experience, and its standing within
Singtel. The AC also reviews the performance of Internal
Audit (IA), including approving decisions relating to
appointment or removal of the Group Chief Internal Auditor
and approving the performance and compensation of
the Group Chief Internal Auditor. Based on this, the AC is
satisfied that the internal audit function is independent,
effective and adequately resourced.

During the financial year, the AC reviewed Management’s
and Singtel IA’s assessment of fraud risk and held
discussions with the external auditors to obtain reasonable
assurance that adequate measures were put in place
to mitigate fraud risk exposure in the Group. On a
yearly basis, the AC also reviews the adequacy of the
whistleblower arrangements instituted by the Group
through which staff and external parties can, in confidence,
raise concerns about possible improprieties in matters
of financial reporting or other matters. All whistleblower
complaints were reviewed half-yearly by the AC to ensure
independent and thorough investigation and adequate
follow-up.

The AC met four times during the financial year. At these
meetings, the Group CEO, Group Chief Corporate Officer,
Group CFO, Group Financial Controller, Vice President
(Group Financial Reporting), Group Chief Internal Auditor
and the respective CEOs of the businesses were also in
attendance. During the financial year, the AC reviewed the
results of audits performed by IA based on the approved
audit plan, significant litigation and fraud investigations,
register of interested person transactions and non-audit
services rendered by the external auditors. The AC also
met with the internal and external auditors, without the
presence of Management quarterly during the financial
year.

The external auditors provided regular updates and
periodic briefings to the AC on changes or amendments to
accounting standards to enable the members of the AC to
keep abreast of such changes and its corresponding impact
on the financial statements, if any. Directors are also invited
to attend relevant seminars on changes to accounting
standards and issues by leading accounting firms.

Corporate GovernanceFinancial matters
Following the amendments to Rule 705 of the SGX Listing
Manual on 7 February 2020, the Group adopted half-yearly
announcements of its financial results with effect from
1 April 2020. This is complemented with business updates
for the first quarter and third quarter. The AC reviewed
the half-year and full-year financial statements, and the
business updates of the Group before the announcement of
the Group’s results. In the process, the AC reviewed the key
areas of Management’s estimates and judgement applied
for key financial issues including revenue recognition,
impairment assessment of goodwill, the joint ventures’
and associates’ contingent liabilities, taxation, critical
accounting policies and any other significant matters that
might affect the integrity of the financial statements. The
AC also considered the report from the external auditors,
including their findings on the key areas of audit focus.
Significant matters that were discussed with Management,
internal and external auditors have been included as key
audit matters (KAMs) in the Independent Auditors’ Report
for the financial year ended 31 March 2023. Refer to
pages 125 to 130 of this Annual Report.

The AC took into consideration the approach and
methodology applied in the valuation of acquired
businesses, as well as the reasonableness of the estimates
and key assumptions used. In addition to the views from the
external auditors, subject matter experts including external
tax specialists and legal experts, were consulted. The AC
concluded that Management’s accounting treatment and
estimates in each of the KAMs were appropriate.

The information included in the Annual Report, excluding
the Financial Statements and Independent Auditors’ Report,
was provided to the external auditors after the Independent
Auditors’ Report date. The external auditors have provided
a written confirmation to the AC that they have completed
the work in accordance with SSA 720 (Revised), The
Auditor’s Responsibilities Relating to Other Information,
and they have noted no exception. A copy of the charter
of the AC is available on the corporate governance page
on the Company’s website at www.singtel.com/about-us/
company/corporate-governance.

Corporate Governance and Nominations
Committee

Membership

Gautam Banerjee, committee chairman and
independent non-executive Director
Lee Theng Kiat, non-executive Chairman of the
Board
Gail Kelly, independent non-executive Director
Christina Ong, independent non-executive Director
Teo Swee Lian, independent non-executive Director

Key Objectives

• Establish and review the profile of Board

members

• Make recommendations to the Board on the

appointment, re-nomination and retirement of
Directors

• Review the independence of Directors
• Assist the Board in evaluating the performance

of the Board, Board Committees and Directors
• Develop and review the Company’s corporate
governance practices, taking into account
relevant local and international developments in
the area of corporate governance

The terms of reference of the CGNC provide that the CGNC
shall comprise at least three Directors, the majority of
whom, including the chairman, shall be independent. As
part of its commitment to gender diversity, the Board will
appoint at least one female Director to the CGNC.

The main activities of the CGNC are described in
the commentaries on “Board composition”, “Board
membership”, “Board tenure”, “Board diversity”, "Directors'
independence" and “Board performance and evaluation”
from pages 38 to 46.

The CGNC met four times during the financial year ended
31 March 2023, and also approved various matters by
written resolution.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSExecutive Resource and Compensation
Committee

Membership

Gail Kelly, committee chairman and independent
non-executive Director
Lee Theng Kiat, non-executive Chairman of the
Board
Rajeev Suri, independent non-executive Director
Tan Tze Gay, independent non-executive Director
Teo Swee Lian, independent non-executive Director

Key Objectives

• Establish the Group remuneration framework

in alignment with the Group’s goals and deliver
sustainable shareholder value

• Oversee the remuneration of the Board and

Senior Management to ensure appropriateness
and alignment with market practice

• Ensure competitive, effective and progressive
policies and practices are in place to attract,
develop, motivate and engage talented
executives

• Review succession planning and talent

management to ensure a robust bench strength
to drive the current and future growth of the
Group

• Review the Group’s organisation culture and
employee engagement to ensure a healthy
culture, high engagement level and progressive
organisation, underpinned by the Group Purpose
and Core Values

The ERCC plays an important role in helping to ensure that
the Group is able to attract, motivate and retain the best
talents through competitive and effective remuneration,
as well as progressive and robust policies to achieve the
Group’s goals and deliver sustainable shareholder value.

The terms of reference of the ERCC provide that the ERCC
shall comprise at least three Directors, all of whom shall
be non-executive and the majority of whom shall be
independent. The ERCC is chaired by an independent
non-executive Director.

The main responsibilities of the ERCC, as delegated by the
Board, are to oversee the remuneration of the Board and
Senior Management. It sets appropriate remuneration
framework and policies, including long-term incentive
schemes, to deliver annual and long-term performance of
the Group.

The ERCC has been tasked by the Board to approve or
recommend to the Board the appointment, promotion
and remuneration of Senior Management. The ERCC
reviews the targets of Senior Management across five
broad categories of Breakthrough, Financial, Operational,
People and Environment, Social and Governance (ESG)
at the beginning of the financial year and assesses the
performance against these targets at the end of the
financial year. The ERCC also recommends the Directors’
compensation for the Board’s endorsement. Directors’
compensation is subject to the approval of shareholders at
the AGM. The ERCC’s recommendations cover all aspects
of remuneration for Directors and Senior Management,
including but not limited to Directors’ fees, salaries,
allowances, bonuses, options, share-based incentives,
management awards, and benefits-in-kind.

The ERCC seeks expert advice and views on remuneration
and governance matters from both within and outside
the Group as appropriate. The ERCC draws on a pool of
independent consultants for diversified views and specific
expertise. The ERCC will ensure that existing relationships,
if any, between the Group and its appointed remuneration
consultants will not affect the independence and objectivity
of the remuneration consultants.

The ERCC approves or recommends termination payments,
retirement payments, gratuities, ex-gratia payments,
severance payments and other similar payments to Senior
Management. The ERCC ensures that contracts of service
for Senior Management contain fair and reasonable
termination clauses.

To ensure the Group has a strong and sound leadership
bench strength for the long-term sustainability of
the business, the ERCC conducts the annual Talent &
Leadership Review to ensure appropriate recruitment,
development and succession planning programmes are in
place for key executive roles.

Corporate GovernanceThe ERCC reviews the Group’s culture and human capital
health to ensure alignment with long-term people
strategy and sustainable organisational development.
ERCC evaluates the progress of culture building and
transformation, including employee engagement, Diversity,
Equity, Inclusion and Belonging (DEIB), and employer
branding.

The Group CEO, who is not a member of the ERCC,
may attend meetings of the ERCC but does not
attend discussions relating to his own performance
and remuneration. Singtel’s remuneration policy and
remuneration for Directors and Senior Management are
discussed in this report from pages 60 to 72.

The ERCC met four times during the financial year ended
31 March 2023.

Finance and Investment Committee

Membership

Lee Theng Kiat, committee chairman and
non-executive Chairman of the Board
Bradley Horowitz, independent non-executive
Director
Lim Swee Say, independent non-executive Director
Wee Siew Kim, independent non-executive Director
Yong Hsin Yue, independent non-executive Director

Key Objectives

• Provide advisory support on the development

of the Group’s overall strategy and on strategic
issues for the Singapore and international
businesses

• Consider and approve investments and

divestments

• Review and approve changes in the Group’s

investment and treasury policies

• Evaluate and approve any financing offers

and banking facilities and manage the Group’s
liabilities in line with the Board’s policies and
directives

• Oversee any on-market share repurchases

pursuant to Singtel’s share purchase mandate

The terms of reference of the FIC provide that the FIC shall
comprise at least three Directors, the majority of whom
shall be independent Directors. Membership of the AC and
the FIC is mutually exclusive.

During the year, the FIC reviewed and approved various
investment, acquisition and divestment proposals, the
engagement of advisers for key transactions, and treasury-
related matters, and provided advice and guidance to
Management on such matters.

The FIC met three times during the financial year ended
31 March 2023.

Risk Committee

Membership

Teo Swee Lian, committee chairman and independent
non-executive Director
John Arthur, independent non-executive Director
Gautam Banerjee, independent non-executive
Director
Christina Ong, independent non-executive Director
Yong Ying-I, independent non-executive Director

Key Objectives

• Assist the Board in fulfilling its responsibilities in
relation to governance of material risks in the
Group’s business, which include ensuring that
Management maintains a sound system of risk
management and internal controls to safeguard
shareholders’ interests and the Group’s assets,
and determining the nature and extent of the
material risks that the Board is willing to take in
achieving the Group’s strategic objectives

The terms of reference of the RC provide that the RC shall
comprise at least three members including the chairman,
the majority of whom shall be independent. Members of the
RC are appointed by the Board, on the recommendation of
the CGNC. There is at least one common member between
the RC and the AC.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSDuring the year, the RC reviewed the Group’s strategy,
policies, framework, processes and procedures for the
identification, measurement, reporting and mitigation of
material risks in the Group’s business and reported any
significant matters, findings and recommendations in this
regard to the Board.

The RC met three times during the financial year ended
31 March 2023.

Technology and Resilience Committee

Membership

Lim Swee Say, committee chairman and independent
non-executive Director
Yuen Kuan Moon, executive Director
John Arthur, independent non-executive Director
Rajeev Suri, independent non-executive Director
Teo Swee Lian, independent non-executive Director

Key Objectives

• Review the frameworks, policies, strategies and

resourcing for the internal control environment in
relation to technology, security and operational
resilience and oversee the related risk exposures
and vulnerabilities with respect to its information
technology and operational technology systems

The TRC was formed on 9 November 2022. The terms of
reference of the TRC provide that the TRC shall have at
least one common member between the RC and the AC.
Members of the TRC are appointed by the Board, on the
recommendation of the chairman of the TRC in consultation
with the CGNC.

The TRC provides oversight of the management of
technology and cyber resilience in a way that will achieve
consistency throughout the Group and which continues to
comply with regulatory requirements and evolving best
practices. During the financial year, the TRC has focused
on key areas to improve the overall technology resilience
within the Group, namely: Incident Investigation Reports,
Post Incident cyber security reviews and internal control
monitoring.

The TRC met twice during the financial year ended
31 March 2023.

Optus Advisory Committee

Membership

Gail Kelly, committee chairman and independent
non-executive Director
Lee Theng Kiat, non-executive Chairman of the
Board
Yuen Kuan Moon, executive Director
John Arthur, independent non-executive Director
Chua Sock Koong
David Gonski
John Morschel
Paul O’Sullivan

Key Objective

• Advise on strategic business issues relating to the

Australian Optus businesses

The terms of reference of the OAC provide that the OAC
shall comprise at least three members. Members of the
OAC are appointed by the Board, on the recommendation
of the CGNC. The OAC acts purely in an advisory capacity.

During the year, the OAC was provided with a range of
updates on key strategic matters for the Optus business
and provided advice and guidance to Optus management
on such matters.

The OAC met twice during the financial year ended
31 March 2023.

Management Committee

Singtel has a Management Committee that comprises the
Group CEO, CEO Singtel Singapore, CEO Optus, Deputy
CEO Singtel Singapore/CEO Business Development,
CEO Digital InfraCo, CEO NCS, Group CFO, Group Chief
Corporate Officer, Group Chief People and Sustainability
Officer, Group Chief Information Officer/Group Chief
Digital Officer and Group Chief Technology Officer.

The Management Committee meets every week to review
and direct Management on operational policies and
activities.

Corporate GovernanceDirectors’ Board Committee memberships and attendance at Board Committee meetings during the financial year
ended 31 March 2023 (1)

Corporate
Governance and
Nominations
Committee

Executive Resource
and Compensation
Committee

Finance and
Investment
Committee

Audit Committee

Risk Committee

Technology
and Resilience
Committee

Optus Advisory
Committee

Number of
Meetings
Held

Number of
Meetings
Attended

Number of
Meetings
Held

Number of
Meetings
Attended

Number of
Meetings
Held

Number of
Meetings
Attended

Number of
Meetings
Held

Number of
Meetings
Attended

Number of
Meetings
Held

Number of
Meetings
Attended

Number of
Meetings
Held

Number of
Meetings
Attended

Number of
Meetings
Held

Number of
Meetings
Attended

–

1 (8)

3 (8)

–

1 (8)

–

1 (8)

–

see Note (2) below

–

Name of Director

Lee Theng Kiat

Yuen Kuan Moon (2)

John Arthur

Gautam Banerjee

Bradley Horowitz

Gail Kelly

Lim Swee Say

Christina Ong (3)

Rajeev Suri

Tan Tze Gay (4)

Teo Swee Lian

Wee Siew Kim

Yong Hsin Yue (5)

Yong Ying-I (6)

Venky Ganesan (7)

Notes:
(1) Refers to meetings held/attended while each Director was in office.
(2) Mr Yuen Kuan Moon is not a member of the Audit Committee, the Corporate Governance and Nominations Committee, the Executive Resource and

Compensation Committee, the Finance and Investment Committee and the Risk Committee, although he attended meetings of these Board Committees
as appropriate.

(3) Mrs Christina Ong stepped down as a member of the Audit Committee on 15 February 2023.
(4) Ms Tan Tze Gay was appointed to the Board on 6 February 2023. She was appointed a member of the Audit Committee on 15 February 2023 and the

Executive Resource and Compensation Committee on 23 May 2023.

(5) Ms Yong Hsin Yue was appointed a member of the Finance and Investment Committee on 26 May 2022.
(6) Ms Yong Ying-I was appointed to the Board on 15 November 2022. She was appointed a member of the Risk Committee on 15 February 2023.
(7) Mr Venky Ganesan stepped down from the Board following the conclusion of the AGM on 29 July 2022.
(8) The Director attended these meetings at the invitation of the respective Board Committees.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSAccountability and Audit

Risk management and internal control
The Board has overall responsibility for the governance
of risk and exercises oversight of the material risks in the
Group’s business. During the financial year ended
31 March 2023, the RC assisted the Board in the oversight
of the Group’s risk profile and policies, adequacy and
effectiveness of the Group’s risk management system
including the framework and process for the identification
and management of significant risks, and reports to the
Board on material matters, findings and recommendations
pertaining to risk management. The AC provides oversight
of the financial reporting risk and the adequacy and
effectiveness of the Group’s internal control and compliance
systems.

The Board has approved a Group Risk Management
Framework for the identification of key risks within the
business. In this financial year, we have refreshed our
framework and strengthened our risk management culture
through effective business risk partnering. This revised
framework defines 16 categories of risks ranging from
environmental to operational and management decision-
making risks. The Group Risk Management Framework
is aligned with the ISO 31000:2018 Risk Management
framework and the Committee of Sponsoring Organisations
of the Treadway Commission (COSO) Internal Controls
Integrated Framework. Major incidents and violations, if
any, are reported to the Board to facilitate the Board’s
oversight of the effectiveness of crisis management and the
adequacy of mitigating measures taken by Management to
address the underlying risks.

The identification and day-to-day management of risks
rest with Management. Management is responsible for the
effective implementation of risk management strategies,
policies and processes to facilitate the achievement
of business plans and goals within the risk tolerance
established by the Board. Key business risks are proactively
identified, addressed and reviewed on an ongoing basis.

The Risk Management Committee, including relevant
members from the Senior Management team, is responsible
for setting the direction of corporate risk management and
monitoring the implementation of risk management policies
and procedures including the adequacy of the Group’s
insurance programme. The Risk Management Committee
reports to the RC.

The Board has established a Risk Appetite Statement and
Risk Tolerance Framework to provide guidance to the
Management on key risk parameters. The significant risks in
the Group’s business, including mitigating measures, were
also reviewed by the RC on a regular basis and reported
to the Board. Risk registers are maintained by the business
and operational units which identify the key risks facing
the Group’s business and the internal controls in place to
manage those risks. The RC had reviewed the Group’s risk
management framework during the reporting period and
was satisfied that it continued to be sound.

Internal and external auditors conduct audits that
involve testing the effectiveness of the material internal
control systems within the Group, relating to financial,
operational, compliance and information technology risks.
Any material non-compliance or lapses in internal controls
are reported to the AC, including the remedial measures
recommended to address the risks identified. The AC also
reviews the adequacy and timeliness of the actions taken
by Management in response to the recommendations
made by the internal and external auditors. Control
self-assessments in key areas of the Group’s operations
are conducted by Management on a periodic basis to
evaluate the adequacy and effectiveness of the risk
management and internal control systems, including half-
yearly and annual certifications by Management to the
AC and the Board respectively on the integrity of financial
reporting and the adequacy and effectiveness of the risk
management, internal control and compliance systems.

The Group has put in place a Board Escalation Process
where major incidents and violations including major/
material operational loss events and potential breaches
of laws and regulations by the Company and/or its key
officers, are required to be reported by Management and/
or IA to the Board immediately to facilitate the Board’s
oversight of crisis management and adequacy and
effectiveness of follow-up actions taken by Management.
Through this process, the Board has been kept informed
promptly of any incidents with potential material financial,
operational, compliance and information technology risk
impact.

Cyber risk continues to be a key risk that is managed
within the Group. During the year, two unrelated cyber
incidents occurred in Australia. In the case of Dialog,
there was exposure of limited company data, with no
impact on their operations and services to clients. The

Corporate Governancesystems were independent from the rest of Group. The
attack on Optus accessed certain customer information,
but it did not impact the operation of Optus’ systems or
its telecommunications network or services. Both cyber-
attacks were reported to the relevant Australian authorities.
A range of measures were deployed to assist potentially
impacted stakeholders. Leading world-class cyber security
specialists were engaged to investigate each cyber-attack
and their work informed the response taken. Dialog has
implemented further measures to audit and mitigate cyber
risk. Optus continues to take steps to further enhance
its cyber capabilities in response to the changing threat
environment.

The Board has received assurance from the Group CEO
and Group CFO that, as at 31 March 2023, the Group’s
financial records have been properly maintained, the
financial statements give a true and fair view of the
Group’s financial position, operations and performance,
and that they are prepared in accordance with accounting
standards.

The Board has also received assurance from the Group
CEO, Group CFO and the other Management Committee
members that the Group’s internal controls and risk
management systems were adequate and effective as
at 31 March 2023 to address financial, operational,
compliance and information technology risks. Where
relevant and as far as can be assessed, sanctions-related
risks were considered.

Based on the internal controls established and maintained
by the Group, work performed by internal and external
auditors, reviews performed by Management and the
various Board Committees as well as assurances from
members of the Management Committee, the Board,
with the concurrence of the AC, is of the opinion that the
Group’s internal controls and risk management systems
were adequate and effective as at 31 March 2023 to
address financial, operational, compliance and information
technology risks, which the Group considers relevant and
material to its operations. Where relevant and as far as can
be assessed, sanctions-related risks were considered.

The systems of risk management and internal control
established by Management provide reasonable, but
not absolute, assurance that Singtel will not be adversely
affected by any event that can be reasonably foreseen as
it strives to achieve its business objectives. However, the

Board also notes that no system of risk management and
internal control can provide absolute assurance in this
regard, or absolute assurance against poor judgement
in decision-making, human error, losses, fraud or other
irregularities.

Further details of the Group’s Risk Management Philosophy
and Approach can be found on pages 78 to 89.

External auditor
The Board is responsible for the initial appointment of
the external auditor. Shareholders then approve the
appointment at Singtel’s AGM. The external auditor holds
office until its removal or resignation. The AC assesses the
external auditor based on factors such as the effectiveness
of the external audit process, resources, independence
and objectivity of the external auditor, and recommends its
appointment to the Board.

Pursuant to the requirements of the SGX, an audit partner
may only be in charge of a maximum of five consecutive
annual audits and may then return after two years. KPMG
has met this requirement. The planned transition of the
partner in charge of the audit from Mr Ong Pang Thye to
Mr Malcolm Ramsay went smoothly. Singtel has complied
with Rules 712, 715 and 716 of the SGX Listing Manual in
relation to the appointment of its external auditor.

The AC monitors the performance, objectivity and
independence of the external auditor based on the policies
and approval processes in place regarding the types of
non-audit services that the external auditor can provide to
the Group. The AC has considered the revisions to the Ethics
Pronouncement 100 of the Code of Professional Conduct
and Ethics in the review of the non-audit services provided
by the external auditor during the financial year and the
associated fees. The AC is satisfied that the independence
and objectivity of the external auditor has not been
impaired by the provision of those services. The external
auditor has also provided confirmation of its independence
to the AC.

Fees for KPMG services for the
financial year ended 31 March 2023

(S$ Mil)

Audit services

Non-audit services
(including audit-related services)

6.5

0.9

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
Group Internal Audit (IA)
Singtel IA comprises an approved headcount of 70 staff
members, including the Group Chief Internal Auditor and is
independent of the activities it audits. Singtel IA reports to
the AC functionally and to the Group CEO administratively.
Singtel IA has unfettered access to all the records,
documents, property and personnel, including access to the
AC, when carrying out the internal audit reviews and has
appropriate standing within Singtel. Singtel IA adheres to
the Singtel Code of Conduct, is a member of the Singapore
chapter of the Institute of Internal Auditors (IIA) and adopts
the International Standards for the Professional Practice
of Internal Auditing (the IIA Standards) laid down in the
International Professional Practices Framework issued by
the IIA.

Singtel IA has a quality assurance and improvement
programme to ensure that its audit activities conform
to the IIA Standards and the Code of Ethics. As part of
the programme, internal quality assurance reviews are
conducted quarterly and external quality assurance
reviews are carried out at least once every five years by
qualified professionals from an external organisation. The
last external quality assurance review was successfully
completed in 2022 and Singtel IA received the highest
rating of “generally conforms” and continues to meet or
exceed the IIA Standards as well as the Code of Ethics in all
key aspects.

We have taken steps to improve our auditing process
by enhancing our continuous auditing capabilities and
further deploying data analytics throughout the audit
process. Our dedicated Data Analytics and Robotics
function within Singtel IA facilitates training programs
to increase capabilities, improve risks identification and
audit execution. Additionally, we are developing our agile
auditing approach to embrace innovation to transform our
work and stakeholder interactions, which will increase the
value and contribution of Singtel IA to the Group.

Singtel IA works closely with Management in its control
advisory role to promote effective risk management,
robust internal control and good governance practices
in the development of new products/services, and
implementation of new/enhanced systems and processes.
Singtel IA also collaborates with the internal audit functions
of Singtel’s regional associates to promote joint reviews and
the sharing of knowledge.

To ensure that the audits are performed effectively, Singtel
IA recruits and employs suitably qualified professional
staff with the requisite skill sets and experience. Singtel
IA provides training and development opportunities for
its staff to ensure their technical knowledge and skill sets
remain current and relevant.

Shareholder Rights and Engagement

Singtel IA adopts a risk-based approach in formulating
the annual audit plan that aligns its activities to the key
strategies and risks across the Group’s business. This plan is
reviewed and approved by the AC. The reviews performed
by Singtel IA are aimed at assisting the Board in promoting
sound risk management, robust internal controls and good
corporate governance, through assessing the design and
operating effectiveness of controls that govern key business
processes and risks identified in the overall risk framework
of the Group. Singtel IA’s reviews also focus on compliance
with Singtel’s policies, procedures and regulatory
responsibilities, performed in the context of financial and
operational, revenue assurance and information systems
reviews.

Communication with shareholders
Singtel practices fair, equal and timely dissemination
of material information to shareholders. All material
information is disclosed via SGXNet and uploaded to our
website to enable shareholders to keep abreast of strategic
and operational developments relating to the Group.

Singtel proactively engages shareholders and the
investment community through virtual and in-person
meetings and conference calls. These include group
and one-on-one meetings, investor conferences, global
roadshows and an Investor Day. Please refer to the Investor
Relations section on pages 76 to 77 for more details on
shareholder engagement.

All significant findings and corresponding management’s
mitigation plans from completed audit reviews are reported
to Senior Management and the AC. Singtel IA monitors the
status of implementation of the audit recommendations,
and past due corrective actions are reported to the Senior
Management and the AC.

Shareholder meetings
The 30th Annual General Meeting (AGM 2022) was held
on 29 July 2022 via electronic means pursuant to the
COVID-19 (Temporary Measures) (Alternative
Arrangements for Meetings for Companies, Variable
Capital Companies, Business Trusts, Unit Trusts and

Corporate Governance
Debenture Holders) Order 2020 (Temporary Measures).
Shareholders of Singtel participated in the AGM 2022 by
attending the live audio-visual webcast or live audio-only
stream, submitting questions in advance of or during the
AGM 2022 and/or appointing proxy(ies) to attend, speak
and vote on their behalf at the AGM 2022. Shareholders
and/or their duly appointed proxies who were duly
registered for the AGM 2022 were able to vote in real-time
via electronic means. Singtel answered all substantial
and relevant questions submitted by shareholders prior
to the AGM 2022, as well as those received live at the
AGM 2022. The minutes of the AGM 2022, which included
the responses to substantial and relevant questions from
shareholders, were published on Singtel’s website on
5 August 2022.

The 31st Annual General Meeting (AGM 2023) to be held
in July 2023 will be held in a wholly physical format. The
arrangements relating to attendance and voting at the
AGM 2023, appointment of proxies, submission of questions
in advance of the AGM 2023, addressing of substantial
and relevant questions at the AGM 2023 and access to
documents, are set out in Singtel’s Notice of AGM dated
27 June 2023.

Singtel strongly encourages and supports shareholder
participation at general meetings. Singtel ensures that the
Notice of AGM is made available to all shareholders with
sufficient time for all shareholders to review the Notice
of AGM and appoint a proxy(ies) to attend the AGM, if
they wish. The Notice of AGM is also advertised in The
Straits Times for the benefit of shareholders. Singtel holds
its general meetings (which are in a physical format) at
a central location in Singapore with convenient access
to public transportation. Under Singtel’s Constitution
and pursuant to the Companies Act 1967, relevant
intermediaries (as defined in the Companies Act 1967) and
the Central Provident Fund Board may appoint more than
two proxies. A registered shareholder who is not a relevant
intermediary may appoint up to two proxies. Singtel’s
Constitution currently does not provide for voting in
absentia (such as via mail or email) as the authentication of
shareholder identity and other related security and integrity
issues remain a concern.

There are separate resolutions at general meetings on
each substantially separate issue and Singtel provides
the necessary information on each resolution to enable
shareholders to exercise their vote on an informed basis.
All resolutions at Singtel’s general meetings are voted on

by poll to better reflect shareholders’ interests and ensure
greater transparency. Singtel appoints an independent
external party as scrutineer for the electronic poll voting
process. Prior to the general meeting, the scrutineer will
review the proxies and the electronic poll voting system,
and attends the proxy verification process, to ensure that
the proxy and poll voting information is compiled correctly.
During the general meeting, the scrutineer attends to
ensure that the polling process is properly carried out. The
poll voting results for each general meeting are presented
to the audience and are promptly filed with SGX on the
same day as the meeting.

At each AGM, the Group CEO delivers a presentation to
update shareholders on Singtel’s progress over the past
year. Directors and Senior Management are in attendance
to address queries and concerns about Singtel. Singtel’s
external auditor and counsel also attend to help address
shareholders’ queries relating to the conduct of the audit
and the auditor’s reports, as well as clarify any points
of law, regulation or meeting procedure that may arise.
Shareholders are informed of the voting procedures and
rules governing the meeting.

Managing Stakeholder Relationships

Singtel seeks to engage all relevant stakeholders in an
open two-way dialogue and our interactions take place
on a regular basis. By understanding our stakeholders’
needs, interests and concerns, we ensure the relevance
of our sustainability strategy and programmes to deliver
the intended outcome and impact. We undertake a formal
stakeholder engagement exercise, which is facilitated by a
third party at least once every three to five years. Singtel’s
executives are also involved in ongoing engagements with
these stakeholders through various channels.

We also engage our stakeholders to validate the impacts
that Singtel’s business operations create on people,
the environment and economy, including human rights.
These impacts are prioritised through the consideration
of their severity, including the potential for remediation
of negative impacts and occurrence of potential impacts.
The prioritised impacts form the final list of material topics
upon which targets, metrics, programmes and progress
are reviewed and approved by the Board, before they are
published annually in Singtel’s Sustainability Report.

Singtel’s approach to stakeholder engagement and
materiality assessment can be found on pages 5 to 6 of the
Sustainability Report 2023.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSOther Matters

Securities transactions
Singtel has in place a Securities Transactions Policy,
which provides that Directors and top management
members and persons who are in attendance at Board
and top management meetings (Key Officers) should not
deal in Singtel securities during the period commencing
one month before the announcement of the financial
statements for the half-year and full financial year,
and ending on the date of the announcement of the
relevant results. The policy also applies during the period
commencing two weeks before the announcement of
any business updates for each of the first and third
quarters of the financial year, and ending on the date of
the announcement of the business updates. In addition,
employees who are involved in the preparation of the
Group’s financial statements should not deal in Singtel
securities during the period commencing six weeks before
the announcement of financial results for the half-year
and full financial year and any business updates for the
first and third quarters of the financial year, and ending
on the date of the announcement of the relevant results/
business updates. The policy also provides that any of the
above persons who is privy to any material unpublished
price-sensitive information relating to the Group should
not trade in Singtel securities until the information is
appropriately disseminated to the market, regardless of
whether it is during the abovementioned “closed” periods
for trading in Singtel securities. The Company Secretary
sends regular reminders of the requirements under
the policy and the relevant laws and regulations to the
Directors and Management.

A Director is required to notify Singtel of his interest in
Singtel securities within two business days after (a) the
date on which he becomes a Director; or (b) the date
on which he acquires an interest in Singtel securities. A
Director is also required to notify Singtel of any change
in his interests in Singtel securities within two business
days after he becomes aware of such change. Singtel will
file such disclosure with SGX within one business day of
receiving notification from the Director.

The Securities Transactions Policy also discourages trading
on short-term considerations and reminds Directors and
officers of their obligations under insider trading laws.
Directors and officers of the Group wishing to deal in
Singtel securities during a closed period must secure prior
written approval of the Chairman (in the case of Directors

of Singtel), the Lead Independent Director (in the case of
the Chairman) or the Group CEO (in the case of directors of
Singtel subsidiaries and Key Officers). Requests for written
approval must contain a full explanation of the exceptional
circumstances and proposed dealing. If approval is
granted, trading must be undertaken in accordance
with the limits set out in the written approval. Directors
are to inform the Company Secretary before trading in
Singtel securities. The Board is kept informed when a
Director trades in Singtel securities. A summary of Singtel’s
Securities Transactions Policy is available in the Corporate
Governance section of the Singtel corporate website.

Pursuant to the SGX Listing Manual, Singtel has put in place
a policy relating to the maintenance of a list(s) of persons
who are privy to price or trade sensitive information
relating to the Group. Under the policy, persons who
are included in the privy persons lists will be reminded
not to trade in Singtel securities while in possession of
unpublished price or trade sensitive information.

In relation to the shares of other companies, Directors
are prohibited from trading in shares of Singtel’s listed
associates when in possession of unpublished price or
trade sensitive information relating to such associates.
Directors are also to refrain from having any direct or
indirect financial interest in Singtel’s competitors that
might or might appear to create a conflict of interest or
affect the decisions Directors make on behalf of Singtel.

Continuous disclosure
There are formal policies and procedures to ensure that
Singtel complies with its disclosure obligations under the
SGX Listing Manual. A Market Disclosure Committee is
responsible for Singtel’s Market Disclosure Policy. The policy
contains guidelines and procedures for internal reporting
and decision-making with regard to the disclosure of
material information.

No material contracts
Since the end of the previous financial year ended
31 March 2022, no material contracts involving the
interest of the Group CEO, any Director, or the controlling
shareholder, Temasek Holdings (Private) Limited, has
been entered into by Singtel or any of its subsidiaries,
and no such contract subsisted as at 31 March 2023,
save as may be disclosed on SGXNet or herein.

Interested person transactions
Singtel has established policies and procedures to govern

Corporate Governancethe approval and entry of interested person transactions
(IPT) to ensure they are entered at arm’s length including
comparison against market rates and competitive quotes
where available. Interested person transactions are
regularly reviewed by the AC in accordance with the
requirements of Chapter 9 of the SGX Listing Manual.
Where any IPT requires shareholders’ approval, the
interested person will abstain from voting and the decision
will be made by disinterested shareholders.

Singtel IA regularly reviews the IPT entered into by the
Group to verify the accuracy and completeness of the IPT
disclosure and ensure compliance with the SGX reporting
requirements under Chapter 9 of the SGX Listing Manual.
The report is submitted to the AC for review.

The Board also has a Directors’ Manual, which sets out
specific Board governance policies and practices and the
Directors’ duties and responsibilities. In addition, Singtel
has a code of internal corporate governance practices,
policy statements and standards (Singtel Code), and
makes this code available to Board members as well as
employees of the Group. The principles, policies, standards
and practices in the Code of Business Conduct and Ethics,
the Directors’ Manual and the Singtel Code are intended
to enhance investor confidence and rapport, and to ensure
that decision-making is properly carried out in the best
interests of the Group. The Code of Business Conduct and
Ethics, the Directors’ Manual and the Singtel Code are
maintained by the Company Secretary and are provided to
Directors when they are appointed to the Board.

As part of their onboarding, new Board members disclose
their associates and interests in entities that may transact
with Group entities. These disclosures are updated
regularly. The extent of transactions between the Group
and Directors (including their associates and entities in
which they have an interest) is reviewed by the CGNC in
the context of the annual Directors’ independence review.

The Board has adopted a policy that there should be no
loans to Directors, except for loans to fund expenditure
to defend Directors in legal or regulatory proceedings, as
permitted under the Companies Act 1967. As at 31 March
2023, there were no loans granted to Directors.

Singtel also has a strict code of conduct that applies to all
employees (Employee Code). The Employee Code sets out
principles to guide employees in carrying out their duties
and responsibilities to the highest standards of personal
and corporate integrity when dealing with Singtel, its
competitors, customers, suppliers and the community. The
Employee Code covers areas such as equal opportunity
employment practices, anti-discrimination and workplace
harassment, workplace health and safety, conduct in the
workplace, ethical business conduct when dealing with
external parties, protection of Singtel’s assets, proprietary
information and intellectual property, data protection,
confidentiality and conflicts of interest.

Details of IPT entered into by the Group are disclosed in this
Annual Report on page 245.

Codes of conduct and practice
The Board has adopted a Code of Business Conduct and
Ethics as a means to guide the Directors on the areas
of ethical risk, and help nurture an environment where
integrity and accountability are key. The Code of Business
Conduct and Ethics includes following key principles:
• Directors must avoid situations in which their own
personal or business interests directly or indirectly
conflict, or appear to conflict with the interests of
Singtel;

• Directors are to exercise due care and maintain the

confidentiality of information entrusted to them by
Singtel or other parties who have business dealings
with the Company; and

• Directors must at all time act honestly and use

reasonable diligence in the discharge of their duties
of their office.

Singtel adopts a zero tolerance approach to bribery and
corruption in any form and this is set out in the Employee
Code as well as the Singtel Anti-Bribery and Corruption
Policy (ABC Policy). The Employee Code and the ABC Policy
are posted on Singtel’s internal website and a summarised
version of the Employee Code, as well as the ABC Policy,
are accessible from the Singtel corporate website. The
Employee Code and ABC Policy are supplemented by
various internal procedures and guidelines in key areas of
Gifts & Hospitality, Donations, Sponsorships, Investigations,
Employee Grievance Reporting, Whistleblowing, etc. which
provide clear stipulations to guide employees in carrying
out their daily tasks. In this financial year, the Group has
established a dedicated Anti-Bribery and Corruption
compliance function. As part of the Group’s continuous
efforts to improve on our existing policies and programme
to strengthen ethical culture and mitigate related risk
exposures, a comprehensive Anti-Bribery and Corruption
framework has been developed.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
Singtel has established an escalation process so that the
Board of Directors, Senior Management, and internal and
external auditors are kept informed of corporate crises in a
timely manner, according to their severity. Such crises may
include violations of the code of conduct and/or applicable
laws and regulations, as well as loss events that have or are
expected to have a significant impact, financial or
otherwise, on the Group’s business and operations.

Whistleblower policy
Singtel’s whistleblower policy clearly sets out the channels
where employees and external parties can, in confidence,
raise concerns about suspected fraud, corruption,
misconduct and/or other wrongdoing without fear of
reprisals. The policy identifies the parties authorised to
receive complaints, including details of the direct reporting
channels to Internal Audit and whistleblower hotline services
independently managed by external service providers.

The policy’s key features are:
• Whistleblowers are encouraged to report their concerns

if they have reasonable grounds for suspicion;

• Employees and other persons making reports will be

treated fairly and, to the extent possible, protected from
reprisal, retaliation and detrimental conduct;

• Whistleblowers can report matters anonymously, but if

they choose to disclose their identity, the policy requires
confidentiality to be maintained at all times to protect
their identity;

• All complaints will be investigated in an objective

manner by an independent team that has appropriate
skills and knowledge, following a structured process to
ensure proper conduct of investigations;

• The outcome of each whistleblower investigation and
the follow-up actions taken are reported to the AC; and

• The adequacy of the whistleblower policy and the
underlying processes are reviewed annually and
reported to the AC for review and approval. The review
includes identifying changes to keep our whistleblower
policy in line with best practices and ongoing compliance
with both current and any upcoming changes to
regulatory requirements.

The whistleblower policy is promoted during staff training
and through periodic communication to all staff as part of
the Group’s efforts to promote fraud and control awareness,
and strong ethical values.

Remuneration Matters

The broad principles that guide the ERCC in its
administration of fees, benefits, remuneration and
incentives for the Board of Directors and Senior
Management are set out below.

Remuneration of non-executive Directors
Singtel’s Group CEO is an executive Director and is
therefore remunerated as part of Senior Management.
He does not receive Director’s fees.

The ERCC recommends the non-executive Directors’ fees
for the Board’s endorsement and approval by shareholders.
To ensure that the fees are fair, competitive and
appropriate, the fees are referenced against comparable
benchmarks.

Singtel seeks shareholders’ approval at the AGM for
Directors’ fees on a current year basis. The fees are paid on
a half-yearly basis in arrears. No Director can decide his or
her own fees. Directors are reimbursed for out-of-pocket
travelling and accommodation expenses should they need
to travel out of their country or city of residence to attend
Board and Board Committee meetings and other Board
events.

Save as mentioned below, there are no retirement benefit
schemes or share-based compensation schemes in place
for non-executive Directors.

Directors are encouraged, but not required, to acquire
Singtel shares each year from the open market until they
hold the equivalent of one year’s fees in shares, and to
continue to hold the equivalent of one year’s fees in shares
while they remain on the Board.

Financial year ended 31 March 2023
For the financial year ended 31 March 2023 (FY2023), the
fees for non-executive Directors comprised a basic retainer
fee, additional fees for appointment to Board Committees
and attendance fees for Board and Board Committee
meetings. The framework for non-executive Directors’ fees
for FY2023 is set out on pages 63 to 64.

Corporate GovernanceDirectors’ fees paid for the financial year ended 31 March 2023
The aggregate Directors’ fees paid to non-executive Directors for FY2023 was S$3,733,242 (details are set out in the
table below).

Name of Director

Lee Theng Kiat (1)

John Arthur (2)

Gautam Banerjee

Bradley Horowitz

Gail Kelly

Lim Swee Say (3)

Christina Ong (4)

Rajeev Suri (5)

Tan Tze Gay (6)

Teo Swee Lian (7)

Wee Siew Kim

Yong Hsin Yue

Yong Ying-I (8)

Venky Ganesan (9)

Total

Director’s Fees
(S$)

960,000

297,488

344,000

267,222

342,000

224,092

257,875

215,988

27,575

318,488

185,250

180,726

55,925

56,613

3,733,242

Notes:
(1) Under the remuneration framework for non-executive Directors for FY2023, the all-in Chairman’s fee was S$1,150,000. However, Mr Lee Theng Kiat

requested to receive, and was paid, the lower amount of S$960,000 in Chairman’s fees for FY2023. He also received car-related benefits (S$15,908) for
FY2023.

(2) Mr John Arthur was appointed to the Technology and Resilience Committee on 9 November 2022.
(3) Mr Lim Swee Say was appointed as the chairman of the Technology and Resilience Committee on 9 November 2022. In addition to the Director’s fees set
out above, Mr Lim received fees of S$455,000 in his capacity as a Board member, and chairman of the Executive Committee, of NCS Pte. Ltd., a wholly-
owned subsidiary of Singtel.

(4) Mrs Christina Ong ceased to be a member of the Audit Committee with effect from 15 February 2023.
(5) Mr Rajeev Suri was appointed to the Technology and Resilience Committee on 9 November 2022.
(6) Ms Tan Tze Gay was appointed to the Board on 6 February 2023 and as a member of the Audit Committee on 15 February 2023.
(7) Ms Teo Swee Lian was appointed to the Technology and Resilience Committee on 9 November 2022.
(8) Ms Yong Ying-I was appointed to the Board on 15 November 2022 and as a member of the Risk Committee on 15 February 2023.
(9) Mr Venky Ganesan stepped down from the Board following the conclusion of the AGM on 29 July 2022. In addition to the Director’s fees set out above,

Mr Ganesan received fees of US$44,892.46 in his capacity as a director of Amobee, Inc. Amobee, Inc. was divested by the Group in September 2022.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSThere is no employee of the Group who is an immediate
family member of a Director or the Group CEO, and whose
remuneration exceeded S$100,000 during FY2023. No
employee of the Group is a substantial shareholder of the
Company.

Financial year ending 31 March 2024
For the financial year ending 31 March 2024 (FY2024),
it is proposed that aggregate fees of up to S$4,600,000
(FY2023: up to S$4,020,000) be paid to Directors. The
proposed remuneration framework for the non-executive
Directors (including the Chairman) for FY2024 remains
unchanged from the framework for FY2023. The increase
in the quantum of Directors’ fees proposed for FY2024 is
attributable to the increase in number of Directors, the
increase in scheduled in-person board meetings and the
formation of the new Technology and Resilience Committee
in November 2022.

Under the remuneration framework for the non-executive
Directors for FY2024, the all-in Chairman’s fee is
S$1,150,000. However Mr Lee Theng Kiat has requested
to receive the lower amount of S$960,000 in Chairman’s
fees for FY2024. Mr Lee also requested to receive, and was
paid, the lower amount of S$960,000 in Chairman’s fees for
FY2023.

The proposed all-in Chairman’s fee will be paid
approximately two-thirds in cash and approximately
one-third in Singtel shares to be delivered in the form of a
share award to be granted under the Singtel Performance
Share Plan 2012. The actual number of shares to be
awarded will be determined by reference to the volume-
weighted average price of a share on the SGX over the 10
trading days immediately following the date of the 31st
Annual General Meeting, rounded down to the nearest
share. The award will consist of fully paid shares, with no
performance conditions attached and no vesting periods
imposed, but it is currently intended that there will be a
moratorium on the sale of such shares for a period of up
to two years after the grant of the award. No separate
retainer fees, Board Committee fees or attendance fees
will be paid to the Chairman.

The quantum of Directors’ fees for the non-executive
Directors (other than the Chairman) for FY2024 are
calculated based on, among other things, the number of
expected Board and Board Committee meetings and
the number of Directors expected to hold office during
that year.

Shareholders’ approval is required for the Directors’ fees
pursuant to the Companies Act 1967 of Singapore and the
Constitution of the Company.

•

The proposed all-in Chairman’s fee for FY2024 takes into
account:
•

the significant leadership role played by the Chairman
of the Board, and in providing clear oversight and
guidance to management;
the amount of time the Chairman spends on Singtel
matters, including providing input and guidance on
strategy and supporting Management in engaging with
a wide range of other stakeholders such as partners,
governments and regulators, as well as travelling to visit
the Group’s key associates in the region. In this regard,
the Board has agreed with the Chairman that he will
commit a significant proportion of his time to his role as
Chairman of the Board and will manage his other time
commitments accordingly; and

• comparable benchmarks from Singapore listed

companies.

Corporate GovernanceDirectors’ fee structure for the financial year ended 31 March 2023 and the proposed structure for the financial year
ending 31 March 2024

Basic Retainer Fee
Board Chairman (all-in fees)
Lead Independent Director
Director

Audit Committee
Committee chairman
Committee member

Corporate Governance and Nominations Committee
Committee chairman
Committee member

Executive Resource and Compensation Committee
Committee chairman
Committee member

Finance and Investment Committee
Committee chairman
Committee member

Risk Committee
Committee chairman
Committee member

Technology and Resilience Committee
Committee chairman
Committee member

Optus Advisory Committee
Committee chairman
Committee member

Technology Advisory Panel (2)
Panel chairman
Panel member

Travel allowance

Other Committee/Panel
Committee/Panel chairman
Committee/Panel member

FY2023
(S$ per annum)

FY2024 (proposed)
(S$ per annum)

1,150,000 (1)
144,000
120,000

70,000
45,000

45,000
30,000

70,000
45,000

45,000
30,000

US$75,000
US$50,000
Technology Advisory Panel:
US$2,400 per day
(no attendance fees)

45,000
30,000

70,000
45,000

45,000
30,000

70,000
45,000

45,000
30,000

-
-

45,000
30,000

Notes:
(1)

The all-in Chairman’s fee is S$1,150,000. However, Mr Lee Theng Kiat, at his request, was paid the lower amount of S$960,000 in Chairman’s fees for
FY2023. Mr Lee has also requested to receive the lower amount of S$960,000 in Chairman’s fees for FY2024.

(2) The Technology Advisory Panel was dissolved in February 2023.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSAttendance fees per meeting

Teleconference
Home city
In-region
Out-region
Same trip as Board meeting

FY2023

Board
Committee
(S$)

FY2024 (proposed)
Board
Committee
(S$)

Board
(S$)

500
1,250
3,000
6,000
1,250

1,000
2,500
6,000
12,000
-

500
1,250
3,000
6,000
1,250

Board
(S$)

1,000
2,500
6,000
12,000
-

Remuneration strategy and principles

Our remuneration strategy is designed to attract, motivate and retain employees to drive the current and future
growth of the Company. The following are our guiding principles for remuneration of Senior Management.

Alignment with shareholders’ interests
• Align interests between management and

shareholders

• Select appropriate performance metrics for

annual and long-term incentive plans to support
business strategies and ongoing enhancement of
shareholder value

• Allow for performance-related clawback if

long-term sustained performance targets are
not met

• Establish sound and structured funding to

ensure affordability

Pay-for-performance
• Measure performance based on a holistic

balanced scorecard approach, comprising both
financial and non-financial metrics
• Ensure targets are appropriately set for

threshold, target, stretch and exceptional
performance levels

Fair and appropriate
• Offer competitive packages to attract and retain
highly experienced and talented individuals
• Link a significant proportion of remuneration to

performance, both on an annual and
long-term basis

• Structure a significant but appropriate proportion

of remuneration to be at risk with symmetric
upside and downside

Effective implementation
• Ensure the link between performance and

remuneration is clear and the framework is simple
for employees to understand

• Meet rigorous corporate governance

requirements

Remuneration governance

The effectiveness of our remuneration strategy is
underpinned by robust governance. The ERCC reviews
remuneration of Senior Management through a process
that considers Group, business unit and individual
performance as well as relevant comparative remuneration
in the market. On an annual basis, the ERCC proposes
the compensation of the Senior Management for the
Board’s approval. For the role of Group Chief Internal

Auditor, the chairman of the Audit Committee approves his
compensation annually.

In 2021, a comprehensive review of the overall
remuneration framework was made to ensure continued
relevance to our strategic business objectives and
alignment with market practice. As a recap, the Value
Sharing Bonus (VSB) scheme for Senior Management has
been suspended with effect from FY2022. A One-Off Long-
Term Incentive (LTI) Award with a five-year performance

Corporate Governanceperiod was introduced to support Singtel’s transformation
agenda, enhance alignment with long-term shareholder
value creation, and to retain and motivate the senior
executive team. In view of the One-Off LTI Award granted,
the Senior Management would not be awarded the 2023
Performance Share Award (PSA).

During the year, the ERCC engaged Willis Towers
Watson (Singapore) to conduct Executive Remuneration
Benchmarking for Senior Management.

As for the valuation and vesting computation for the
Restricted Share Award and Performance Share Award
grants under the Singtel Performance Share Plan 2012,
the ERCC has engaged Aon Hewitt Singapore Pte Ltd
(Aon Hewitt) for the services. Willis Towers Watson, Aon
Hewitt and their consultants are independent and not
related to the Group or any of its Directors.

Singtel may, under special circumstances, compensate
Senior Management for their past contributions when
their services are no longer needed, in line with market
practice; for example, due to redundancies arising from
reorganisation or restructuring of the Group.

If an executive is involved in misconduct or fraud, resulting
in financial loss to the company, the ERCC has the
discretion not to award and to forfeit incentive components
of the executive’s remuneration, to the extent that such
award or incentive has not been released or disbursed.

Remuneration framework

Our remuneration framework is designed to incentivise
executives to deliver the Group’s strategic priorities and
enhance shareholder value over the short, medium and
long term.

Balanced scorecard
We use a balanced scorecard approach to measure how
successful we are in serving stakeholders and executing
our long-term strategy. Our scorecard comprises key
performance indicators (KPIs) in five broad categories:
Breakthrough, Financial, Operational, People and
Environmental, Social and Governance (ESG).

These KPIs are aligned to the objectives of our Annual
Operating Plan and longer-term strategic plan to motivate
performance for the short, medium and long term. ESG

KPIs have been introduced to reinforce our commitment to
thrive and advance our sustainability goals across the
Group’s businesses. For more details on our sustainability
goals and initiatives, please refer to the Group
Sustainability Report 2023.

Weightings are allocated to KPIs for each Senior
Management to ensure a balanced approach in assessing
individual’s performance and determining the appropriate
remuneration. At the start of each financial year, KPIs
for the Senior Management are endorsed by the ERCC
and approved by the Board. At the end of the financial
year, the ERCC reviews the performance of each Senior
Management member based on a mix of financial and
non-financial outcomes, including progress towards the
Group’s strategic priorities and alignment of behaviours to
our values, to recommend the appropriate performance
level and remuneration for the Board’s approval.

Remuneration components
Our total remuneration provides an appropriate balance
between fixed and performance-related components. The
remuneration structure is such that the percentage of the
performance-related components increases for the more
senior levels to reflect their greater accountabilities and
impact on business performance. The key remuneration
components for Senior Management are indicated in the
following diagram and tables.

Total Remuneration

=
Fixed Components

Base Salary

Benefits & Provident/
Superannuation

+
Performance-Related Components

Variable Bonus

Long-Term Incentives

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSFixed components

Base Salary

Purpose and Linkage to Performance

Policy

Benefits & Provident/Superannuation Fund

Purpose and Linkage to Performance

Policy

Reflects the market worth of the job and considers the responsibilities,
competencies and experience of the individual. Linked to each
executive’s sustained long-term performance.

Approved by the Board based on ERCC’s recommendation and
reviewed annually against:
• Peers of similar financial size and complexity to the Group
• Pay and conditions across the Group
• Executive’s contribution and experience

In Australia, consistent with local market practice, executives may opt
for a portion of their salaries to be received in benefits-in-kind, such as
superannuation contributions and motor vehicles, while maintaining the
same overall cost to the company.

Provisions are in line with local market practices and legislative
requirements, and not directly linked to performance.

Singtel contributes towards the Singapore Central Provident Fund or the
Optus Superannuation Fund or any other chosen fund, as applicable.
Singtel also provides in-company medical scheme, club membership,
employee discounts and other benefits that may incur Australian Fringe
Benefits Tax, where applicable.

Participation in benefits is dependent on the country in which the
executive is located. For expatriates located away from home,
additional benefits such as accommodation, children’s education and
tax equalisation may be provided.

Performance-related components

Variable bonus

Variable bonuses comprise Performance Bonus. In determining the final variable bonus payments, the ERCC considers
the overall Group, business unit and individual performance as well as relevant market remuneration benchmarks.

Performance Bonus (PB)

Purpose

Award Type

Linkage to Performance

Reward short-term performance against annual targets set in the
balanced scorecard for each executive.

Cash bonus

Annual payout that will vary based on actual achievement against
Group, business unit and individual performance targets.

Participants

All employees

Corporate GovernanceLong-term incentives

Long-term incentives comprise Restricted Share Award (RSA) and Performance Share Award (PSA). These are equity
awards provisionally granted to employees based on performance at the end of each financial year at the discretion of
the ERCC. A significant portion of the remuneration for our Senior Management is delivered in Singtel shares to ensure
that their interests are aligned with shareholders. In particular, the long-term incentives mix is more heavily weighted
towards PSA for more senior executives to increase focus on shareholder returns.

Long-Term Incentives (LTI)

Purpose

Reinforce the delivery of long-term growth and shareholder value to drive an ownership
culture and retain key talent.

Award Type

Restricted Share Award (RSA)

Performance Share Award (PSA)

Linkage to Performance

Individual Performance

Group and Individual Performance

Participants

Top Executives

PSA performance conditions are key drivers
of shareholder value creation and aligned
to the Group’s business objectives

Vesting Mechanism and
Schedule

Time-based schedule, with equal vesting
over three years, subject to continued
employment with the Singtel Group at the
point of vesting

Over a three-year performance period.

• Singtel Group’s Absolute Total

Shareholder Return (TSR) achieved
against predetermined targets (60%)

• Singtel Group’s Reported Net Profit

After Tax (NPAT) achieved against
predetermined targets (20%)

• Environmental, Social and Governance
(ESG) measures against predetermined
targets (20%)

Figure A: Performance Share Award (PSA) Vesting Schedule

Absolute TSR (60%)

Reported Group NPAT (20%)

ESG Measures (20%)

Performance

Vesting Level(1)

Performance

Vesting Level(1)

Performance

Vesting Level(1)

Superior

Target

Threshold

Below Threshold

150%

100%

50%

Exceptional

Superior

Target

Partially Met

Threshold

Below Threshold

150%

130%

100%

50%

30%

Superior

Target

Threshold

Below Threshold

150%

100%

50%

Note:
(1) For achievement between these performance levels, the percentage of shares that will vest would vary accordingly.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSPolicy and governance

The number of shares awarded under RSA and PSA is determined
using the valuation of the shares based on a Monte-Carlo simulation.
The RSA have a service condition, while the PSA are conditional upon
the achievement of predetermined performance targets over the
performance period. The PSA performance conditions and targets are
approved by the ERCC at the beginning of the performance period.

Minimum shareholding requirement
To further strengthen alignment with shareholders, the Senior
Management are required to build up and retain at least the equivalent
of two times their annual base salary in shares. The Group CEO is
expected to hold at least the equivalent of three times his annual base
salary as shareholding.

Treatment of awards on cessation of employment
Special provisions for vesting and lapsing of awards apply for events
such as the termination of employment, misconduct, retirement and
any other events approved by the ERCC. Upon occurrence of any of the
events, the ERCC will consider, at its discretion, whether or not to release
any award, and will take into account circumstances on a case-by-
case basis, including (but not limited to) the contributions made by the
employee.

Singtel employees are prohibited from entering into transactions in
associated products which limit the economic risk of participating in
unvested awards under Singtel’s equity-based remuneration schemes.

Long-term incentives vesting outcomes for the year
For the financial year ended 31 March 2023, the overall vesting outcome for 2020 PSA is 19% as the performance hurdles
were partially met. Details of the 2020 PSA vesting conditions and outcomes are outlined in the table below.

2020 PSA
Performance Period: 1 April 2020 to 31 March 2023

KPI Vesting Conditions

Weighting

Vesting Outcome %

Singtel Group’s Absolute Total Shareholder Return achieved against
predetermined targets

Singtel Group’s Reported NPAT achieved against predetermined targets

ESG measures against predetermined targets

60%

20%

Overall outcome

95%

19%

Corporate GovernanceOne-Off Long-Term Incentive (LTI) Award to Drive Transformation

Arising from the review of the overall remuneration framework, a separate long-term incentive (LTI) award with
five-year performance period was introduced in 2021. This is a One-Off LTI Award designed to support Singtel’s
transformation agenda, enhance alignment with long-term shareholder value creation, and to retain and motivate the
senior executive team.

The key features of the One-Off LTI Award are outlined below.

Award Type

One-Off LTI Award

Linkage to Performance

• Singtel Group’s five-year Absolute Total Shareholder Return (TSR) achieved against

predetermined targets (80%)

• Environmental, Social and Governance measures against predetermined targets (20%)

Participants

Senior Management and Selected Key Executives

Vesting Mechanism and
Schedule

Policy and Governance

The One-Off LTI Award has a five-year performance period. In order to incentivise
Management towards earlier achievement of the five-year targets, this LTI plan has a
milestone vesting feature, where 15% would vest after Year 3 or Year 4 if the five-year
Absolute TSR performance threshold is achieved by then, and another 15% would vest
12 months later, subject to ERCC’s approval. The milestone vesting is also subject to
Singtel’s Absolute TSR exceeding the combination of the median TSR of the Straits Times
Index (50%) and the MSCI Asia (excluding Japan) Telco Index (50%). The remaining 70%
would then be subject to final performance testing after Year 5 if the milestone vesting
has been achieved.

Similar to the RSA and PSA, the number of shares awarded is determined using the
valuation of the shares based on a Monte-Carlo Simulation. The performance conditions
and targets are approved by the ERCC. The prevailing treatment of awards on cessation
of employment will continue to apply for this one-off share award.

Figure B: One-Off LTI Award Vesting Schedule

Absolute TSR (80%)

ESG Measures (20%)

Performance

Vesting Level(1)

Performance

Vesting Level(1)

Superior

Target

Threshold

Below Threshold

150%

100%

50%

Superior

Target

Threshold

150%

100%

–

Note:
(1) For achievements between these performance levels, the percentage of shares that will vest would vary accordingly.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSRemuneration of key management
For the financial year ended 31 March 2023, there were no termination, retirement and post-employment benefits granted
to Directors and Key Management.

Remuneration of executive director
Summary compensation table for Group CEO for the financial year ended 31 March 2023:

Name

Yuen Kuan Moon

Salary (S$)(1)

1,304,370

Variable
Bonus (S$)(2)

2,000,000

Benefits (S$)(3)

Total Cash &
Benefits (S$)(4)

77,321

3,381,691

Performance shares granted, vested and lapsed for Mr Yuen as at 31 March 2023 are as follows:

Restricted Share Award (RSA)(5)

Granted
(no. of shares)

Vested
(no. of shares)

Lapsed
(no. of shares)

Released

Date (no. of shares)

2020 Awards

148,216

–

2021 Awards(6)

170,659

113,773

2022 Awards(7)

908,698

302,900

2023 Awards(7),(8)

907,853

74,108

56,887

56,886

302,900

1-Jun-22

1-Jun-23

1-Jun-22

1-Jun-23

3-Jun-24

1-Jun-23

3-Jun-24

2-Jun-25

3-Jun-24

2-Jun-25

1-Jun-26

Performance Share Award (PSA)(5)

Granted
(no. of shares)

Vested
(no. of shares)

Lapsed
(no. of shares)

Released

Date (no. of shares)

2020 Awards(7)

526,429

100,022

426,407

1-Jun-23

100,022

One-Off Long Term Incentive Award(5)

Granted
(no. of shares)

Vested
(no. of shares)

Lapsed
(no. of shares)

Released

Date (no. of shares)

2021 Awards(7)

4,188,482

1- Jun-26

Corporate GovernanceNotes:
(1) Salary includes the Provident Fund earned for financial year ended 31 March 2023.
(2)

The Variable Bonus comprises Performance Bonus (PB) which varies according to the actual achievement against Group, business unit and individual
performance objectives for the financial year ended 31 March 2023.

(3) Benefits are stated on the basis of direct costs to the company and include car benefits, flexible benefits and other non-cash benefits such as medical

cover and club membership.

(4) Total Cash & Benefits is the sum of Fixed Remuneration, Provident Fund, Benefits and Variable Bonus awarded for the financial year ended

31 March 2023.
Long-term Incentives are awarded in the form of Restricted Share Award (RSA), Performance Share Award (PSA) and One-Off Long Term Incentive Award
under the Singtel Performance Share Plan 2012.
The third tranche of the RSA granted in 2021 will vest and be released in June 2024, subject to continued employment.

(5)

(6)

(7) The vesting of the RSA, PSA and One-Off Long-Term Incentive Award are conditional upon the achievement of predetermined performance targets or

vesting conditions over the respective performance period.

(8) The 2023 RSA grant made in June 2023 is for performance for the financial year ended 31 March 2023. The per unit fair value of the RSA is S$2.203.

Remuneration of other key management
Due to the confidentiality and sensitivity on remuneration matters, the Board is of the view that the Group’s key
management remuneration shall be disclosed as bands, as indicated in the following table. The Board has considered
the recommendations set out in Provision 8.1 of the Corporate Governance Code carefully, and believes that, taken as a
whole, the disclosures provided are meaningful and sufficiently transparent in giving an understanding of remuneration of
its key management, the Company’s remuneration policies, level and mix of remuneration, the procedure for determining
remuneration and the linkages between remuneration, performance and value creation. For the financial year ended 31
March 2023, the key management (who are not Directors or the Group CEO) are Aileen Tan, Anna Yip, Arthur Lang, Bill
Chang, Kelly Bayer Rosmarin, Lim Cheng Cheng, Mark Chong (1), Ng Kuo Pin and William Woo.

Summary compensation table for all the key management for the financial year ended 31 March 2023:

Remuneration Band
(S$) (2)

$2,250,001 - $2,500,000

$1,750,001 - $2,000,000

$1,500,001 - $1,750,000

$1,250,001 - $1,500,000

$1,000,001 - $1,250,000

Total Aggregate Compensation

No. of
Employees

Salary
(%) (3)

Variable
Bonus
(%) (4)

Benefits
(%) (5)

56%

47%

54%

53%

56%

43%

50%

43%

42%

43%

Total
Cash &
Benefits
(%) (6)

100%

$13,940,097

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSPerformance shares granted for the above executives as at 31 March 2023 are as follows:

Restricted Share Award (RSA) (7)

Granted
(no. of shares)

To be Vested on or after

Date (9)

(no. of shares)

2023 Awards (8)

2,665,916

3-Jun-24

2-Jun-25

1-Jun-26

Notes:
(1) Compensation for Mark Chong is for the full financial year from 1 April 2022 to 31 March 2023.
(2) Remuneration Bands as indicated do not include the value of awards granted under Singtel Performance Share Plan 2012.
(3) Salary includes the Provident Fund earned for financial year ended 31 March 2023.
(4)

(5) Benefits are stated on the basis of direct costs to the company and include car benefits, flexible benefits and other non-cash benefits such as medical

(6)

cover and club membership.
Total Cash & Benefits is the sum of Fixed Remuneration, Provident Fund, Benefits and Variable Bonus awarded for the financial year ended
31 March 2023.
Long-term incentives are awarded in the form of Restricted Share Award (RSA) under the Singtel Performance Share Plan 2012.

(7)
(8) The RSA grant made in June 2023 is for performance for the financial year ended 31 March 2023. The per unit fair value of the RSA is $2.203.
(9)

For employees in Optus, the shares vesting will be in July each year.

Corporate GovernanceSummary of disclosures – corporate governance

Rule 710 of the SGX Listing Manual requires Singapore listed companies to describe their corporate governance practices
with specific reference to the 2018 Code in their annual reports. This summary of disclosures describes our corporate
governance practices with specific reference to the express disclosure requirements in the principles and provisions of the
2018 Code.

Key information on each Director in this Annual Report:
• Pages 12 to 16 – Directors’ independence, appointment dates, Board Committee appointments, etc.
• Pages 37 and 53 – Directors’ meeting attendance
• Pages 60 to 64 – Non-executive Directors’ remuneration
• Pages 70 to 71 - Executive Director's remuneration
• Pages 246 to 249 – Further Information on Board of Directors
• Pages 250 to 259 – Additional Information on Directors Seeking Re-election at the Annual General Meeting to be held

on 28 July 2023

Principles and provisions of the 2018 Code –
Express disclosure requirements

Page reference in
Singtel Annual
Report 2023

Provision 1.2
The induction, training and development provided to new and existing Directors.

Pages 37 to 38

Provision 1.3
Matters that require Board approval.

Provision 1.4
Names of the members of the Board Committees, the terms of reference of the Board
Committees, any delegation of the Board’s authority to make decisions, and a summary of
each Board Committee’s activities.

Page 35

Pages 47 to 52

Provision 1.5
The number of meetings of the Board and Board Committees held in the year, as well as the
attendance of every Board member at these meetings.

Pages 37 and 53

Provision 2.4
The board diversity policy and progress made towards implementing the board diversity
policy, including objectives.

Pages 40 to 41

Provision 4.3
Process for the selection, appointment and re-appointment of Directors to the Board,
including the criteria used to identify and evaluate potential new directors and channels
used in searching for appropriate candidate.

Pages 38 to 39

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSPrinciples and provisions of the 2018 Code –
Express disclosure requirements

Provision 4.4
Where the Board considers a Director to be independent in spite of the existence of
a relationship which may affect his or her independence, the nature of the Director’s
relationship and the reasons for considering him or her as independent should be disclosed.

Page reference in
Singtel Annual
Report 2023

Pages 42 to 45

Provision 4.5
The listed company directorships and principal commitments of each director, and where
a director holds a significant number of such directorships and commitments, the NC’s and
Board’s reasoned assessment of the ability of the director to diligently discharge his or her
duties are disclosed.

Pages 12 to 16 and
Pages 246 to 249

Provision 5.2
How the assessments of the Board, its Board committees and each Director have been
conducted, including the identity of any facilitator and its connection, if any, with the
Company or any of its Directors.

Pages 45 to 46

Provision 6.4
The engagement of any remuneration consultants and their independence.

Pages 50 and 65

Provision 8
Clear disclosure of remuneration policies, level and mix of remuneration, and procedure for
setting remuneration, and the relationship between remuneration, performance and value
creation.

Pages 64 to 69

Provision 8.1
The policy and criteria for setting remuneration, as well as names, amounts and breakdown
of remuneration of (a) each individual Director and the CEO; and (b) at least the top five
key management personnel (who are not Directors or the CEO) in bands no wider than
S$250,000 and in aggregate the total remuneration paid to these key management
personnel.

For the GCEO and
Management:
Pages 64 to 72
For non-executive
Directors:
Pages 60 to 64

Provision 8.2
Names and remuneration of employees who are substantial shareholders of the Company,
or are immediate family members of a Director, the CEO or a substantial shareholder of the
Company, and whose remuneration exceeds S$100,000 during the year, in bands no wider
than S$100,000. The disclosure states clearly the employee’s relationship with the relevant
Director or the CEO or substantial shareholder.

Page 62

Corporate Governance
Principles and provisions of the 2018 Code –
Express disclosure requirements

Provision 8.3
All forms of remuneration and other payments and benefits, paid by the Company and its
subsidiaries to Directors and key management personnel of the Company, and also
discloses details of employee share schemes.

Provision 9.2
Whether the Board has received assurance from (a) the CEO and the CFO that the financial
records have been properly maintained and the financial statements give true and fair view
of the Company’s operations and finances; and (b) the CEO and the other key management
personnel who are responsible, regarding the adequacy and effectiveness of the
Company’s risk management and internal control systems.

Page reference in
Singtel Annual
Report 2023

For non-executive
Directors:
Pages 60 to 64
For key management
personnel:
Pages 64 to 72
For employee share
schemes:
Pages 64 to 72

Page 55

Provision 10.1
The Company publicly discloses, and clearly communicates to employees, the existence of
a whistleblowing policy and procedures for raising such concerns.

Page 60

Provision 11.3
Directors’ attendance at general meetings of shareholders held during the financial year.

Page 37

Provision 12.1
The steps taken to solicit and understand the views of shareholders.

Pages 56 to 57 and
Pages 76 to 77

Provision 13.2
The strategy and key areas of focus in relation to the management of stakeholder
relationships during the reporting period.

Page 57 and
Pages 90 to 97

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSEffective and open communication
channels with the investment community

As the Group executes on our strategic reset, we proactively
engage shareholders and the investment community to
keep them apprised of the latest developments. In the
second year of our new strategy, a key focus of our investor
communications programme was to help investors track
the progress made against the four strategic pillars –
reinvigorating the core; developing new growth engines
through NCS, data centres and digital banking; unlocking
value and actively managing capital; and championing
sustainability and people. This included the realignment
of financial metrics to allow investors to better gauge our
performance.

We engaged around 900 investors in more than 150 virtual
and in-person meetings, including group and one-on-one
meetings, investor conferences and global roadshows.
We also reinstated our Investor Day after a three-year
hiatus due to COVID-19, and organised tours at FutureNow
Innovation Centre and data centres, to give investors a
first-hand experience of 5G and data centres respectively.

During these engagements, the key topics discussed
were on market dynamics, how we would drive 5G
adoption, scale our growth engines and recycle capital.
Investors were also keen to learn how we can grow our
dividends sustainably while continuing to invest for growth.

As investors are placing greater emphasis on Environment,
Social and Governance (ESG) considerations in
their investment criteria, we have been having more
conversations about our sustainability goals, policies and
progress to aid their investment decisions. This also includes
material issues they have identified such as environmental
impact and climate change, data protection, sustainable
supply chain management and support digital inclusion
for underserved communities. In addition, we are working
with Singapore Exchange (SGX) to trial their ESG reporting
portal and align our reporting format with SGX’s Core
27 indicators to provide investors with greater data quality
and accessibility.

UK, who issue regular reports. We monitor analyst, industry
and media reports closely, as part of our efforts to gather
feedback and improve disclosures and IR practices.

Retail investors form an important part of our outreach
efforts. They are welcome to contact us directly through
email or telephone to submit their feedback or ask
questions. We have been a long-term sponsor of the
Securities Investors Association’s (Singapore) (SIAS)
Investor Education Programme and the annual SIAS-Singtel
dialogue provides a regular platform for us to communicate
our strategy and performance with retail shareholders.
Singtel shareholders are entitled to SIAS complimentary
associate membership as part of the sponsorship. To sign
up, they can visit our IR website or https://sias.org.sg/
membership/.

Commited to lead in corporate governance,
transparency and investor relations

Good corporate governance plays a vital role in shaping
investor perception of a company’s integrity, transparency,
accountability and efficiency. We keep abreast of the
latest developments and benchmark ourselves against
best practices in key areas such as financial reporting
and disclosure, board structure, shareholder rights and
remuneration.

Singtel is a founding member of SGListCos, an association
for companies listed on the SGX. SGListCos is a thought
leadership and advocacy platform, providing a
representative voice when SGX needs to sound out new
initiatives or review existing listing requirements. We have
been part of the advisory panel to discuss topics such as
Director tenure and remuneration. The association also
seeks to promote greater investment into equity markets
by enhancing corporate access and raising the level of
investor relations across SGX listed companies.

Singtel strongly encourages and supports shareholder
participation at general meetings. Our 29th Annual
General Meeting (AGM 2022) was held virtually due to the
prevailing COVID-19 restrictions. More details can be found
in the Corporate Governance section on pages 34 to 75.

We continue to nurture and maintain strong links with sell-
side research analysts and are well-covered by close to
20 analysts based in Singapore, Malaysia, India and the

The Singtel IR website is the primary source of corporate
information, financial data and significant business

Investor Relationsdevelopments for both bond and equity investors. It
contains a wealth of investor-related information on
Singtel, including announcements to SGX, investor
presentations, financial results, annual reports, dividend
policy and information for bond investors. The Investor
Relations team’s contact details are also listed on the
website for investor queries. All material announcements
are made available on the IR website immediately after
they are released to SGX to ensure fair, equal and prompt
dissemination of information. In addition, we constantly
review the level of disclosure to align it with global best
practices and reflect new business developments.

During our half-yearly earnings announcements, we
provide extensive information, including detailed financial
statements, management discussion and analyses
and presentation slides. Our management responds to
questions from investors and analysts over an investor
briefing on the day of the results announcement, with a
transcript of the investor briefing posted on the Singtel
IR website on the next workday. Apart from half-yearly
financial results announcements, Singtel publishes business
updates, which include key operating and financial metrics,
to keep investors informed about the performance of
different business segments and regional associates. The
Investor Relations team also endeavours to respond to
shareholders’ queries within a week.

Shareholder information

As at 31 March 2023, Temasek Holdings (Private) Limited
remained our largest shareholder, with 52% of issued share
capital. Other Singapore shareholders held approximately
11%. In terms of geographical distribution, the US/Canada
and Europe accounted for approximately 12% and 8% of
issued shares respectively.

IR Calendar of Events

APR 2022
• Analyst briefing: NCS teach-in

MAY 2022
• Non-deal Equity Roadshows, Singapore,

United Kingdom, Europe and North America

JUL 2022
• 30th Annual General Meeting, Singapore

AUG 2022
• Singtel Investor Day, Singapore
•

Investor briefing: Partial divestment of shares
in Bharti Airtel

SEP 2022
• CITI CLSA Flagship Investors’ Forum

OCT 2022
• Non-deal Equity Roadshow, Malaysia

NOV 2022
• Non-deal Equity Roadshow, Singapore
• Morgan Stanley Asia Pacific Summit,

Singapore

JAN 2023
• Non-deal Equity Roadshows, Malaysia
• DBS Vickers Pulse of Asia Conference,

Singapore

MAR 2023
• Non-deal Equity Roadshows, United Kingdom
• UOB Kay Hian ASEAN Conference, Taiwan
• Credit Suisse Asian Investment Conference,

Hong Kong

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
Risks can take various forms and can have material
adverse impact on our reputation, operations, human
resources and financial performance.

Insurance, Treasury and Credit Management in the
management of risks.

We have established a rigorous and systematic risk
review process to identify, monitor, manage and report
risks throughout the organisation, based on our risk
philosophy and appetite. Management has the primary
responsibility for identifying, managing and reporting
to the Board the key risks faced by the Group. They are
also responsible for ensuring that the risk management
framework is effectively implemented within the
business units. The business units are supported by
specialised functions such as Risk, Regulatory, Legal,
Tax, Cyber Resilience, Environment and Sustainability,

During the financial year, we refreshed our risk
management framework and standards and deepened the
embedment of our framework via effective business risk
partnering. This revised framework defines 16 categories
of risks ranging from environmental to operational and
management decision-making risks.

Governance structure for managing risks

Our risk management framework sets out the governance
structure for managing risks, our risk philosophy, appetite
and tolerance levels, as well as our risk management
approach.

The Board

•
•

Instils culture and approach for risk governance
Provides oversight of risk management systems and
internal controls

Reviews key risks and mitigation plans
•
• Determines risk appetite and tolerance
• Monitors exposure

Risk Committee

Audit Committee

•

Reviews and recommends risk strategy and
policies

• Oversees design, implementation and

•

monitoring of internal controls
Reviews adequacy and effectiveness of the
Group’s risk framework

• Monitors the implementation of risk mitigation

plans

Technology and Resilience Committee

•

Reviews adequacy and effectiveness of the
Group’s internal control framework

• Oversees financial reporting risk for the Group
• Oversees internal and external audit processes
• Monitors exposure

• Oversees frameworks, policies, strategies and resourcing for the internal control environment in relation to

technology, security and operational resilience

• Oversees related risk exposures, and procedures with respect to its information technology systems, including

privacy, network security and data retention and security
Investments in support of the strategies including innovation, application and infrastructure architecture
Adopts best practices in innovation, technology control and resiliency frameworks

•
•

Risk Management Philosophy and ApproachRisk Management Committee

•
•

Supports the Board Committee and Risk Committee on matters related to risk governance and oversight
Provides direction and strategy to align risk management and monitoring activities with the Group’s risk
appetite and tolerance
Reviews the risk assessments carried out by the business units
Reviews and assesses risk management systems and tools

Cyber Security Resiliency Committee

•

•
•
•

Supports the Risk Management Committee on matters related to cyber security risk assessment and
mitigations
Provides direction and strategy in strengthening defence against cyber security threats
Provides oversight of all cyber security risks
Reviews the adequacy of cyber security measures and risk management

Workplace Safety and Health Steering Committee

•

Reviews adequacy and effectiveness of WSH
(Workplace Safety and Health) policies and
procedures to ensure compliance to the
applicable laws and regulations

• Makes recommendations on WSH issues

•

Provides resources for implementation of policies and
procedures
Reviews and investigates any workplace incident such as
fatality, permanent disability, or dangerous occurrences
(no death or injury).

identified and develops strategies

Our risk philosophy

Our risk philosophy and risk management approach are based on three key principles:

Risk-centric culture

Strong corporate
governance structure

Proactive risk
management process

•

Set the appropriate tone at
the top
Promote awareness,
ownership and proactive
management of key risks
Promote accountability

•

Promote good corporate
governance
Provide proper segregation
of duties

• Clearly define risk-taking

•

responsibility and authority
Promote ownership and
accountability for risk-taking

•

Robust processes and
systems to identify, quantify,
monitor, mitigate and
manage risks
Benchmark against global
best practices

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSRisk appetite

The Board has approved the following risk appetite statement:

•

The Group is committed to delivering value to our shareholders achieved through sustained profitable growth.
However, we shall not compromise our integrity, values and reputation by risking brand damage, service
delivery standards, severe network disruption or regulatory non-compliance.
The Group will defend our market leadership position in Singapore and strengthen our market position in
Australia and in the Pacific through our regional associates. We will continue to pursue business expansion in
the emerging markets, including acquiring stakes in the associates and actively managing the risks.
The Group is prepared to take measured risks to seek new growth in the digital space by providing global
platforms and enablers, targeted at a global footprint, while leveraging our current scale and core strengths.
The Group targets an investment grade credit rating and dividend payout policy consistent with our stated
dividend policy and guidance.

The effectiveness of our risk management policies and
processes is reviewed on a regular basis and, where
necessary, improved. The risk management processes
facilitate alignment of our strategy and annual operating
plan with the management of key risks.

Risk management

and mitigation strategies for their respective businesses
to the Risk Committee. Our Group CEO and Group
CFO, with assurance from the Management Committee
members, provide an annual written certification to the
Board confirming the integrity of financial reporting and
the efficiency and effectiveness of the risk management,
internal control and compliance systems.

Our key risk management activities include scenario
planning, business continuity and disaster recovery
management as well as crisis planning and management.
Close monitoring and control processes, including the use
of appropriate key risk and performance indicators, are
implemented to ensure the risk profiles are managed within
policy limits.

Singtel’s Internal Audit (IA) carries out reviews and internal
control advisory activities aligned to the key risks in our
businesses. This provides independent assurance to the
Audit Committee (AC) on the adequacy and effectiveness
of our risk management, financial reporting processes, and
internal control and compliance systems.

To provide assurance to the Board, the CEOs of our
business units submit an annual report on the key risk

In the course of their statutory audit, external auditors
review our material internal controls to the extent of the
scope laid out in their audit plans. Any material non-
compliance and internal control weaknesses, together
with their recommendations to address them, are reported
to the AC. Our Management follows up on the auditors’
recommendations as part of their role in reviewing our
system of internal controls with the assistance of Singtel IA.

The systems that are in place are intended to provide
reasonable but not absolute assurance against material
misstatements or loss, as well as to ensure the safeguarding
of assets, maintenance of proper accounting records,
reliability of financial information, compliance with
applicable legislation, regulations and best practices, and
the identification and management of business risks.

Risk Management Philosophy and ApproachRisk factors

Our financial performance and operations are influenced
by a vast range of risk factors. These risks vary widely and
we aim to mitigate the exposure through appropriate risk
management strategies and internal controls.

The section below sets out the principal risk types,
which are not listed in the order of significance.

Information Technology and Cyber Security

• Macro Events
• Regulatory, Compliance and Legal
• Market and Competition
• Network and IT Infrastructure
•
• Ventures, Mergers and Acquisitions
• Project Management
• Financial Management
• Vendor and Supply Chain
• Human Resources
• Product / Service Operations
• Environmental Sustainability
• Corporate Governance
• Workplace Health and Safety
• Physical Premise and Security
• Brand Management

The following represent the key risks for the Group:

Macro Events

Weakened Global Outlook
International security issues and adverse developments
such as the political tension between Russia-Ukraine,
US-China and potentially Western security alliances could
further weaken global economic activity. There has been
no material change in the risk of the Group being subject
to any sanction laws, and we remain vigilant in monitoring
geopolitical relationships and developments associated
with sanction laws. The Group will disclose any violation to
SGX and relevant authorities as required in a timely and
accurate manner.

The global credit and equity markets have experienced
substantial dislocations, liquidity disruptions and market
corrections. These and other related events have had
a significant impact on economic growth as a whole
and consequently, on consumer and business demand
for telecommunications, IT and related services, and
digital services. The increased cost of living may drive
consumers to adjust their spending priorities, resulting in
a drop in consumer sentiment and business confidence.
Our planning and management review processes involve
keeping abreast of economic and market developments
and periodic monitoring of budgets and expenditures
to optimise the allocation of capital among the Group’s
various businesses. We assess the optimal capital structure
of the Group and the effect of higher interest rates on
outstanding debt and debt headroom. We continue
to implement cost management and transformation
programmes to drive improvements in cost structures
and/or changes in the business model.

Surge in Energy Costs
Disruptions in trade and surging fuel prices could result in
a direct impact on operating costs to power infrastructure
and facilities as well as data centres.

We continue to engage energy consultants and employ
hedging strategies to reduce the impact of rising energy
prices on our businesses. We also explore energy-efficient
solutions and adopt energy-saving measures.

Regulatory, Compliance and Legal

Regulatory Risks
Our businesses depend on licences issued by government
authorities. Failure to meet regulatory requirements could
result in fines or other sanctions including, ultimately, the
revocation of licences. In addition, our businesses may be
required to obtain licences where they wish to expand or
enter into new markets. Our operations are also subject
to various laws and regulations, and the regulatory
landscape for the media and telecommunications industry
has seen changes with developments applicable to cyber
security, data privacy and consumer protection. These
changes, together with increasing scrutiny and regulators

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSinclined to strong enforcement actions, may lead to
additional compliance costs to the business.

Our overseas investments are also subject to the risk
of imposition of laws and regulations restricting the
level, percentage and manner of foreign ownership and
investment, as well as the risk of nationalisation.

Both Singapore and Australia are impacted by the
implementation of national broadband networks. In
Singapore, the Infocomm Media Development Authority
(IMDA) has increased the level of competition in the
broadband market, namely in its implementation of the
Next Generation Nationwide Broadband Network
(Next Gen NBN).

In Australia, the National Broadband Network has been
established as a government-owned entity, NBN Co,
operated on a wholesale-only open access basis. The
government has adopted security legislation to exclude
equipment vendors from countries with certain legal
structures or powers from participating in the supply of
equipment for 5G infrastructure.

In both Singapore and Australia, the governments have
introduced legislation to establish regulatory regimes for
critical infrastructure (CI), which may adversely affect
the way we manage and operate our network when our
equipment is classified as CI.

We have access to regulatory expertise and staffing
resources in Singapore and Australia and we work closely
with the various stakeholders and our partners in the
countries we operate in. We monitor new developments,
participate in discussions and consult with regulatory
authorities on regulatory reforms and developments in
the telecommunications and media industry. In addition,
we conduct training and refresher sessions for staff and
Management to stay abreast.

spectrum, or new or additional spectrum, on reasonable
commercial terms, or at all, could have a material adverse
effect on our core communications business, financial
performance and growth plans.

Taxation Risks
Our Group has operations across a large number of
jurisdictions and we are subject to the tax regulations in
the respective jurisdictions. These regulations may include
changes and reforms arising from global tax developments
which we proactively monitor. The tax legislations or
changes in regulations may increase our compliance
obligations and business costs. Notwithstanding, we are
committed to complying with the applicable tax laws in the
countries where we operate.

The management and tolerance of tax risks are guided by
our tax risk management framework (TRM Framework). The
TRM Framework formalises our tax governance practices,
sets a co-ordinated approach to identifying, managing
and mitigating tax risks, and promotes responsible
tax management. Material tax risks and disputes are
monitored and reported in a timely manner in accordance
with the TRM Framework, and appropriate disclosures are
made in our financial statements.

Litigation Risks
Our business may be involved from time to time in disputes
with various parties such as regulators, contractors,
suppliers and customers, relating to, among other
things, the provision of services, certain transactions, the
development and maintenance of network infrastructure or
data breaches. Such disputes may lead to legal and other
proceedings, for instance, administrative proceedings, fines
and penalties and/or class action lawsuits in Australia.
Such actions may have a material effect on our financial
condition and earnings. Examples of such actions are
disclosed in the Notes to the Financial Statements under
“Contingent Liabilities”.

Access to Spectrum
Access to spectrum is critically important for supporting
our business of providing mobile voice, data and other
connectivity services. The use of spectrum in most countries
where we operate is regulated by government authorities
and requires licences. Failure to acquire access to

Data Protection and Privacy Risks
We value the privacy of our customer data stored within our
networks and systems and have in place safeguards and
controls for protecting our customer data. As we deliver
more on-demand services to meet our customer needs,
more applications and data will increasingly be hosted on

Risk Management Philosophy and Approachcloud-based technology services managed by third-party
vendors. Some applications may be exposed to more cyber
and/or third-party risks due to the inherent risks associated
with these outsourced services.

Amidst the growing incidences of data breaches globally,
governments and regulators continue to introduce and
tighten privacy and cyber security laws to address this
rising threat. In Singapore and Australia, regulators have
introduced higher financial penalties for data breaches
under the Personal Data Protection Act and the Privacy
Act. As we continue to digitalise our processes and share
data with business partners, we may be subjected to more
onerous regulatory obligations and fines in the event of
data breaches.

Market and Competition

We face competition risks in all markets and business
segments in which we operate.

Group Consumer
The telecommunications market in Singapore is highly
competitive. As competition intensifies among mobile
network operators and mobile virtual network operators
(MVNOs), industry revenue may decrease further, and
our market share may decline. Singapore’s Next Gen NBN
allows Retail Service Providers (RSPs) equal and open
access to NetLink Trust’s fibre network, and in turn, has
increased competitive pressure in fixed broadband and
home services.

In the Australian mobile market, in addition to the
incumbent operator and mergers of existing competitors,
a number of participants are subsidiaries of international
groups and operators and have made large investments
which are now sunk costs. We are, therefore, exposed
to the risk of irrational pricing being introduced by such
competitors. Our market share may also be at risk due
to rapid growth by industry competitors who may have
a competitive cost or network coverage advantage.
Specifically, our regional market share and strategy will
be at risk if a network sharing agreement between our key
competitors is successful. Whilst the agreement has been
blocked by Australia’s competition regulator, an appeal has
been made to the competition tribunal.

The operations of our regional associates’ businesses are
also subject to highly competitive market conditions. Their
growth depends in part on the adoption of mobile data
services in their markets. Some of these markets have and
may continue to experience intensifying price competition
for mobile data services from new and existing competitors
and/or smaller scale competitors.

Our business models and profits are also challenged by
disintermediation in the telecommunications industry by
handset providers and other digital service providers and
non-traditional telecommunications service providers,
including social media networks and over-the-top players
who provide multimedia and video content, applications
and services directly on demand.

We continue to invest in our networks to ensure that they
have the coverage, capacity and speed that will provide
our customers with the best network and connectivity
experience. We are focused on driving efficiencies and
innovation via new technologies, products, services,
processes and business models to meet evolving customer
needs and enhance customer experiences.

Group Enterprise
Business customers enjoy a wide range of choices
for many of our services, including fixed, mobile,
cloud, managed services and hosting, IT services and
consulting. Competitors include multinational IT and
telecommunications companies, technology companies that
introduce new communication services as well as
other non-traditional players. The quality and prices of
these services can influence a potential business customer’s
decision. Prices for some of these services have declined
significantly in recent years as a result of capacity
additions, technology innovations and price competition.

In both Singapore and Australia, we continue to focus
on offering companies comprehensive and integrated
information and communications technology (ICT)
and IT solutions and initiatives to strengthen customer
engagement. This includes broadening our solution
portfolio to cover new areas of needs, such as cloud
computing, multi-access edge computing, software-
defined network and digital solutions for our government
and business customers.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSThe dominance of cloud infrastructure by hyperscalers
and increasing adoption of cloud-based solutions by
government and enterprise customers, are disruptive
risks to our businesses. We continue to enhance our cloud
and digital service offerings, leveraging partnerships and
collaboration with the hyperscalers and other cloud and
digital technology service providers.

NCS
With the acceleration of digital transformation needs
among government and enterprise clients, it is imperative
that IT service providers continuously innovate and
adjust their strategies to address customer needs. NCS’
acquisitions and capabilities are being integrated to better
serve clients. The global shortage of digital talent is also
driving organisations to invest in their differentiators for
talent attraction, development and retention. NCS faces
competition from new and existing local, regional and
global IT service providers. We will continue to focus on
serving our clients through differentiated offerings by
strengthening our end-to-end capabilities with core and
digital services, attracting the best talent in the industry,
and achieving excellence in risk management, operations
and delivery.

Trustwave
The increased sophistication of advanced cyberattacks,
accelerated migration to complex cloud and hybrid IT
environments and heightened regulatory pressure on
data privacy are driving the rapid growth of the global
cyber security market. As new and existing cyber security
providers scale up their product and service portfolios, we
face intense competition in the cyber security business and
ever-increasing cyber threats. In response, we continue to
invest in innovative automation technologies, talent, and
world-class threat intelligence and response capabilities
to differentiate our security offerings, while leveraging
the unique intellectual property we have, and through our
SpiderLabs Fusion Center, a leading-edge cyber command
centre.

Network and IT Infrastructure

5G Risks
In Singapore, Singtel Mobile Singapore Pte Ltd was one
of the winners of IMDA’s 5G Call-For-Proposal. We were
allocated radio frequency spectrum and have deployed 5G
networks nationwide. In Australia, Optus has ramped up

their 5G deployment utilising mid-band spectrums and the
low band 900 MHz spectrum. Our regional associates are
similarly in various stages of rolling out 5G services. The
business case for investment in 5G network and related
systems has risks of uncertainty and may be earnings
dilutive. There may also be a long payback period as 5G
use cases and monetisation opportunities have not been
fully developed. The existing high-quality 4G networks
may also limit the perceived value of 5G and impact its
monetisation potential.

In addition, the Australian government has implemented
security legislation to restrict vendors from certain countries
from participating in the supply of 5G network equipment
to mobile network operators. This limits the available
vendor sources and may lead to higher investment costs
and disruption to customers due to the need to replace
existing 4G equipment as well as higher 5G deployment
services costs.

With 5G, as with the deployment of our various networks,
we will continue to monitor health and safety concerns
around exposure to electromagnetic energy emissions
(EME), ensure full compliance with government-mandated
standards and institute the necessary precautionary
measures to safeguard the health and safety of the public
and our customers.

Network Infrastructure Failure
The telecommunications industry faces the constant
challenge of providing fast, secure and reliable networks in
an increasingly digital and connected world. The provision
of our services depends on the quality, stability, resilience
and robustness of our networks and systems. We face
the risk of malfunction or loss of, or damage to, network
infrastructure from natural or other uncontrollable events
such as acts of terrorism. Such losses or damage may
significantly disrupt our operations, which may have a
materially adverse effect on our ability to deliver services
to customers.

Some of the countries in which we operate have
experienced a number of major natural catastrophes over
the years, including typhoons, droughts, floods, bushfires
and earthquakes. Some of these catastrophes have also
increased in intensity and frequency due to climate change
factors, causing prolonged and exacerbated impact on our
infrastructure and operations.

Risk Management Philosophy and Approach

In addition, there are other events not within our control,
such as deliberate acts of sabotage, terrorist attacks
or large-scale cyber-attacks on our network and
systems. These events could damage, cause operational
interruptions or otherwise adversely affect any of our
facilities and activities. They could also potentially cause
injury or death to personnel.

We continue to make our networks more robust and
resilient, and continually review our processes and network
infrastructure to prevent any network disruptions. We have
implemented key network infrastructure diversity and
redundancy measures to prevent any downtime. We have
in place an effective communication process for timely
updates to our stakeholders and customers during any
incident or crisis. There is a defined crisis management
plan with a clear escalation process to management in the
event of emergencies and catastrophic events. In addition,
we have business continuity plans and have taken up
appropriate insurance programmes and policies.

Digital Transformation of Services
The telecommunications industry is transforming rapidly
with the aggressive digitalisation of services in the last
two years. We have accelerated our efforts to embrace
these rapid advancements in wireless communications and
new digital technologies such as 5G, edge computing, AI,
application programming interfaces, cloud and blockchain
through a multi-year plan to upgrade and refresh our
infrastructure to support these developments. While there
is potential to use 5G to deliver disruptive services and
innovative products, the progressive adoption of such new
technology may introduce new financial, technology and
legal risks to our businesses.

scale our infrastructure, integrate it with new innovative
technology to generate new business revenues and grow
beyond the traditional telecommunication services.

We will continue to invest in new technology, hire the
best talent, develop strategic technology partnerships
and deliver innovative products and services to serve our
customers, while keeping within our risk appetite and
meeting our regulatory obligations.

Information Technology and Cybersecurity

Information Technology
Our businesses and operations rely heavily on IT and
cloud-based services. Using cloud-based services will
increasingly move our cost model from capital expenditure
to operating expenditure, even as we drive greater cost
efficiency and operational resiliency of our services.
In addition, we must ensure that data we hold are
adequately protected and that services comply with our
regulatory obligations.

We will continue to strive for a good mix of on-premise
and cloud-based technology investments in line with
our business strategies to optimise our capital allocation
and bring the best technology to support our business
operations and customers. We have taken steps to ensure
that the technology risks associated with the use of these
assets and/or services are within our risk appetite, and
have implemented controls and mitigations to manage
the risk exposure arising from these assets. We enforce
a project management methodology to ensure that new
systems are developed with appropriate security
controls embedded.

It may take some time to see sustained returns from these
investments as we incur capital expenditure to transform
our infrastructure over the coming years. The shortage of
talent in the technology space continues to impact some
project deadlines. At the same time, the costs of acquiring
new talent have also increased significantly as we compete
in the global marketplace for the same talent.

Our business units continue to face challenges from
disruptive technologies, new market entrants and price-
competitive products as part of the new global digital
landscape. We may also incur substantial development
expenditure to adopt new or enabling technologies
to pursue new growth areas beyond the traditional
telecommunications space. Our approach is to refresh and

Technology Obsolescence and Refresh
With continuous advancement of technology, existing
software, systems and/or equipment may be phased out
and reach their End of Life (EoL) and/or End of Support
(EoS) earlier than expected. Failure to monitor and
respond to EoL/EoS risks can materially and adversely
affect our business operations and may leave us
vulnerable to security threats such as malware and cyber-
attacks. We have in place a Technology Asset Management
Guideline and continue to place concerted focus on
managing and monitoring EoS and/or EoL to protect our
security posture and maintain system performance and
reliability. We have embarked on a multi-year technology
refresh strategy, selecting appropriate replacements for
aging infrastructure to support our new business plans.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSCyber Security
Cyber security risks have intensified due to the rapid
digitalisation of applications and the increasing prevalence
of remote working. Many industries, including the
telecommunications industry, have seen an increase in
financially motivated ransomware attacks, distributed
denial of service attacks and nation-state cyber espionage
activities. Such disruptive cyber attacks could affect our
ability to serve our customers.

We are also exposed to cyber security risks arising from
security vulnerabilities in third-party products and services
used to support our business operations or serve our
customers. Security breaches from these third-party
products and services could adversely affect our reputation
and/or result in regulatory fines and/or litigation actions
from customers who are impacted.

We have been building our capabilities organically as well
as through partnerships with technology partners. We
have a pool of cyber security professionals, global security
operations and engineering centres, and a specialised
team of ethical hackers and forensic experts assisting
businesses to manage vulnerabilities and threats, achieve
regulatory compliance, and implement secure solutions.
The Group’s Cyber Security Institute conducts regular
training programmes to enhance the cyber security skills
and preparedness of our staff as well as our customers,
including businesses and governments in the Asia Pacific.

Importantly, we have also adopted the Zero Trust “Not If
but When” and “Assume Breached” paradigms to further
enhance our detection, response and recovery capabilities.
We also have a third-party security assurance programme
to assess and report security risks associated with the use
of third-party services, to ensure they comply with our
security requirements and regulatory obligations.

Ventures, Mergers and Acquisitions

Given the size of the Singapore and Australia markets, our
future growth depends, to a large extent, on our ability to
grow our overseas operations in both core communications
and new digital services. This comes with considerable risks.

awarded the digital full bank (DFB) licence to the
consortium in November 2021. This digital bank joint
venture was subsequently named GXS Bank (GXS). The
DFB licence allows GXS to take deposits from and provide
a wide range of financial services to retail and non-retail
customer segments in Singapore.

In July 2021, GXS entered into a partnership with a
Malaysian consortium and submitted an application for
a digital banking licence to the central bank of Malaysia.
In-principle approval was received in April 2022 for
the partnership to establish and operate a digital bank
within the country. In January 2022, Singtel, together with
Grab, also invested in Indonesian bank PT Bank Fama
International to pursue digital banking opportunities in
Indonesia. The venture into Indonesia’s banking sector
would allow us to serve a vast unbanked and underbanked
population.

These digital banks require substantial capital outlay and
could experience investment losses, arising from failure to
scale and acquire customers and/or the failure to manage
the various risk exposures related to the digital banking
business. The business is also exposed to regulatory
risks associated with the banking industry, including
compliance with existing and/or new laws and regulations
and associated increased costs of compliance. The digital
bank may not be able to attract, integrate, and retain the
right talent with the appropriate skillsets and expertise
to develop and/or execute the bank’s business strategies
and plans, or effectively manage risks arising from the
bank’s activities. The digital bank may lose its licence to
continue operations if its financial performance does not
meet expectations or deteriorates. There could also be a
misalignment of interests, goals and cultures between the
members of the consortium, and/or with the management
of the digital bank, resulting in an inability to resolve
disputes in an effective and timely manner.

We have shareholders’ agreements in place to ensure
governance and rights protection. Respective boards have
been established to provide oversight of the respective
operational risks and to ensure good governance and
compliance.

Digital Banking Risks
In December 2020, the Monetary Authority of Singapore
selected the consortium formed by Singtel and Grab as
a successful digital bank applicant and subsequently

Partnership Risks
The success of our strategic investments depends, to a
large extent, on our relationships with, and the strength of
our partners. There is no guarantee that we will be able

Risk Management Philosophy and Approachto maintain these relationships, or that our partners will
remain committed to the partnerships.

Merger and Acquisition Risks
We continually look for investment opportunities that
can contribute to our expansion strategy and develop
new revenue streams. Our efforts are challenged by
the availability of opportunities, competition from other
potential investors, foreign ownership restrictions,
government and regulatory policies, political considerations
and the specific preferences of sellers. We face challenges
arising from integrating newly acquired businesses with
our own operations, managing these businesses and talent
in markets where we have limited experience and/or
resources, and financing these acquisitions. We also risk not
being able to generate synergies from these acquisitions,
and the acquisitions becoming a drain on our management
and capital resources.

The business strategies of some of our regional associates
may involve expanding operations outside their home
countries as well as in-country mergers and acquisitions.
These associates may enter into joint ventures and other
arrangements with other parties. Such joint ventures and
other arrangements involve risks and may have economic
or business interests or goals that are not consistent
with those of the associates. There is no guarantee that
the regional associates can generate synergies and
successfully build a competitive regional footprint.

We continue to adopt a disciplined approach in our
pre and post-acquisition phases during the investment
evaluation and decision-making process. Members of our
management team are also directors on the boards of our
associates and joint ventures.

Project Management

We continue to invest substantial capital in enhancing
and maintaining our networks and technology systems
infrastructure. As such, these projects are subjected to
risks related to the construction, supply, installation and
operation of equipment and systems.

In the enterprise business, our 5G-related projects
and product development require significant financial
investments. Partnerships with key vendors and other
technology providers are essential to deliver next-
generation 5G services for commercial customers. Such

projects may be subjected to project risks that may
exceed project budgets, result in disputes and unexpected
implementation delays, any of which can result in an
inability to meet projected completion dates or service
levels. The projects are also vulnerable to supply chain
disruptions, arising from various circumstances such as
pandemics and geopolitical conflicts.

We have put in place a quality assurance management
framework for risk profiling and systematic risk assessment
of projects.

Financial Management

The main risks arising from our financial assets and
liabilities are foreign exchange, interest rate, market,
liquidity, access to financing sources and increased credit
risks. Financial markets continue to be volatile and may
heighten execution risk for funding activities and increase
credit risk premiums for market participants.

We are exposed to foreign exchange fluctuations from our
operations and through subsidiaries as well as associates
and joint ventures operating in foreign countries. These
relate to our dividend receipts and the translation of the
foreign currency earnings and carrying values of our
overseas operations. Additionally, a significant portion of
associates and joint venture purchases and liabilities are
denominated in foreign currencies versus the local currency
of the respective operations. This gives rise to changes in
cost structures and fair value gains or losses when marked
to market.

We have established policies, guidelines and control
procedures to manage and report exposure to such risks.
Our financial risk management is discussed further on
page 220 in Note 39 to the Financial Statements.

Vendor and Supply Chain

We rely on third-party vendors and service providers
and their extended supply chain in many aspects of our
business to serve our customers and support our business
operations, including, but not limited to, the design and
construction, operations and maintenance of our products,
infrastructure, applications, customer service operations,
content provision and customer acquisition. Accordingly,
our business operations and reputation may be impacted
by third-party vendors or their supply chain if they fail to

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSoperate in line with the Singtel Group Supplier Code of
Conduct and heightened expectations of key stakeholders
such as government, regulators and/or customers on a
broadening set of Environmental, Social and Governance
(ESG) issues. These may include corporate governance and
business ethics, human rights and modern slavery, as well
as climate change and environmental management.

Due to global price inflation and market consolidation
of vendors, we are seeing a higher cost-to-serve from
our third-party vendors and service providers. We are
monitoring the market and locking in long-term contracts
with strategic vendors and continuing with efforts to
diversify vendors, where possible.

The risks brought about by the pandemic, supply chain
disruptions, computing chip shortages and geopolitical
events could potentially affect our ability to deliver on
our projects and/or support our customer needs. We are
working closely with our vendors to procure our equipment
early and gradually increase our inventory levels to
manage this risk.

We monitor introductions and changes to legislation and
continue to make mandatory annual reporting required
by the Australian Modern Slavery Act. Optus is required
to publish a Modern Slavery Statement, which outlines
the actions taken to identify, mitigate, address and/or
remediate modern slavery risks in its operations and supply
chain. We monitor modern slavery and human rights risks
within our higher risk supplier categories and develop
an action plan for areas we can improve on, including
updating our e-learning modules to educate our people
on this important topic. Refer to our Group Sustainability
Report and the Optus Modern Slavery Statement for more
details on how we identify and address these risks and
issues.

Human Resources

Amidst the competitive talent landscape, the loss of
key leaders or the inability to attract talent and groom

successors, can adversely impact our business. In addition,
the shortage of talent especially in the technology space,
coupled with the rising costs of acquiring new talent
continues to be a key concern as we compete in the
global marketplace.

We continue to focus on ensuring that we have the best
people. We identify, develop and build a sustainable
pipeline of leaders for current and future roles. To
mitigate succession risks, a robust annual succession
planning review is conducted by the business units and
management, with the involvement of the Board for senior
leadership roles, ensuring that leadership succession plans
are current and future ready. We also leverage internal and
external talent pools to ensure talent bench strength and
provide confidence in our succession pipelines. For leaders,
we organise formal learning activities, coaching and
mentoring as well as provide valuable learning experiences
such as international assignments, job rotations and
special projects.

We continue to invest in upskilling our existing workforce
and building up our current and emerging capabilities
through external professional hires and targeted
recruitment. In order to develop and retain talent, we
conduct regular skills assessments in critical business areas
and set out structured developmental roadmaps to fill new
and emerging skill gaps.

Following the shift towards endemic, we continue to
remind our people to practise good hygiene etiquette and
be socially responsible. We continue to adopt blended
work concepts by providing employees with flexible work
arrangements and workplace initiatives to ensure diversity,
equity and inclusion.

Environmental Sustainability

Electromagnetic Energy Risks
Health concerns have been raised globally about the
potential exposure to Electromagnetic Energy (EME)
emissions from using mobile handsets or being exposed

Risk Management Philosophy and Approachto mobile transmission equipment. While there is no
substantiated evidence of public health risks from
exposure to EME emitted from mobile phones, perceived
health risks can be a concern for our customers, the
community and regulators. Perceived health risks in terms
of environmental exposure from mobile base station
equipment can impact and cause concern for the local
communities on the implementation of new or upgrading
of existing mobile base stations and micro cells. This may
impact the mobile coverage at that locality and also, our
mobile business. In addition, governments may introduce
regulations to address this perceived risk and affect our
ability to deploy the mobile communications infrastructure.
These perceived health risks could result in reduced
demand for mobile communications services or litigation
actions against us.

We design and deploy our network to comply with the
relevant government mandated EME standards. Our
standards are based on the recommendations of the
International Commission on Non-Ionizing Radiation
Protection (ICNIRP), which is a related agency of the World
Health Organisation. The ICNIRP standards are adopted
by many countries and are considered best practices.
We continue to monitor research findings on EME, health
risks and their implications on relevant standards and
regulations. Periodic tests and routine auditing are
performed on EME emission levels to ensure we continue to
comply with the standards.

Climate Change Risks
Climate change is one of the key long-term global risks that
has the potential to impact our operations, infrastructure,
customers and supply chain. Apart from physical risks
arising from extreme weather events, there are also
other transitional risks that we have to consider as we
move towards a low-carbon economy. These include
risks associated with energy security; reputation; loss of
business due to lagging climate initiatives, regulatory
risks associated with climate change in the form of stricter
greenhouse gas emission standards, carbon taxes, or
changes in energy prices; escalating costs; and scarcity

of renewable energy or accompanying infrastructure
investments for adaptation or mitigation. There are also
growing expectations from our customers for greener
and more climate-resilient services. Investors and lenders
also consider our climate risks and progress against
sustainability commitments in their investment and
lending criteria.

To address these concerns and risks, we have adopted a
multi-pronged approach. We undertake formal reviews of
our physical and transitional risks under different climate
scenarios, including assessment of the financial impact
arising from the material risks. We have assessed our
scope 1, 2 and 3 emissions footprint across our entire
value chain and set scienced-based absolute emissions
reduction targets to address the continued impact of
carbon and increasing temperatures. This approach
progressively aligns our 2030 carbon contribution and
reduction target with the agreements originally made at
Paris COP (Conference of the Parties) 21 and updated at
subsequent Intergovernmental Panel on Climate Change
reports and COP events.

Our aspiration is to meet the more aggressive 1.5°C
target and net-zero by 2050 or earlier. To achieve our
scope 1 and 2 targets, we are working towards adopting
electric vehicles across our fleet, improving our energy
efficiency, acquiring renewable energy including
renewable energy certificates, and offering lower
carbon products to our customers. We are progressively
adapting our infrastructure design and standards to
long-term scenarios related to climate change. We have
also supported a global agreement for the ICT industry
through our active participation at the GSM Association
to align the efforts of this sector and will progressively
extend our climate and emission reduction efforts into
our supply chain to address our scope 3 emissions. At
the same time, we are working with our stakeholders to
disclose our climate-related risks in accordance with the
recommendations of the Task Force on Climate-Related
Financial Disclosures (TCFD) and published our first
standalone Group TCFD Report in FY2022.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSGuided by our Group purpose to Empower Every Generation, we aim to capture growth while
protecting the environment and creating positive change for our people and the communities in
the markets where we operate.

We strive to embed sustainability in our businesses and operations, with a focus on the four
pillars of our sustainability framework – Climate Change and Environment, People and Future
of Work, Community Impact, and Sustainable Value Creation – to drive impact. We track our
performance against the five-year targets we have set for our most material ESG topics across
each pillar. Despite the challenges posed by the pandemic, we are making good progress
towards our 2025 targets.

Our efforts have been recognised by leading international sustainability bodies. We are the
highest ranked Singapore company on Corporate Knights and As You Sow Clean200 list, and
have been included on Bloomberg’s Gender Equality Index for five consecutive years. We have
also achieved the highest placing for a regional company on World Benchmarking Alliance’s
2023 Digital Inclusion Benchmark at 14th place.

The following pages feature selected sustainability highlights. For a detailed review of our
strategy, efforts and progress, please refer to our Singtel Group Sustainability Report 2023.

View Online

Scan this QR code to read
the Sustainability Report.

Photovoltaic panels at our Hougang Telephone Exchange generate approximately 0.77GWh of energy annually.

SustainabilityClimate Change and Environment

Creating sustainable change

Reduced to

0.030 tCO2e/TB

of greenhouse gas emissions
intensity

Achieved

leadership score in CDP 2022
Supplier Engagement Rating,
and placed on its leader board
for the first time

We are committed to minimising and
managing the environmental footprint
of both Singtel Group and our supply
chain, and accelerating climate
action to safeguard the planet for
generations to come.

Intensifying our
decarbonisation efforts

We have been focusing on
decarbonisation to reduce greenhouse
gas emissions and tackle climate
change. In FY2023, we made the
decision to bring forward our net-zero
goal by five years from 2050 to 2045.
To progressively achieve our net-
zero target, we’ve centred our efforts
on reducing energy use, improving
energy efficiency and increasing the
proportion of electricity consumption
backed by renewable energy sources.

We converted 30% of our Singapore
fleet to electric vehicles (EVs) and
began rolling out EVs in Australia.
We’ve also commissioned solar
photovoltaics systems totalling
1.38MWp across four of our locations

in Singapore and retired 55,450
renewable energy certificates across
both Singapore and Australia.

Through these efforts, we have
reduced our overall emissions for
scope 1 and scope 2 by 11.3%,
surpassing our sustainability
performance target for the year. With
the adoption of a more representative
hybrid accounting method, we have
seen a 56.2% drop in our scope 3
emissions year-on-year.

An important initiative for the year
was an extensive internal exercise
with various business units to review
and refresh our Science Based
Targets initiative (SBTi) targets, in
alignment with the Paris Agreement’s
ambition of a 1.5°C pathway. These
targets are being validated by SBTi
and we will announce it when the
process is completed.

We recognise the importance of linking
sustainability to finance and therefore
include climate considerations into our
business decision-making processes.

Our sustainability-linked financing
and Internal Carbon Price (ICP) are
some examples. In Singapore, we
signed a S$500 million sustainability-
linked revolving credit facility and
issued a US$100 million digital
sustainability-linked bond. In Australia,
Optus secured an A$1.4 billion
revolving credit sustainability loan,
the first telecommunications company
in the country to do so. We have also
implemented ICP shadow price on
large capital expenditures.

Engaging our stakeholders

Transitioning to a net-zero world
requires everyone to play a part. This
year, we focused on equipping our
people with knowledge on greenhouse
gas accounting, green products and
sustainable procurement through
workshops as well as new e-learning
modules for those based in Singapore.

We also stepped up efforts to educate
our people and rally them to do more
for the planet through more employee
engagement activities including tree
planting and an e-waste recycling
drive. Most recently, we ran an
environmental awareness campaign
to highlight the positive impact that
collective action can have on the
environment.

Managing resources
sustainably

Last year, both Singtel and NCS
achieved certification for ISO 14001,
an international standard that sets out
requirements for an environmental
management system. We continue to
optimise our resources and implement
initiatives to ensure responsible waste
management in our value chain.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSLaunched in September 2022, B.I.G.
has been well-received by our
people. Our overall engagement
score has also continued to improve,
with a two percentage point
increase year-on-year, and a rise of
13 percentage points since 2019.

Advancing diversity, equity,
inclusion and belonging

The Singtel Group is a highly diverse
workplace, with people from four
generations across nearly 100
nationalities. Currently, women
comprise 34% of our workforce,
31% of our management and 40%
of our Board of Directors. We have
been included in the Bloomberg
Gender-Equality Index for the fifth
consecutive year, one of a handful
of Singapore companies to have

People and Future of Work

Helping our people to stay engaged, resilient and future-ready

Achieved

84%

Included for

5th

support for our corporate
purpose

consecutive year in the Bloomberg
Gender-Equality Index

create a workplace where our people
feel a sense of Belonging, enables
them to make positive Impact
and promotes both personal and
organisational Growth.

Delivering on our group purpose
means empowering our people,
providing them with the right
environment, training and tools to
be an engaged, resilient and future-
ready workforce.

We continued our efforts to evolve
our culture, enhanced our Diversity,
Equity, Inclusion and Belonging (DEIB)
initiatives, and deepened our efforts
to build a robust talent pipeline and
upskill our workforce.

Our efforts have earned industry
recognition, with Singtel achieving
6th position on LinkedIn’s 2023
Top Companies list in Singapore
and Optus securing 16th place on
LinkedIn’s 2022 Top Companies in
Australia.

Shaping a distinctive culture

We are cultivating a distinctive and
vibrant organisational B.I.G. culture, to

Our staff enjoying fun-filled activities and performances during the Singtel Family Day held
at the Singapore Zoo.

Sustainabilitycompany to launch a new mental
well-being app. The app has logged
6,000 sessions and received a 5/5
rating from participants, who reported
improvements in relationships,
habits and workplace confidence.
In Australia, we launched a new
Total Wellbeing app, which provides
support and resources including
cognitive behavioural therapy
programmes, articles, podcasts, tools
and information for our people.

Attracting and developing
talent

Our people development efforts focus
on building a future-ready workforce,
one that is equipped with the right
skills to meet the needs of a fast-
evolving economy.

Last year, we announced that we
would raise our Singapore training
commitment to S$20 million annually,
up from S$15 million previously.
Other efforts include new work-study
programmes by Singtel and NCS to
support diploma graduates’ efforts
to pursue a degree while working.
We expect to train more than 100
participants for the programmes,
which offer a full-time salary and
bond-free tuition sponsorship.

To ensure our people continue to be
relevant and future-ready, we
partnered the government and
institutes of higher learning in
Singapore to train 900 employees
in areas such as 5G. In Australia,
Optus U has accredited nearly
1,000 employees in key tech and
business disciplines through university
partnerships, study leave, coaching
and micro-credentials.

Optus staff warming up for a special event in spring as part of its weekly internal TGIF series.

received such recognition. We also
won gold for Excellence in Women
Empowerment Strategy in the HR
Excellence Awards 2022.

We continued to advance DEIB
in 2022, establishing employee
networks to boost camaraderie
among our people, promoting
internal networking and providing
a platform for employees to support
one another.

We have conducted workshops for our
top executives and HR professionals
to help them develop a better
understanding of DEIB, and piloted
an inclusive leadership workshop for
Singtel people leaders. As a group,
we commemorated International
Women’s Day with multiple events
through the month of March to raise
awareness and support for diversity.
In Singapore, we launched our new

Empower NextGen Women in STEM
Symposium to promote inclusivity. As
part of its new corporate sponsorship
for United Nations Women, Optus has
committed to provide women with
more opportunities in STEM careers.

Promoting employee
well-being, strengthening
workplace safety and health

As we move into living with
COVID-19, the health and safety of
our employees remain our priority.
We continue to invest in holistic
well-being programmes to support
them mentally, physically, financially,
socially and professionally.

Last year, more than 3,000 Singapore
employees participated in our iCare
programme, which offers a diverse
array of wellness activities. We also
partnered a mental healthcare

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSCommunity Impact

Empowering communities through digital enablement

Invested

S$32m

in communities across
Singapore and Australia

Helped

>20,000 beneficiaries

in Singapore and Australia
through Donate Your Data and
Donate Your Device programmes

As a leading communications
technology group, we harness our
resources including our technology,
networks and people to enhance
digital inclusion and improve equity.

Bridging the digital divide

Donate Your Data and Donate Your
Device are our flagship programmes

that provide disadvantaged
communities with free access to
devices and connectivity. In FY2023,
more than 13,000 terabytes of
mobile data benefiting 20,000
vulnerable people, including seniors
and low-income individuals in
Singapore and Australia, and more
than 2,400 devices were donated to
those in need.

Singtel Digital Silvers programme has helped guide seniors on using mobile devices to
navigate the digital world.

In 2022, we were named a Champion
of the Singapore national digital
readiness movement, Digital for Life
(DfL), in recognition of our dedicated
efforts to empower seniors. DfL aims
to equip individuals with the digital
skills to thrive in the digital age
throughout their lives.

Promoting online safety and
well-being

We support programmes that promote
responsible digital habits to help
safeguard children and youth from
potential risks such as cyber bullying,
exposure to inappropriate content and
digital addiction.

In Australia, our Optus Digital
Thumbprint programme empowers
and encourages children and youth
to practise safe and responsible
habits online through workshops on
digital safety and well-being. Over
the year, more than 80,000 students
across Australia participated in these
in-person and virtual sessions. In
Singapore, Singtel has provided over
S$1 million in support to Help123,
an integrated digital parenting and
cyber wellness platform developed by
TOUCH Community Services. Help123
has helped more than 4,000 parents
and children through online safety
webinars and workshops. Parents
and children who responded to post-
workshop surveys found these sessions
fun and effective in fostering better
understanding and picking up digital
skills.

Supporting social
enterprises

We recognise that technology and
innovation can play a significant role
to address community and social

Sustainability
needs. Over the last six years,
our Singtel Group Future Makers
programme has provided over
S$5 million to more than 80 local and
regional social impact start-ups, to
help them leverage technology to
address social sector challenges.

In 2022, our 5G and enterprise
solutions experts partnered the start-
up community to develop “5G for
Social Impact” solutions, leveraging
Singtel’s 5G technology. We provided
grants of S$150,000 to the Singapore
finalists, including WeWalk, which
developed a revolutionary smart cane
and smartphone app to enhance
the mobility of visually impaired
people, and Moon Technologies,
which developed augmented
reality smart glasses for emergency
response. In Australia, we provided
A$200,000 to five Australian start-
ups, to help bring their ideas to life,
including eradicating recycling bin

contamination through IoT technology,
as well as an AI tool that proactively
monitors signs of staff burnout.

Supporting the vulnerable

Our corporate philanthropy
programme, the Singtel Touching
Lives Fund (STLF) supports the
education needs of children and
youth with disabilities in Singapore.
Since its inception in 2002, STLF has
raised more than S$54 million for the
development of customised learning
curriculum and other programmes
for children and youth studying in our
beneficiary schools. Our schools help
over 3,000 students with special needs
annually to assimilate into society and
live independently.

To commemorate STLF’s 20th
anniversary, we organised Expressions
Through Art, Singapore’s first exhibition
to feature artworks from all local

special education schools, at the
National Gallery Singapore in August
2022. The exhibition, which was
opened by Singapore’s President
Halimah Yacob, provided a platform
for the students to showcase their
creativity and artistic talent to the
larger community.

November 2022 marked the return of
the full Singtel Carnival, Singapore’s
largest event dedicated to children
with special needs, for the first time
in three years after the easing of
pandemic restrictions. The carnival,
held at the Singapore Expo, drew
2,000 students from 18 special
education schools – our largest
turnout since it was first organised
in 2013. They enjoyed rides, as well
as games and handicraft activities
created by 1,900 volunteers from
Singtel and Singapore Business
Network on DisAbility group of
companies to help the children build

Singapore’s President Halimah Yacob launching our Expressions Through Art exhibition at the National Gallery Singapore that features
artworks from local special education schools.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSconfidence through social interactions.
Feedback from the schools
unanimously highlighted the Singtel
Carnival as a valuable and enriching
learning experience for the students.

In Australia, Optus, as one of the
founding members of the Australian
Business and Community Network,
supports the network’s programmes
that help underprivileged students
to achieve their full potential. During
the 2022 school year, Optus employees
mentored 900 primary and secondary
school students across the country
to help them develop skills in
communications, self-management
and self-confidence.

Students from special education schools having fun at the game booths created by our
staff volunteers at the Singtel Carnival 2022.

Sustainable Value Creation

Ensuring responsible business practices

Stakeholder trust and confidence is
important to us. We aim to uphold
and protect human rights, and ensure
that we have robust governance and
responsible business practices in
place across our operations and
supply chains.

Ethics and compliance

In March 2023, we introduced an Anti-
Bribery and Corruption Compliance
Programme and a Controls Assurance
Framework, to help us better manage
key organisational risks and ensure a
robust control environment to monitor
such risks across the organisation.

Customer safety and privacy

Scams and cyber security threats have
become increasingly sophisticated
and prevalent. To ensure the integrity

of our systems and our customers’
information, regular vulnerability
assessments and penetration tests
are carried out to identify and
rectify security weaknesses. We have
established an escalation process
for incident management and also
engaged a third-party security
specialist to review our vendors’ cyber
security practices. All our employees
attend annual data protection training
annually and we provide further
targeted training for customer service
teams and offshore contact centres
that are more exposed to data
privacy risks.

In September 2022, Optus
experienced a cyber attack
which resulted in the exposure of
customers’ personal information.
Optus communicated openly and
transparently with all stakeholders

affected and worked closely with the
government and financial institutions
to protect customers. We have also
made investments to enhance its
cyber capabilities and provide
additional protection and tools for
customers since the cyber incident.

Keeping our customers safe from
scams is a top priority for us. Our
comprehensive security approach
across all touchpoints – from our
networks to our customers’ devices
complemented with community
education efforts – has enabled us
to block more than 30 million scam
calls and 20 million scam messages
each month. In March 2023, we
made available an affordably priced
Broadband Protect service for
customers who wish to opt for even
more robust protection against
online threats.

SustainabilityOur Sustainability Progress

During the year, we made good progress across all our key sustainability pillars and are on track to achieving
our 2025 targets.

Material Topic

2025 Targets

FY2023 Progress

FY2022 Progress

Climate
Change and
Environment

Climate
change

Reduce absolute
scope 1 and 2 carbon
emissions from 2015
baseline by 25% by
2025 and by 42% by
2030

Scope 1 and 2
absolute emissions
of 438,957tCO e, a
reduction of 11.3%
from last year and
20.5% from 2015

494,944tCO e (1) GHG
emissions or a 10.3%
reduction from 2015

Reduce scope 3
carbon emissions by
30% by 2030 (from
2015 baseline)

Scope 3 emissions
reduced year-on-year
by 56.2%, driven by a
combination of factors

–

People and
Future of
Work

Diversity,
equity,
inclusion and
belonging

32% female employees
in management by
2025

31.2%

30.8%

Community
Impact

Sustainable
Value
Creation

Talent
attraction
and
development

Training investment
of S$90 million from
2021 to 2025

S$21.9 million

S$19.2 million

Cumulative S$57.9
million of training
investment since 2021

Cumulative S$36
million of training
investment since 2021

Digitally
inclusive and
empowered
communities

One million digitally-
enabled persons and
SMEs (between 2015
and 2025)

>840,000 (between
2015 and 2023)

>740,000 (between
2015 and 2022)

Sustainable
supply
chain
management

Product and
service quality

No major human
rights incident in our
supply chain

Continue to uplift
customer experience
and remain as service
provider of choice

We lead the market
with the best-in-
industry Net Promoter
Score in Singapore in
2023

We lead the market
with the best-in-
industry Net Promoter
Score in Singapore in
2022

Note:
(1) Restated for Singtel Group for FY2022.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSIncome Statement (S$ million)

Operating revenue

EBITDA

EBIT (before associates)

Share of associates' pre-tax profits (2)

EBITDA and share of associates' pre-tax profits (2)

Underlying net profit (3)

Net profit

Exchange rate (A$ against S$) (4)

Cash Flow (S$ million)

Free cash flow (5)

Optus

Optus (A$ million)

Singtel and other subsidiaries

Associates' dividends (net of withholding tax)

Cash capital expenditure

Balance Sheet (S$ million)

Total assets

Shareholders' funds

Perpetual securities

Total equity

Net debt

Financial Year ended 31 March

2023 (1)

2022 (1)

2021 (1)

2020 (1)

2019

14,624

15,339

15,644

16,542

17,372

3,686

1,112

2,287

5,973

2,053

2,225

0.940

3,767

1,045

2,136

5,903

1,923

1,949

0.997

2,613

3,081

346

342

875

1,392

2,162

46,530

24,992

1,013

26,014

8,329

767

776

858

1,456

2,217

49,131

27,112

1,013

28,109

10,080

3,832

1,147

1,798

5,630

1,733

554

0.981

3,395

780

778

1,324

1,290

2,214

47,998

26,486

–

26,511

12,365

4,541

1,961

1,743

4,692

2,470

1,536

6,284

6,228

2,457

1,075

0.935

3,781

1,285

1,396

1,202

1,294

2,037

48,955

26,789

–

26,814

12,499

2,825

3,095

0.990

3,650

1,006

1,028

1,242

1,402

1,718

48,915

29,838

–

29,810

9,883

‘’Associate’’ refers to an associate and/or a joint venture as defined under Singapore Financial Reporting Standards (International) (SFRS(I)).

Included the effects from adoption of SFRS(I) 16, Leases, from 1 April 2019 on a prospective basis.

Notes:
(1)
(2) Excluded the Group’s share of the associates’ significant one-off items which have been classified as exceptional items of the Group.
(3) Underlying net profit is defined as net profit before exceptional items.
(4) Average A$ rate for translation of Optus’ operating revenue.
(5) Free cash flow refers to cash flow from operating activities, including dividends from associates, less cash capital expenditure.

Group Five-year Financial Summary

Key Ratios

Proportionate EBITDA from outside Singapore (%)

Return on invested capital (%) (2)

Return on equity (%)

Return on total assets (%)
Net debt to EBITDA and share of associates’

pre-tax profits (number of times)

EBITDA and share of associates’ pre-tax profits
to net interest expense (number of times)

Per Share Information (S cents)

Earnings per share - underlying net profit

Earnings per share - basic

Net assets per share

Dividend per share - ordinary

Dividend per share - special

Financial Year ended 31 March

2023 (1)

2022 (1)

2021 (1)

2020 (1)

2019

8.3

8.5

4.7

1.4

7.3

4.0

1.7

6.8

2.1

1.2

2.2

8.7

3.8

2.1

2.0

16.8

14.8

14.3

13.8

12.44

13.48

158

9.90

5.00

11.65

11.80

170

9.30

–

10.59

3.38

160

7.50

–

15.05

6.58

164

12.25

–

10.1

10.4

6.3

1.6

16.2

17.31

18.96

183

17.50

–

Notes:
(1)
(2) Return on invested capital is defined as EBIT (post-tax) divided by average capital (excluding Optus goodwill).

Included the effects from adoption of SFRS(I) 16, Leases, from 1 April 2019 on a prospective basis.

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSFive-year Financial Review

FY2023

The Group’s businesses saw a healthy recovery, capitalising
on the reopening of economies and the resumption of
international travel amid currency headwinds. With a 6%
depreciation in the Australian Dollar, operating revenue
and EBITDA declined 4.7% and 2.2% to S$14.62 billion and
S$3.69 billion respectively. Excluding adverse currency
effects and the absence of revenue from NBN migration
and Amobee which has been sold, operating revenue rose
5.1% from mobile and ICT services growth. With higher
operating revenue and cost savings, EBITDA was up 2.8%.

The associates’ post-tax contributions grew 6.1% to S$1.62
billion and would have increased 12% in constant currency

FY2022

The Group delivered resilient earnings despite challenges
from the COVID-19 pandemic and the uncertain macro
environment. Operating revenue was S$15.34 billion, 1.9%
lower than FY2021, reflecting declines in equipment sales,
prepaid mobile, as well as lower NBN migration revenue
in Australia. Excluding NBN migration revenue and Jobs
Support Scheme credits, operating revenue was stable
while EBITDA rose 8.1% driven by strong growth in mobile
service in Australia.

The associates’ post-tax contributions grew 19%, lifted by
Airtel’s robust turnaround marked by sturdy recovery in

FY2021

The Group’s results were adversely impacted by
unprecedented headwinds from the COVID-19 pandemic
and ongoing structural challenges in the industry.
Operating revenue dipped 5.4% to S$15.64 billion driven
by declines in mobile roaming, prepaid, equipment sales
and digital advertising, as well as lower NBN migration
revenue in Australia. However, ICT revenue rose strongly
led by NCS, as enterprises rushed to digitalise and
transform their businesses. EBITDA was down 16% to
S$3.83 billion due to the decline in revenue, and lower
retail fixed margins in Australia.

100

terms on the back of sustained growth momentum at
Airtel, which was partly offset by lower contribution from
Telkomsel as it faced pressure from declining legacy
services.

Consequently, underlying net profit grew 6.8% to S$2.05
billion. Net exceptional gains included a gain on disposal
of a 3.3% direct stake in Airtel which partially offset a
non-cash impairment charge of Optus’ goodwill. Including
higher net exceptional gains, net profit grew 14% to
S$2.23 billion.

India and sustained growth in Africa, partly offset by profit
decline in AIS due to higher depreciation and 5G spectrum
amortisation charges.

Underlying net profit grew 11% to S$1.92 billion. Including
net exceptional gains of S$25 million mainly from the
Group’s divestment of its 70% equity stake in Australia Tower
Network Pty Ltd compared to net exceptional loss last year,
net profit grew two and a half times to S$1.95 billion.

The associates’ post-tax contribution was stable as a strong
recovery in Airtel offset profit declines from Telkomsel, AIS
and Globe which were impacted by COVID-19 lockdowns.

Consequently, underlying net profit fell 30% to S$1.73
billion. Including net exceptional charges of S$1.18 billion
mainly from non-cash impairment charges of carrying
values in Amobee and Trustwave, as well as network assets,
net profit declined 49% to S$554 million.

Group Five-year Financial SummaryFY2020

This has been a challenging year, given structural shifts in
the industry, soft economic conditions, adverse regulatory
outcomes in India and the onset of COVID-19 in the fourth
quarter. With a 6% depreciation in the Australian Dollar,
operating revenue declined 4.8% to S$16.54 billion and
EBITDA fell 3.2% to S$4.54 billion. In constant currency
terms, operating revenue dipped 2.0% mainly from lower
mobile service revenue and equipment sales while EBITDA
remained stable on reduction in operating lease expenses
under the new lease accounting standard. EBIT (before
associates) reduced 19% after including depreciation of
right-of-use assets.

FY2019

Underlying net profit fell 13% to S$2.46 billion, with
increased net losses at Airtel and weakness at Australia
Consumer due to continuing data price competition, lower
equipment sales and margins, and low NBN resale margins.

Net profit declined 65% to S$1.08 billion due to net
exceptional losses of S$1.38 billion mainly arising from the
share of Airtel’s exceptional charges for regulatory costs,
including the adjusted gross revenue matter and a one-
time spectrum charge.

The Group executed well on its strategy amid challenging
conditions and gained market share in mobile across both
Singapore and Australia. Operating revenue was stable
at S$17.37 billion while EBITDA declined 7.1% to S$4.69
billion due partly to a 6% depreciation in the Australian
Dollar. In constant currency terms, operating revenue grew
3.7% driven mainly by increases in ICT, digital services and
equipment sales. However, EBITDA was down 3.9% due
mainly to lower legacy carriage services especially voice,
and price erosion.

The associates’ pre-tax contributions declined a steep 38%
to S$1.54 billion mainly caused by operating losses at Airtel
and a lower contribution from Telkomsel amid aggressive
price competition in India and Indonesia respectively. The
decline was partly mitigated by double-digit profit growth
at Globe in the Philippines with robust revenue growth in
mobile and broadband.

With lower contributions from the associates, underlying net
profit declined 21%. Net profit was S$3.10 billion, down 44%
from FY2018 (1).

(1)

Included gain on disposal of economic interest in NetLink Trust of S$2.03 billion.

101

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSGroup Value Added Statements

Productivity Data

FY2023

FY2022

S$ million

Value added
(S$ million)

2023

2022

8,486

-35

8,521

Value added per employee
(S$’000)

2023

2022

353

-25

378

Value added per dollar of
employee costs
(S$)

2023

2022

2.93

-0.14

3.07

Value added per dollar of
turnover
(S$)

2023

2022

0.58

+0.02

0.56

Value added from:

Operating revenue

Less: Purchases of goods and services

Other income

Interest and investment income (net)

Share of associates' post-tax results (1)

Exceptional items (pre-tax)

14,624

(8,236)

6,389

15,339

(8,951)

6,388

195

1,827

2,098

153

1,653

236

2,133

Total value added

8,486

8,521

Distribution of total value added

To employees in wages, salaries and benefits

To government in income and other taxes

To providers of capital on:

– Interest on borrowings

– Distribution to perpetual securities holders

– Dividends to shareholders

Retained in business

Depreciation and amortisation

Retained (losses)/ profits

Non-controlling interests

2,898

365

416

2,377

6,083

2,574

(179)

2,774

662

404

1,139

5,007

2,723

780

2,403

3,514

Total value added

8,486

8,521

Average number of employees

24,070

22,543

Note:
(1)

Included the Group’s share of the associates’ significant one-off items.

102

Group Value Added StatementsGroup

Financial Year ended 31 March

2023
S$ million

2022
S$ million

Change
%

Change in
constant
currency (1)
%

Operating revenue

14,624

15,339

EBITDA

EBITDA margin

3,686

3,767

25.2%

24.6%

Share of associates' pre-tax profits (2)

2,287

2,136

EBIT
EBIT (before associates' contributions) (2)
EBIT (Optus ex NBN migration revenue, Singapore

Consumer and Group Enterprise)

3,399
1,112

1,315

3,181
1,045

1,147

Underlying net profit (3)

2,053

1,923

Underlying earnings per share (S cents) (3)

Exceptional items (post-tax) (4)

Net profit

12.4

172

11.7

2,225

1,949

Basic earnings per share (S cents)

13.5

11.8

Share of associates' post-tax profits (2)

1,619

1,525

Excluding Optus’ NBN migration revenue and

contributions from Amobee (5)

Operating revenue

EBITDA

EBIT (before associates' contributions) (2)

14,624

14,347

3,686

1,112

3,701

1,045

“Associate” refers to an associate and/ or a joint venture as defined under SFRS(I).

“@” denotes more than 500%.

-4.7

-2.2

7.1

6.9
6.4

14.6

6.8

14.2

6.1

1.9

-0.4

6.4

-1.7

1.0

12.5

11.1
8.1

16.0

11.2

18.7

18.8

11.6

5.1

2.8

8.1

Notes:
(1) Assuming constant exchange rates for the Australian Dollar, United States Dollar and/ or regional currencies (Indian Rupee, Indonesian Rupiah, Philippine

Peso and Thai Baht) from the previous year ended 31 March 2022 (FY2022).

Included the Group’s share of associates’ net exceptional gains of S$142 million in FY2023 (FY2022: S$110 million).

(2) Excluded the Group’s share of the associates’ significant one-off items which have been classified as exceptional items of the Group.
(3) Underlying net profit refers to net profit before exceptional items.
(4)
(5) Excluded Optus’ NBN migration revenue of A$0.4 million (FY2022: A$69 million) and Amobee’s results. Amobee was classified as a ‘subsidiary held for
sale’ as at 31 March 2022 and ceased to be consolidated on a line-by-line basis from 1 April 2022. In September 2022, the Group completed the sale
of Amobee.

103

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSManagement Discussion and AnalysisThe Group’s underlying net profit for FY2023 was up 6.8%
to S$2.05 billion. This was due to the strong performance of
its core businesses, underpinned by robust mobile growth
and price uplifts as international travel and roaming
recovered, rising 5G adoption, and an increase in demand
for Infocomms Technology (“ICT”) services. Airtel, which
benefited from broad-based revenue growth, helped drive
post-tax contributions from the associates up by 6.1% to
S$1.62 billion. Underlying net profit would have risen 11%
on a constant currency basis.

The Group’s operating revenue and EBITDA were
down 4.7% and 2.2% respectively, with the absence of
migration revenue from Australia’s National Broadband
Network (“NBN”) and contributions from Amobee which
has been sold. There was also a 6% depreciation of the
Australian Dollar. Excluding adverse currency effects and
contributions from NBN migration and Amobee, operating
revenue, EBITDA and EBIT would have increased 5.1%, 2.8%
and 8.1% respectively, with cost savings contributing to
improved margins.

The associates’ post-tax profit contributions grew 6.1%
despite currency headwinds and GXS Bank’s start-up
losses. On constant currency terms, their contributions
would have increased 12% on the back of Airtel’s sustained
growth momentum. Airtel in India delivered double-digit
increases in operating revenue and EBITDA mainly from
higher mobile ARPU and strong 4G customer additions.
Telkomsel recorded good data growth but faced pressure
from declining legacy services. AIS’ results were affected
by intense mobile competition which eased in the second
half of the year amid market consolidation. Intouch’s
profit contribution was higher due mainly to Singtel’s

increased equity stake and lower amortisation of acquired
intangibles. Globe delivered higher net profit with revenue
growth from data and digital services partly offset by
higher depreciation and finance charges.

There was a net exceptional gain of S$172 million, up
significantly from S$25 million last year. Gains were
recorded from the disposal of the Group’s 3.3% direct
stake in Airtel, the dilution of the Group’s effective equity
shareholding in Airtel as well as tower sales by Telkomsel
and Globe. Losses arose from a non-cash impairment
charge on Optus’ goodwill and a provision for costs related
to the cyber attack in Australia.

With a higher exceptional gain compared to last year, the
Group’s net profit for FY2023 was up 14% to S$2.23 billion.

The Group has successfully diversified its earnings base
through its expansion and investments in overseas markets.
On a proportionate basis if the associates are consolidated
line-by-line, operations outside Singapore accounted for
76% (FY2022: 77%) and 82% (FY2022: 81%) of the Group’s
proportionate revenue and EBITDA respectively.

The Group’s financial position remains solid. In FY2023, the
Group raised S$2.8 billion from capital recycling largely
from the partial divestment of Airtel. Net debt reduced
to S$8.3 billion from S$10.1 billion a year ago on net
repayment of borrowings and an increase in cash and bank
balances (1) boosted by proceeds from divestments. Free
cash flow for FY2023 declined 15% to S$2.61 billion due
to lower operating cash flow as a result of working capital
movements and lower dividends from associates but was
partially mitigated by lower capital expenditure.

(1) Comprised cash, bank deposits and investments in Singapore Treasury bills.

104

Management Discussion and AnalysisBusiness Segment

Operating revenue
Optus
Singapore Consumer
Group Enterprise (1)(3)
NCS (3)
Trustwave (3)
Less: Intercompany eliminations (4)

Amobee (5)

Group
Optus underlying operating revenue (6)
Group underlying operating revenue (7)

EBITDA
Optus
Singapore Consumer
Group Enterprise (1)(3)
NCS (3)
Trustwave (3)
Corporate
Less: Intercompany eliminations (4)

Amobee (5)

Group
Optus underlying EBITDA (6)
Group underlying EBITDA (7)

EBIT (before associates' contributions)
Optus
Singapore Consumer
Group Enterprise (1)(3)
NCS (3)
Trustwave (3)
Corporate
Less: Intercompany eliminations (4)

Amobee (5)

Group
Optus underlying EBIT (6)
Group underlying EBIT (7)

“nm” denotes not meaningful.

Financial Year ended 31 March

2023
S$ million

2022 (1)
S$ million

Change
%

Change in
constant
currency (2)
%

7,569
1,814
2,556
2,728
163
(206)
14,624
-

14,624
7,569
14,624

1,965
655
1,095
254
(116)
(147)
(20)
3,686
-

3,686
1,965
3,686

271
331
714
139
(133)
(188)
(22)
1,112
-

1,112
271
1,112

7,814
1,764
2,522
2,361
368
(412)
14,417
922

15,339
7,745
14,347

2,061
582
1,091
302
(116)
(141)
(8)
3,771
(4)

3,767
1,991
3,701

211
281
725
214
(145)
(161)
(10)
1,115
(70)

1,045
141
1,045

-3.1
2.9
1.3
15.5
-55.7
-50.1
1.4
nm

-4.7
-2.3
1.9

-4.7
12.5
0.4
-15.7
-0.1
4.8
140.5
-2.3
nm

-2.2
-1.3
-0.4

28.2
17.8
-1.6
-34.8
-8.3
16.7
121.2
-0.3
nm

6.4
91.5
6.4

2.8
2.9
1.3
15.5
-56.4
-50.1
4.6
nm

-1.7
3.7
5.1

1.0
12.5
0.4
-15.7
-1.7
4.8
140.5
0.9
nm

1.0
4.4
2.8

35.1
17.8
-1.6
-34.8
-9.8
16.7
121.2
1.3
nm

8.1
99.9
8.1

105

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSNotes:
(1) Segment results have been restated to be consistent with the organisation structure in FY2023.
(2) Assuming constant exchange rates for the Australian Dollar and United States Dollar from FY2022.
(3) Based on statutory view, which included revenue earned as a vendor to the other entities in the Singtel Group.
(4) Comprised eliminations of intercompany transactions between Group Enterprise, NCS and Trustwave.
(5) Amobee was classified as a ‘subsidiary held for sale’ as at 31 March 2022 and ceased to be consolidated on a line-by-line basis from 1 April 2022. In

September 2022, the Group completed the sale of Amobee.

(6) Excluded Optus’ NBN migration revenue of A$0.4 million (FY2022: A$69 million).
(7) Excluded Optus’ NBN migration revenue and results of Amobee.

Optus

Group Enterprise

Optus’ operating revenue was up 2.8% in a challenging
year. Excluding NBN migration revenue which has come
to an end, operating revenue would have grown 3.7% with
growth across its mobile and fixed businesses. During
the year, Optus added 425,000 subscribers to its mobile
customer base, led by growth in prepaid, postpaid and
connected devices. The record net connections, increasing
postpaid ARPU and migration to Choice plans, coupled with
disciplined cost management, underpinned EBITDA and
EBIT which grew 4.4% and doubled respectively, excluding
NBN migration revenue.

Singapore Consumer

Singapore Consumer’s operating revenue increased 2.9%
as it built on strong mobile growth momentum on the back
of increased outbound travel and the gradual return of
inbound tourists. Mobile service revenue was up a strong
11%, mainly from higher roaming, increased 5G adoption
and prepaid sales. Singtel’s total 5G customer base has
grown to over 760,000 from around 480,000 a year ago.
Fixed broadband revenue grew 3.1%, boosted by higher
speed broadband plans. Pay TV revenue fell but the decline
was more than offset by content savings. Consequently,
EBITDA and EBIT rose 13% and 18% respectively due to
improved business performance as well as robust cost
management.

Group Enterprise’s operating revenue was up 1.3% as
ICT growth, together with the recovery in roaming and
demand for network connectivity services, offset pressures
on traditional carriage services. ICT revenue was up a
strong 15%, mainly lifted by price uplifts, pass-through of
utility charges to data centre customers, 5G services and
cyber security. EBITDA remained stable while EBIT was
down 1.6% after including higher depreciation charges.

NCS

NCS’ operating revenue grew 16% driven by the expansion
of its enterprise business and contributions from its
Australian acquisitions. However, EBIT was down 35%,
largely from planned post-acquisition costs for these
Australian subsidiaries as well as higher staff costs from
investments in digital capabilities to support business
growth. NCS has taken proactive steps to improve
margins through increased cost discipline which has led
to sequential quarterly improvements in EBIT during the
year. With sales bookings of S$3.2 billion for the full year,
NCS has set a firm foundation for the next financial year.

106

Management Discussion and AnalysisAssociates (1)

Financial Year ended 31 March

2023

2022

Change

Change in
constant
currency (2)

Group's share of associates' pre-tax profits (3)

2,287

2,136

S$ million

Share of post-tax profits

Telkomsel (3)

AIS

Intouch (4)

– operating results

– amortisation of acquired intangibles

Globe (3)

Airtel (3)

– ordinary results (India and South Asia)

– ordinary results (Africa)

Bharti Telecom Limited (BTL)

664

240

100

(9)

232

345

116

461

(76)

385

707

256

(17)

233

144

203

(6)

198

Regional associates

1,612

1,470

7.1

-6.0

-6.2

7.3

-45.3

19.0

-0.5

482.9

-19.2

126.9

95.0

9.7

12.5

-3.2

-0.5

13.8

-42.2

26.2

7.5

-15.0

141.0

106.2

15.3

Other associates (3)(5)

-88.3

Group's share of associates' post-tax profits (3)

1,619

1,525

6.1

11.6

“Associate” refers to an associate and/or a joint venture under SFRS(I).
“@” denotes more than 500%.

Notes:
(1) The associates’ results are based on local accounting standards. Where applicable and material, the accounting policies of the associates have been

restated for compliance with Singtel’s accounting policies.

(2) Assuming constant exchange rates for the regional currencies (Indian Rupee, Indonesian Rupiah, Philippine Peso and Thai Baht) from FY2022.
(3) Excluded the share of the associates’ exceptional items which have been classified as exceptional items of the Group.
(4) Singtel held an equity interest of 24.99% (31 March 2022: 21.2%) in Intouch, which has an equity interest of 40.4% in AIS.
(5)

Included the share of results of GXS Bank, Singapore Post Limited, NetLink NBN Trust, APT Satellite International Company Limited, and Indara
Corporation Pty Ltd (formerly known as Australia Tower Network Pty Ltd). GXS Bank holds a digital bank licence in Singapore.

107

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
Market share, 31 March 2023 (3)

Market share, 31 March 2022 (3)

Market position (3)

Mobile customers ('000)

– Aggregate

– Proportionate

Growth in mobile customers (%) (4)

Telkomsel

AIS (1)

Globe

Airtel (2)

49.1%

53.6%

151,067

52,873

-14%

47.8%

46.0%

46,121

10,752

3.4%

56.4%

55.4%

32.4%

31.6%

84,215

39,389

-3.7%

478,514

128,218

4.6%

In March 2023, DTAC and True merged into a new company, True Corporation. With the merger, the Thai telecom market has shrunk to two major players.

Notes:
(1)
(2) Market share and market position pertained to India market only.
(3) Based on number of mobile customers.
(4) Based on total number of mobile customers compared against 31 March 2022.

108

Management Discussion and Analysis

Airtel saw continued momentum, with double-digit
increases in operating revenue and EBITDA, boosted by
strong operational performances in India and Africa which
partially offset fair value losses mainly from the devaluation
of certain African currencies. Airtel’s mobile revenue in
India jumped 21% led by healthy flow through of tariff
revisions, increased data usage and continued strong 4G
customer additions during the year. Non-mobile businesses
also grew at double digits. Airtel Business revenue rose
due to robust demand for data and connectivity-related
solutions while revenue in the Home business was lifted
by all-time high customer additions with its customer
base crossing 6 million mark as at 31 March 2023. Overall
Airtel’s operating revenue from India and South Asia
surged 19% and EBITDA rose a strong 25%. Including higher
depreciation and amortisation charges and a lower equity
share of Indus’ profit, the Group’s share of post-tax profit
was up significantly to S$345 million.

Airtel Africa reported healthy growth of 11% in both
operating revenue and EBITDA despite challenging
macroeconomic conditions and currency devaluations.
Voice revenue growth was sustained, although Nigeria was
impacted by a countrywide cash shortage because of a de-
monetisation initiative, as well as call barring for National
Identity Number non-compliant customers. Data revenue
was up due mainly to higher 4G penetration from an
expanded network. Revenue from Airtel Money continued
to grow strongly, mainly from growth in its customer base
and higher ARPU as its distribution network expanded.
Including higher depreciation and amortisation charges
from increased investments in its mobile network, as well
as higher fair value losses from the devaluation of African
currencies such as Nigerian Naira and Kenyan Shillings, the
Group’s share of Airtel Africa’s post-tax profit declined 19%.

Including widening net loss of S$76 million (FY2022: S$6
million) from BTL on higher finance expenses from its
increased borrowings, the post-tax profit contribution from
Airtel Group and BTL almost doubled to S$385 million.

Telkomsel’s operating revenue rose 2%, primarily driven
by growth in data and digital services but partially
offset by accelerated declines in legacy voice and SMS
services from data substitution following the progressive
shutdown of its 3G network. EBITDA was stable after
including higher network operation and maintenance,
as well as personnel costs. Depreciation and interest
charges were up significantly, mainly from the leaseback of
telecommunication towers previously sold. Consequently,
Telkomsel’s net profit declined 3% from FY2022. With
a weaker Indonesian Rupiah, Telkomsel’s post-tax
contribution to the Group declined 6.0% in Singapore
Dollar terms.

AIS’ service revenue (excluding interconnect and
equipment) rose 2% with growth across all services. Fixed
broadband revenue was up strongly driven by a higher
customer base while mobile service revenue grew on the
back of strong consumption and a rebound in the tourism
sector. Despite higher operating revenue, EBITDA was
stable as a result of inflation and energy cost pressures.
AIS’ net profit was stable after including lower network
depreciation charges from its fully amortised 3G network
assets as well as a foreign exchange gain as compared to a
loss last year. AIS’ post-tax contribution declined 6.2% given
a weaker Thai Baht.

Despite a weaker Thai Baht, Intouch’s post-tax profit
contribution was up a robust 19% mainly due to the
Group’s higher equity stake from a year ago, and lower
amortisation of acquired intangibles.

Globe’s service revenue grew 4%, reflecting sustained
growth in data revenue with increased demand for mobile
and enterprise services as public mobility returned to
normal. Globe’s strategic pivot to a full-fledged tech
enterprise offering a suite of innovative digital solutions
has also driven robust growth in non-telco revenues. The
increases were partially offset by declines in mobile voice
and SMS, as well as lower home broadband. Although
home broadband revenue was lower on reduction in legacy
and fixed wireless products, the decline was cushioned by
growth in its postpaid fibre product. EBITDA was up 5% with
revenue growth and improved margins. Including higher
depreciation and finance charges from network expansion
and upgrades, Globe’s net profit increased 8% but was
stable in Singapore Dollar terms as the Philippine Peso
depreciated steeply.

109

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
Cash Flow

Net cash inflow from operating activities
Net cash outflow for investing activities
Net cash outflow for financing activities
Net change in cash balance

Exchange effects on cash balance
Cash balance at beginning of year

Cash balance at end of year

Optus
Singtel and other subsidiaries

Group cash capital expenditure
Optus (A$ million)

Optus
Singtel and other subsidiaries
Associates (net dividends after withholding tax)

Group free cash flow
Optus (A$ million)

Cash capital expenditure as a percentage of operating revenue

Financial Year ended 31 March
2022
S$ million

2023
S$ million

Change
%

4,776
(2,302)
(2,941)
(467)

5,298
(644)
(3,266)
1,387

(37)
2,149

1,644

1,408
754

2,162
1,499

346
875
1,392

2,613
342

15%

21
741

2,149

1,578
640

2,217
1,568

767
858
1,456

3,081
776

14%

-9.9
257.2
-10.0
nm

nm
190.2

-23.5

-10.7
18.0

-2.5
-4.4

-54.9
2.0
-4.4

-15.2
-55.9

“nm” denotes not meaningful.

Net cash inflow from operating activities declined 9.9% to
S$4.78 billion due mainly to working capital movements
and lower dividends from Telkomsel. With a lower operating
cash flow partly offset by a decline in capital expenditure,
the Group’s free cash flow fell 15% to S$2.61 billion.

The investing cash outflow for the year amounted to S$2.30
billion. Cash received from divestments comprised mainly
S$2.5 billion from the sale of the Group’s 3.3% stake in Airtel
and S$252 million (net of cash disposed) from the sale of
Amobee. Other investing cash outflows comprised mainly
payments for the following:

(a) Capital expenditure of S$2.16 billion, comprising

S$1.41 billion (A$1.50 billion) for Optus and S$754
million for the rest of the Group. Optus invested around
A$800 million in mobile, including 5G network.

(b) Investment in Singapore Treasury bills of S$1.37 billion.

(d) Acquisition of a 3.8% stake in Intouch Holdings Public

Company Limited for S$330 million.

(e) Subscription of 4.7 million new ordinary shares in Globe,
which represented the Group’s full rights entitlement for
its pro-rata stake of 46.8%, for S$196 million.

(f) Subscription of 90 million new ordinary shares for

S$120 million in Indara Corporation Pty Ltd
(“Indara”) (2). Following the subscription, the Group’s
effective shareholding interest in Indara was reduced
from 30% to 18%.

Net cash outflow for financing activities amounted to
S$2.94 billion. Major cash outflows comprised payments of
S$793 million for FY2022 final dividends, as well as S$759
million and S$413 million for the interim dividend and the
first tranche of special dividend respectively for FY2023.
The Group also paid S$641 million of net borrowings and
S$390 million of net interest expenses.

(c) NCS’ acquisitions of a 100% stake in Dialog Pty Ltd and in
Row TopCo Pty Ltd, the group holding company of ARQ
Group, for S$295 million and S$263 million respectively.

(2)

Indara was known as Australia Tower Network Pty Ltd before December 2022.

110

Management Discussion and AnalysisSummary Statements of Financial Position

Current assets

Non-current assets

Total assets

Current liabilities

Non-current liabilities

Total liabilities

Net assets

Share capital

Retained earnings

Currency translation reserve (1)

Other reserves

Equity attributable to shareholders

Perpetual securities

Non-controlling interests and other reserve

As at 31 March

2023

2022

S$ million

8,583

37,947

8,130

41,001

46,530

49,131

8,299

12,217

9,055

11,967

20,516

21,022

26,014

28,109

4,573

24,857

(3,750)

(688)

24,992

1,013

4,573

25,076

(2,151)

(386)

27,112

1,013

(15)

Total equity

26,014

28,109

Note:
(1)

‘Currency translation reserve’ relates mainly to the translation of the net assets of foreign subsidiaries, associates and joint ventures of the Group
denominated mainly in Australian Dollar, Indian Rupee, Indonesian Rupiah, Philippine Peso, Thai Baht and United States Dollar.

The Group continued to be in a strong financial position as
at 31 March 2023.

Total liabilities decreased mainly from a net reduction in
borrowings.

Total assets decreased from a year ago due mainly to
the non-cash impairment of Optus’ goodwill in FY2023,
and a reduction in the carrying value of joint ventures
on the Group’s disposal of its 3.3% direct stake in Airtel.

Currency translation losses increased mainly due to the
Singapore Dollar’s relative strength compared to the
Australian Dollar and regional currencies.

111

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSCapital Management and Dividend Policy

Gross debt (S$ million)

Net debt (1) (S$ million)

Net debt gearing ratio (2) (%)

Net debt to EBITDA and share of associates’ pre-tax profits (number of times)

Interest cover (3) (number of times)

Financial Year ended 31 March

2023

11,483

8,329

24.3

1.39

16.8

2022

12,210

10,080

26.4

1.71

14.8

Notes:
(1) Net debt is defined as gross debt adjusted for related hedging balances less cash and bank balances. Cash and bank balances comprised cash and cash

equivalents as well as investments in Singapore Treasury bills and fixed deposits with original maturity longer than three months.

(2) Net debt gearing ratio is defined as the ratio of net debt to net capitalisation. Net capitalisation is the aggregate of net debt, shareholders’ funds and

non-controlling interests.
Interest cover refers to the ratio of EBITDA and share of associates’ pre-tax profits to net interest expense.

(3)

As at 31 March 2023, the Group’s net debt was
S$8.3 billion, a decline of S$1.8 billion from a year ago.
The decline was largely driven by net repayment of
borrowings and higher cash and bank balances due to cash
inflows from divestments. Consequently, net debt gearing
ratio fell to 24.3% from 26.4% a year ago.

The Group has one of the strongest credit ratings among
telecommunication companies in the Asia Pacific region
and continues to maintain a healthy capital structure.
Singtel is currently rated A1 by Moody’s and A by S&P
Global Ratings.

During the financial year, the Group undertook the
following financing activities
• Singtel (4) issued a US$100 million digital sustainability-
linked bond and signed a S$500 million sustainability-
linked revolving credit facility

• Optus (5) signed a A$1.4 billion sustainability-linked

revolving credit facility, the first such revolving credit
facility by an Australian telco

For the financial year ended 31 March 2023, the total
ordinary dividend payout is 9.9 cents per share or 80% of
underlying net profit. This comprises the interim dividend

of 4.6 cents and, subject to shareholders’ approval, a final
dividend of 5.3 cents. An additional payout of 5.0 cents per
share totaling S$825 million, from the assets that the Group
recycled in FY2023, was approved in respect of the current
financial year ended 31 March 2023. The first tranche
of 2.5 cents per share was paid along with the interim
ordinary dividend while the second tranche of
2.5 cents per share will be paid along with the final
ordinary dividend.

Singtel is committed to a sustainable dividend policy in
line with earnings and cash flow generation. Barring
unforeseen circumstances, it plans to pay dividends at
between 60% and 80% of underlying net profit. The Group
assesses returns to shareholders in a holistic manner,
with payouts funded by operating cashflow (including
dividends from associates) and any excess proceeds
from capital recycling after funding growth initiatives
and repaying debt.

This policy will be reviewed regularly to reflect the progress
of the Group’s transformation. Singtel is also committed to
an optimal capital structure, which enables investments
for growth, while maintaining financial flexibility and
investment-grade credit ratings.

Notes:
(4)
(5)

through Singtel Group Treasury Pte Ltd
through Optus Finance Pty Limited

112

Management Discussion and AnalysisTABLE OF CONTENTS

Financial Statements

114
125
131
132
133
135
139
143

Directors’ Statement
Independent Auditors’ Report
Consolidated Income Statement
Consolidated Statement of Comprehensive Income
Statements of Financial Position
Statements of Changes in Equity
Consolidated Statement of Cash Flows
Notes to the Financial Statements

Additional Information

245
246
250
260
264
267
269
270

Interested Person Transactions
Further Information on Board of Directors
Additional Information on Directors Seeking Re-election
Further Information on Management Committee
Key Awards and Accolades
Shareholder Information
Corporate Information
Contact Points

113

OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSThe Directors present their statement to the members together with the audited financial statements of the Company (“Singtel”)
and its subsidiaries (the “Group”) for the financial year ended 31 March 2023.

In the opinion of the Directors,

(a)

the consolidated financial statements of the Group and the statement of financial position and statement of changes in
equity of the Company as set out on pages 131 to 244 are drawn up so as to give a true and fair view of the financial
position of the Group and of the Company as at 31 March 2023, and the financial performance, changes in equity and
cash flows of the Group and changes in equity of the Company for the financial year ended on that date; and

(b)

at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as
and when they fall due.

DIRECTORS

The Directors of the Company in office at the date of this statement are –

Lee Theng Kiat (Chairman)
Yuen Kuan Moon (Group Chief Executive Officer)
John Lindsay Arthur
Gautam Banerjee
Bradley Joseph Horowitz
Gail Patricia Kelly
Lim Swee Say
Christina Hon Kwee Fong (Christina Ong)
Rajeev Suri
Tan Tze Gay (appointed on 6 February 2023)
Teo Swee Lian
Wee Siew Kim
Yong Hsin Yue
Yong Ying-I (appointed on 15 November 2022)

Venkataraman Vishnampet Ganesan, who served during the financial year, stepped down as a Director of the Company
following the conclusion of the Annual General Meeting on 29 July 2022.

ARRANGEMENTS TO ENABLE DIRECTORS TO ACQUIRE BENEFITS BY MEANS OF THE ACQUISITION OF SHARES AND
DEBENTURES

Neither at the end of nor at any time during the financial year was the Company a party to any arrangement whose object
is to enable the Directors of the Company to acquire benefits by means of the acquisition of shares in, or debentures of,
the Company or any other body corporate, except for performance shares granted under the Singtel Performance Share
Plan 2012 (the “Singtel PSP 2012”).

114

DIRECTORS’STATEMENTFor the financial year ended 31 March 2023

DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES

The interests of the Directors holding office at the end of the financial year in the share capital of the Company and
related corporations according to the register of Directors’ shareholdings kept by the Company under Section 164 of the
Companies Act 1967 were as follows –

Holdings registered in the name of
Director or nominee

Holdings in which Director is deemed to
have an interest

At 1 April 2022
or date of
appointment,

At 31 March 2023

if later

At 31 March 2023

At 1 April 2022
or date of
appointment,
if later

The Company

Singapore Telecommunications Limited
(Ordinary shares)
Lee Theng Kiat
Yuen Kuan Moon
John Lindsay Arthur
Gautam Banerjee
Bradley Joseph Horowitz
Gail Patricia Kelly
Lim Swee Say
Christina Ong
Rajeev Suri
Tan Tze Gay
Teo Swee Lian
Wee Siew Kim
Yong Hsin Yue
Yong Ying-I

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(principal amount)

115

DIRECTORS’STATEMENTFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (Cont’d)

Holdings registered in the name of
Director or nominee

Holdings in which Director is deemed to
have an interest

At 1 April 2022
or date of
appointment,

At 31 March 2023

if later

At 31 March 2023

At 1 April 2022
or date of
appointment,
if later

Astrea 7 Pte Ltd
(S$526,000,000 Class A-1 4.125% Secured Fixed Rate Bonds due 2032)
Tan Tze Gay

S$100,000
(principal amount)

CapitaLand Ascendas REIT Management Limited
(Unit holdings in CapitaLand Ascendas REIT)
Yuen Kuan Moon
Gautam Banerjee
Lim Swee Say
Tan Tze Gay
Wee Siew Kim

2,600 (4)

20,000
16,000
10,000
11,480 (5)

2,600
20,000
16,000
10,000
86,780

(S$208,000,000 3.468% Green Fixed Rate Notes due 2029)
Tan Tze Gay

S$250,000
(principal amount)

(Equity-linked note)
Yong Ying-I

See note below (6)

CapitaLand Ascott Trust Management Limited
(Unit holdings in CapitaLand Ascott Trust)
Yuen Kuan Moon
Lim Swee Say
Tan Tze Gay

14,042 (4)
50,000
12,310

14,042
50,000
12,310

(Equity-linked note)
Yong Ying-I

See note below (6)

-
-
-
-
-

-
-
-

CapitaLand China Trust Management Limited
(Unit holdings in CapitaLand China Trust)
Tan Tze Gay
Wee Siew Kim

5,786
170,000

-
-

CapitaLand India Trust Management Pte. Ltd.
(Unit holdings in CapitaLand India Trust)
Gautam Banerjee

120,000

116

-
-
-
-
-

-
-
-

-
-

DIRECTORS’STATEMENTFor the financial year ended 31 March 2023

DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (Cont’d)

Holdings registered in the name of
Director or nominee

Holdings in which Director is deemed to
have an interest

At 1 April 2022
or date of
appointment,

At 31 March 2023

if later

At 31 March 2023

At 1 April 2022
or date of
appointment,
if later

CapitaLand Integrated Commercial Trust Management Limited
(Unit holdings in CapitaLand Integrated Commercial Trust)
Yuen Kuan Moon
Gautam Banerjee
Lim Swee Say
Tan Tze Gay
Teo Swee Lian

120,000
24,000
17,995
32,032

70,992 (4)

70,992
120,000
24,000
17,995
20,152

See note below (6)

(Equity-linked note)
Yong Ying-I

CapitaLand Investment Limited
(Ordinary shares)
Tan Tze Gay

-
-
-

21,550 (2)

-
-
-
21,550
-

38,605

139,336 (2)

139,336

Mapletree China Logistics Investment LP
(Unit holdings in Mapletree China Logistics Investment Fund)
Christina Ong

250

Mapletree Industrial Trust Management Ltd.
(Unit holdings in Mapletree Industrial Trust)
Yuen Kuan Moon
Lim Swee Say
Christina Ong
Tan Tze Gay
Wee Siew Kim
Yong Ying-I

10,000 (4)
16,232
37,700
3,118
169,101 (7)
159,580

10,000
16,000
37,700
3,118
75,433
154,870

-
-
-
-
-
-

Mapletree Logistics Trust Management Ltd.
(Unit holdings in Mapletree Logistics Trust)
Christina Ong
Tan Tze Gay

125,100
23,500

114,900 (2)

-
114,900

Mapletree Pan Asia Commercial Trust Management Ltd.
(Unit holdings in Mapletree Pan Asia Commercial Trust)
25,000
Lim Swee Say
36,192
Tan Tze Gay
45,312
Wee Siew Kim

25,000
36,192
45,312

115,000 (2)

-
115,000
-

117

DIRECTORS’STATEMENTFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (Cont’d)

Holdings registered in the name of
Director or nominee

Holdings in which Director is deemed to
have an interest

At 1 April 2022
or date of
appointment,

At 31 March 2023

if later

At 31 March 2023

At 1 April 2022
or date of
appointment,
if later

Mapletree Real Estate Advisors Pte. Ltd.
(Unit holdings in Mapletree Europe Income Trust)
Christina Ong

394 (8)

394

(Unit holdings in Mapletree US & EU Logistics Private Trust)
Christina Ong

185 (USD)
185 (EUR)

(Unit holdings in Mapletree US Income Commercial Trust)
Christina Ong

453

(Unit holdings in Mapletree US Logistics Private Trust)
Christina Ong

179

453

179

Mapletree Treasury Services Limited
(S$700,000,000 3.95% Perpetual Securities)
Tan Tze Gay

S$250,000
(principal amount)

Olam International Limited
(S$250,000,000 5.375% Perpetual Securities)
Tan Tze Gay

S$250,000
(principal amount)

-
-

PARAGON REIT Management Pte. Ltd.
(Unit holdings in PARAGON REIT)
Tan Tze Gay

SIA Engineering Company Limited
(Ordinary shares)
Tan Tze Gay

2,782

210,000 (2)

210,000

5,000

118

DIRECTORS’STATEMENTFor the financial year ended 31 March 2023

DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (Cont’d)

Holdings registered in the name of
Director or nominee

Holdings in which Director is deemed to
have an interest

At 1 April 2022
or date of
appointment,

At 31 March 2023

if later

At 31 March 2023

At 1 April 2022
or date of
appointment,
if later

Singapore Airlines Limited
(Ordinary shares)
Gautam Banerjee
Lim Swee Say
Tan Tze Gay
Yong Ying-I

52,500
10,000
23,000
125,000

44,850
10,000
23,000
125,000

(2021 S$6.197 billion Mandatory Convertible Bonds due 2030)
Tan Tze Gay

S$48,070
(principal amount)

Singapore Technologies Engineering Limited
(Ordinary shares)
Christina Ong
Tan Tze Gay

1
30,011

Singapore Technologies Telemedia Pte Ltd
(S$500,000,000 4.2% Perpetual Securities)
Tan Tze Gay

S$500,000
(principal amount)

(5% Subordinated Perpetual Securities)
Yong Ying-I

250,000
(units)

StarHub Ltd
(Ordinary shares)
Wee Siew Kim

72,600

Temasek Financial (IV) Private Limited
(S$500,000,000 1.8% Bonds due 2026)
Tan Tze Gay

S$66,000
(principal amount)

-
-
-
-

120,046 (2)

-
-
-
-

-
120,046

119

DIRECTORS’STATEMENTFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
3.

DIRECTORS’ INTERESTS IN SHARES AND DEBENTURES (Cont’d)

Holdings registered in the name of
Director or nominee

Holdings in which Director is deemed to
have an interest

At 1 April 2022
or date of
appointment,

At 31 March 2023

if later

At 31 March 2023

At 1 April 2022
or date of
appointment,
if later

Vertex Technology Acquisition Corporation Ltd
(Ordinary shares)
Tan Tze Gay

(Warrants)
Tan Tze Gay

Vertex Venture Holdings Ltd
(S$450,000,000 3.3% Notes due 2028)
Tan Tze Gay

10,000 (2)

10,000

3,000 (2)

3,000

S$250,000
(principal amount)

Notes:
(1) Mr Yuen Kuan Moon’s deemed interest of 5,817,849 shares included:

(a) 6,360 ordinary shares held by Mr Yuen’s spouse; and
(b) An aggregate of up to 5,811,489 ordinary shares in Singtel awarded to Mr Yuen pursuant to the Singtel PSP 2012, subject to certain performance
criteria being met and other terms and conditions. Depending on the extent of the satisfaction of the relevant minimum performance criteria, up
to an aggregate of 8,168,945 ordinary shares may be released pursuant to the conditional awards granted.

(2) Held by Director’s spouse.
(3) 228,278 ordinary shares held in the name of UBS AG and 305,160 ordinary shares held in the name of Bank of Singapore.
(4) Held in the name of DBS Nominees (Private) Limited.
(5) Held in the name of United Overseas Bank Nominees (Private) Limited.
(6) S$500,000 structured note maturing in 2023, convertible into units of (A) CapitaLand Ascott Trust; (B) CapitaLand Ascendas REIT and (C) CapitaLand

Integrated Commercial Trust, at a specific strike price.

(7) 75,433 units held in the name of Bank of Singapore and 93,668 units held in the name of Credit Suisse AG.
(8) Each stapled security comprises one unit in Mapletree Windsor Trust and one unit in Mapletree Matterhorn Trust.

On 10 April 2023, Ms Yong Ying-I acquired S$250,000 in principal amount of the 4.20% Fixed Rate Bond due 2030 issued
by CLI Treasury Limited. Other than the above, and according to the register of Directors’ shareholdings, there were no
changes to any of the above-mentioned interests between the end of the financial year or date of appointment, if later,
and 21 April 2023.

PERFORMANCE SHARES

The Executive Resource and Compensation Committee (“ERCC”) is responsible for administering the Singtel PSP 2012.
At the date of this statement, the members of the ERCC are Gail Kelly (Chairman of the ERCC), Lee Theng Kiat, Rajeev
Suri, Tan Tze Gay and Teo Swee Lian.

At the Extraordinary General Meeting held on 27 July 2012, the shareholders approved the adoption of the Singtel PSP
2012. The duration of the Singtel PSP 2012 was 10 years from 27 July 2012. This plan gives the flexibility to either allot
and issue and deliver new Singtel shares or purchase and deliver existing Singtel shares upon the vesting of awards.

At the 29th Annual General Meeting held on 30 July 2021, the shareholders approved the extension of the duration of the
Singtel PSP 2012 for a further period of 10 years from 27 July 2022 up to 26 July 2032 (both dates inclusive).

120

DIRECTORS’STATEMENTFor the financial year ended 31 March 2023

PERFORMANCE SHARES (Cont’d)

The participants of the Singtel PSP 2012 will receive fully paid Singtel shares free of charge, provided that certain
prescribed performance targets or vesting conditions are met within a prescribed performance period. The awards are
conditional upon the achievement of predetermined performance targets or vesting conditions over the performance
period, which is three years. A separate One-Off Long-Term Incentive Award with a five-year performance period was
granted to members of the Management Committee and selected key executives.

The number of Singtel shares that will vest for each participant or category of participants will be determined at the end
of the performance period based on the level of attainment of the performance targets or vesting conditions.

Awards comprising an aggregate of 173.6 million shares have been granted under the Singtel PSP 2012 from its
commencement to 31 March 2023.

Performance share awards granted, vested and cancelled during the financial year, and share awards outstanding at
the end of the financial year, were as follows –

Date of grant

Share award for Chairman
(Lee Theng Kiat)
19.08.22

Restricted Share Awards
For Group Chief Executive Officer
(Yuen Kuan Moon)
20.06.19
23.06.20
23.06.21
23.06.22

For other staff
20.06.19
23.09.19
03.01.20
30.03.20
23.06.20
21.09.20
21.12.20
23.03.21
23.06.21
29.09.21
07.01.22
23.03.22
23.06.22
03.10.22
16.12.22
23.03.23

Balance
as at
1 April 2022
(’000)

Share
awards
granted
(’000)

Share
awards
vested
(’000)

Share
awards
cancelled
(’000)

Balance
as at
31 March 2023
(’000)

122

(122)

61
148
171
-
380

3,246
17
59
13
8,244
20
98
34
11,057
268
79
33
-
-
-
-
23,168

-
-
-
909
909

-
-
-
-
-
-
-
-
-
-
-
-
11,685
78
198
316
12,277

(61)
(74)
(57)
-
(192)

(3,200)
(17)
(59)
-
(4,140)
(10)
(49)
(17)
(3,743)
(89)
(26)
(11)
(39)
-
(14)
-
(11,414)

-
-
-
-
-

(46)
-
-
(13)
(315)
-
(22)
-
(605)
-
-
-
(533)
-
-
-
(1,534)

-
74
114
909
1,097

-
-
-
-
3,789
10
27
17
6,709
179
53
22
11,113
78
184
316
22,497

Sub-total

23,548

13,186

(11,606)

(1,534)

23,594

121

DIRECTORS’STATEMENTFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS4.

PERFORMANCE SHARES (Cont’d)

Date of grant

Performance Share Awards
For Group Chief Executive Officer
(Yuen Kuan Moon)
20.06.19
23.06.20

For other staff
20.06.19
23.09.19
03.01.20
30.03.20
23.06.20
21.12.20
23.03.21
23.06.21
29.09.21
23.06.22

Balance
as at
1 April 2022
(’000)

Share
awards
granted
(’000)

Share
awards
vested
(’000)

Share
awards
cancelled
(’000)

Balance
as at
31 March 2023
(’000)

516
527
1,043

5,117
11
101
10
5,070
26
19
4,395
224
-
14,973

-
-
-

-
-
-
-
-
-
-
-
-
1,661
1,661

-
-
-

-
-
-
-
(2)
-
-
(16)
-
-
(18)

(516)
-
(516)

(5,117)
(11)
(101)
(10)
(106)
(26)
-
(193)
-
(94)
(5,658)

-
527
527

-
-
-
-
4,962
-
19
4,186
224
1,567
10,958

Sub-total

16,016

1,661

(18)

(6,174)

11,485

One-Off Long-Term Incentive Award
For Group Chief Executive Officer
(Yuen Kuan Moon)
23.06.21

For other staff
23.06.21
23.06.22

Sub-total

Total

4,188
4,188

11,575
-
11,575

-
-

-
6,647
6,647

15,763

6,647

-
-

-
-
-

-
-

-
(277)
(277)

4,188
4,188

11,575
6,370
17,945

(277)

22,133

55,327

21,616

(11,746)

(7,985)

57,212

During the financial year, awards in respect of an aggregate of 11.7 million shares granted under the Singtel PSP 2012
were vested. The awards were satisfied by the delivery of existing shares purchased from the market as permitted under
the Singtel PSP 2012.

As at 31 March 2023, no participant has received shares pursuant to the vesting of awards granted under the Singtel PSP
2012 which, in aggregate, represents five per cent or more of the aggregate of –

(i)

the total number of new shares available under the Singtel PSP 2012; and

(ii)

the total number of existing shares purchased for delivery of awards released under the Singtel PSP 2012.

122

DIRECTORS’STATEMENTFor the financial year ended 31 March 20235.

SHARE OPTION PLANS

During the financial year, there were:

(a)

no options granted by the Company to any person to take up unissued shares of the Company; and

(b)

no shares issued by virtue of any exercise of options to take up unissued shares of the Company.

There were no unissued shares of the Company under option at the end of the financial year.

The particulars of the share option plans of subsidiary corporation of the Company are as follows:

Trustwave Holdings, Inc.

In May 2022, Trustwave Holdings, Inc (“TW”), a wholly-owned subsidiary corporation of the Company, implemented
the Trustwave Holdings, Inc. 2022 Equity Incentive Plan (“TW Plan”). Under the terms of TW Plan, options to purchase
ordinary shares of TW may be granted to employees (including executive directors) and non-executive directors of TW
and/or any of its subsidiaries. The TW Plan replaced the earlier Singtel Enterprise Security Pte. Ltd. 2020 Long-Term
Incentive Plan which was cancelled in May 2022.

Options are exercisable at a price no less than 100% of the fair value of the ordinary shares of TW on the date of grant.

From 1 April 2022 to 31 March 2023, options in respect of an aggregate of 10.7 million ordinary shares in TW have been
granted to the employees and non-executive directors of TW and/or its subsidiaries. As at 31 March 2023, options in
respect of an aggregate of 10.4 million of ordinary shares in TW are outstanding.

The grant date and exercise price of the stock options are as follows –

Date of grant

Exercise price

1 May 2022, 1 October 2022

US$0.16

The options granted expire 10 years from the date of grant.

No ordinary shares of TW were issued during the financial year pursuant to the exercise of options granted under the TW
Plan. The persons to whom the options have been granted do not have the right to participate, by virtue of the options,
in any share issue of any other company.

123

DIRECTORS’STATEMENTFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

AUDIT COMMITTEE

At the date of this statement, the Audit Committee comprises the following members, all of whom are non-executive and
independent -

Gautam Banerjee (Chairman of the Audit Committee)
John Lindsay Arthur
Gail Patricia Kelly
Tan Tze Gay (appointed on 15 February 2023)

Christina Hon Kwee Fong (Christina Ong), who served during the financial year, stepped down as a member of the Audit
Committee on 15 February 2023.

The Audit Committee carried out its functions in accordance with Section 201B of the Companies Act 1967.

In performing its functions, the Committee reviewed the overall scope and results of both internal and external audits
and the assistance given by the Company’s officers to the auditors. It met with the Company’s internal auditors to discuss
the results of the respective examinations and their evaluation of the Company’s system of internal accounting controls.
The Committee also held discussions with the internal and external auditors and is satisfied that the processes put in
place by management provide reasonable assurance on mitigation of fraud risk exposure to the Group.

The Committee also reviewed the financial statements of the Company and the Group, as well as the Independent
Auditors’ Report thereon. In the review of the financial statements of the Company and the Group, the Committee had
discussed with management the accounting principles that were applied and their judgement of items that might affect
the integrity of the financial statements.

In addition, the Committee had, with the assistance of the internal auditors, reviewed the procedures set up by the
Company and the Group to identify and report, and where necessary, sought appropriate approval for interested person
transactions.

The Committee has full access to and has the co-operation of management and has been given the resources required
for it to discharge its function properly. It also has full discretion to invite any executive officer to attend its meetings. The
external and internal auditors have unrestricted access to the Audit Committee.

The Committee has nominated KPMG LLP for re-appointment as auditors of the Company at the forthcoming Annual
General Meeting.

AUDITORS

The auditors, KPMG LLP, have expressed their willingness to accept re-appointment.

On behalf of the Directors

Lee Theng Kiat
Chairman

Singapore
24 May 2023

124

Yuen Kuan Moon
Director

DIRECTORS’STATEMENTFor the financial year ended 31 March 2023

Report on the audit of the financial statements

Opinion

We have audited the financial statements of Singapore Telecommunications Limited (‘the Company’) and its subsidiaries (‘the
Group’), which comprise the consolidated statement of financial position of the Group and the statement of financial position
of the Company as at 31 March 2023 and the consolidated income statement, consolidated statement of comprehensive
income, consolidated statement of changes in equity and consolidated statement of cash flows of the Group, and the statement
of changes in equity of the Company for the year then ended, and notes to the financial statements, including a summary of
significant accounting policies, as set out on pages 131 to 244.

In our opinion, the accompanying consolidated financial statements of the Group and the statement of financial position and
statement of changes in equity of the Company are properly drawn up in accordance with the provisions of the Companies
Act 1967 (‘the Act’) and Singapore Financial Reporting Standards (International) (‘SFRS(I)s’) so as to give a true and fair view
of the consolidated financial position of the Group and the financial position of the Company as at 31 March 2023 and of the
consolidated financial performance, consolidated changes in equity and consolidated cash flows of the Group and the changes
in equity of the Company for the year ended on that date.

Basis for opinion

We conducted our audit in accordance with Singapore Standards on Auditing (‘SSAs’). Our responsibilities under those
standards are further described in the ‘Auditors’ responsibilities for the audit of the financial statements’ section of our report.
We are independent of the Group in accordance with the Accounting and Corporate Regulatory Authority Code of Professional
Conduct and Ethics for Public Accountants and Accounting Entities (‘ACRA Code’) together with the ethical requirements that
are relevant to our audit of the financial statements in Singapore, and we have fulfilled our other ethical responsibilities in
accordance with these requirements and the ACRA Code. We believe that the audit evidence we have obtained is sufficient and
appropriate to provide a basis for our opinion.

Key audit matters

Key audit matters are those matters that, in our professional judgement, were of most significance in our audit of the financial
statements of the current period. These matters were addressed in the context of our audit of the financial statements as a
whole, and in forming our opinion thereon, and we do not provide a separate opinion on these matters.

125

INDEPENDENT AUDITORS’ REPORTMembers of Singapore Telecommunications LimitedFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSRevenue recognition

The key audit matter

How the matter was addressed in our audit

For the Group’s Mobile Service, Sale of Equipment and Data
and Internet revenue streams, there is an inherent risk around
the accuracy of amounts recorded as revenue due to:

Our audit approach included controls testing as well as
substantive procedures. Our procedures included:

the complexity of Information Technology (IT) systems
used in billing and the large volume of data processed;

• We obtained an understanding of the nature of the
various revenue streams and the related billing and
revenue recording processes, systems and controls.

•

impact of changing pricing models and the introduction
of new products and tariff arrangements; and

•

different revenue recognition policies for rendering of
services (over time) and sale of goods (point in time).

For the Group’s Operating Revenue stream
Infocomm
Technology (“ICT”), significant judgements and estimates
are made by the Group in recognition and measurement of
revenue from long-term contracts. For these ICT contracts,
estimates are required in determining the budgeted cost and
cost to complete to measure the revenue to be recognised.

The accounting policies for revenue recognition, contract
assets and contract liabilities are set out in Notes 2.24, 2.4 and
2.8 to the financial statements respectively and the various
revenue streams for the Group have been disclosed in Note 4
to the financial statements.

As the Group’s judgement is involved in determining the
revenue for the aforesaid operating revenue streams and in
view of the significance of the aggregate revenue from these
revenue streams over the Group’s total revenue, this is a key
audit matter.

Involving our

IT systems:
IT specialists, we tested
the design and implementation, and the operating
effectiveness of automated controls over the capture of
data within IT systems used in billing, interfaces between
relevant IT applications used in billing, measurement
and billing of revenue, and the recording of revenue
recognition entries in the general ledger. We also tested
the access controls and change management controls
over the relevant billing systems.

• Manual

tested

controls: We

the design and
implementation, and the operating effectiveness of
manual controls over
initiation, authorisation,
the
recording, and processing of revenue transactions. This
included testing process controls over authorising new
price plans and approval of new product and tariff
changes adjustments to the billing system.

• We tested, on a sample basis, over time and point in time
revenue transactions recorded throughout the year. This
testing included assessing, the existence of an underlying
arrangement with the customer; the amounts invoiced
to customers in accordance with the Group’s approved
pricing list; and the timing of revenue recognition for
each revenue contract based on completed performance
obligations and the Group’s revenue recognition policy.

•

For ICT revenue, we tested on a sample basis, the key
terms and conditions of the respective customer contract
and evaluated it for appropriate revenue recognition.
We challenged the Group’s underlying assumptions in
making judgements on the budgeted costs and cost to
complete the long-term contracts.

• We tested a sample of manual journal entries impacting

revenue to relevant underlying documentation.

Findings
We found the tested controls for revenue recognition to be operating effectively. We found the assumptions used and estimates
made in regard to the policies for revenue recognition to be reasonable.

126

INDEPENDENT AUDITORS’ REPORTMembers of Singapore Telecommunications LimitedFor the financial year ended 31 March 2023Impairment assessment of non-financial assets

The key audit matter

How the matter was addressed in our audit

The accounting for the carrying value of Singtel Optus Pty
Limited (“Optus”), which is considered one cash generating
unit (“CGU”), has a material impact on the Group due to the
significant cumulative value of the goodwill and other long-
lived non-financial assets.

In the current year, the Group recorded an impairment charge
of S$1.0 billion in relation to Optus. At 31 March 2023, the
carrying value of Optus includes S$7.9 billion of goodwill.

Impairment assessment of Optus’ non-financial assets,
which includes goodwill, is a key audit matter given the high
degree of judgment required by us in assessing the significant
assumptions the Group applied in their Value in Use (“VIU”)
impairment models, including:

•

Forecast future cash flows. The CGU continues to
experience competitive market conditions and business
disruption events in the current year;

Terminal growth rate. Movements in this rate have
significant impacts on forecast cashflows; and

• Discount rate. This is complicated in nature and varies
according to the conditions and environment the CGU is
subject to from time to time. Accordingly, we have involved
our valuation specialists in assessing the reasonableness
of the discount rate applied by the Group.

Refer to Note 27 to the financial statements for the impairment
assessments.

Working with our valuation specialists, our procedures
included:

•

Considering the appropriateness of the valuation method
applied by the Group to the CGU to perform the annual
test of goodwill for impairment against the requirements
of the accounting standards.

Agreeing the cash flow forecasts used in the impairment
model to Board approved forecasts and budgets.

Considering management’s expectations of the future
business developments and corroborated certain
information with market data; we also considered known
operational improvements to the businesses and how
these plans would impact future cash flows and whether
these were appropriately reflected in the cash flow
forecasts used.

Checking the consistency of the growth rates to the
CGU’s approved plan and strategy, and challenging
the appropriateness of the cash flow forecasts growth
assumptions used against past performance of the
CGU, and our experience regarding the feasibility of
these growth rates in the industry and/or economic
environment in which they operate.

• We independently developed a discount rate range using
publicly available market data for comparable entities,
adjusted by risk factors specific to the CGU, Group and
the industry it operates in.

•

Performing a sensitivity analysis of the key assumptions
such as terminal growth rate and discount rate used to
determine which reasonable changes to assumptions
would change the outcome of the impairment assessment.

• We performed a cross-check of the implied value of the

CGU against comparable entities.

• We recalculated the impairment charge against the

recorded amount.

•

Assessing the appropriateness of the disclosures in the
financial statements in accordance with the requirements
of the accounting standards.

Findings
We found the key assumptions and estimates used in determining the impairment loss recorded to be within a supportable
range.

127

The key audit matter

How the matter was addressed in our audit

The Group’s significant joint ventures have a number of on-
going disputes and litigations with their local regulators. The
Group may be exposed to significant losses as a result of the
unfavourable outcome of such disputes.

This is a key audit matter as significant judgement is required
in assessing the likelihood of the outcome of each matter and
whether the risk of loss is remote, possible or probable and
whether the matter is considered a contingent liability to be
disclosed. Where the risk of loss is probable, management
is required to estimate the provision amount based on the
expected economic outflow resulting from the disputes and
litigations.

Please refer to Note 45 to the financial statements for
‘Significant Contingent Liabilities of Associates and Joint
Ventures’.

Our audit procedures included:

•

Inquiring with management and legal counsel of the joint
ventures to understand the process and internal controls
relating to the identification and assessment of the
disputes and litigations, and recognition of the related
liabilities, where appropriate.

Reviewing the audit working papers of the auditors of the
joint ventures (‘Component Auditors’), in particular, their
assessment on the regulatory litigations and disputes that
may have a material impact to the financial statements.

• Discussing with the Component Auditors on their
evaluation of the probability and magnitude of losses
relating to the disputes and
litigations, and their
conclusions reached in accordance with SFRS(I) 1-37
Provisions, Contingent Liabilities and Contingent Assets.

•

Assessing the appropriateness of disclosures in the
financial statements in accordance with the requirements
of the accounting standards.

Findings
We found management’s assessment of the regulatory litigations and disputes to be reasonable, and the disclosure of contingent
liabilities to be appropriate.

Other information

Management is responsible for the other information contained in the annual report. Other information is defined as all
information in the annual report other than the financial statements and our auditors’ report thereon. We have not obtained
any other information prior to the date of this auditors’ report. The other information is expected to be made available to us
after the date of this auditors’ report.

Our opinion on the financial statements does not cover the other information and we do not express any form of assurance
conclusion thereon.

In connection with our audit of the financial statements, our responsibility is to read the other information identified above
when it becomes available and, in doing so, consider whether the other information is materially inconsistent with the financial
statements or our knowledge obtained in the audit, or otherwise appears to be materially misstated.

When we read the other information, if we conclude that there is a material misstatement therein, we are required to
communicate the matter to those charged with governance and take appropriate actions in accordance with SSAs.

128

INDEPENDENT AUDITORS’ REPORTMembers of Singapore Telecommunications LimitedFor the financial year ended 31 March 2023Responsibilities of management and directors for the financial statements

Management is responsible for the preparation of financial statements that give a true and fair view in accordance with the
provisions of the Act and SFRS(I)s, and for devising and maintaining a system of internal accounting controls sufficient to provide
a reasonable assurance that assets are safeguarded against loss from unauthorised use or disposition; and transactions are
properly authorised and that they are recorded as necessary to permit the preparation of true and fair financial statements and
to maintain accountability of assets.

In preparing the financial statements, management is responsible for assessing the Group’s ability to continue as a going
concern, disclosing, as applicable, matters related to going concern and using the going concern basis of accounting unless
management either intends to liquidate the Group or to cease operations, or has no realistic alternative but to do so.

The directors’ responsibilities include overseeing the Group’s financial reporting process.

Auditors’ responsibilities for the audit of the financial statements

Our objectives are to obtain reasonable assurance about whether the financial statements as a whole are free from material
misstatement, whether due to fraud or error, and to issue an auditors’ report that includes our opinion. Reasonable assurance is
a high level of assurance, but is not a guarantee that an audit conducted in accordance with SSAs will always detect a material
misstatement when it exists. Misstatements can arise from fraud or error and are considered material if, individually or in the
aggregate, they could reasonably be expected to influence the economic decisions of users taken on the basis of these financial
statements.

As part of an audit in accordance with SSAs, we exercise professional judgement and maintain professional scepticism
throughout the audit. We also:

•

Identify and assess the risks of material misstatement of the financial statements, whether due to fraud or error, design
and perform audit procedures responsive to those risks, and obtain audit evidence that is sufficient and appropriate
to provide a basis for our opinion. The risk of not detecting a material misstatement resulting from fraud is higher than
for one resulting from error, as fraud may involve collusion, forgery, intentional omissions, misrepresentations, or the
override of internal controls.

Obtain an understanding of internal controls relevant to the audit in order to design audit procedures that are appropriate
in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Group’s internal controls.

Evaluate the appropriateness of accounting policies used and the reasonableness of accounting estimates and related
disclosures made by management.

Conclude on the appropriateness of management’s use of the going concern basis of accounting and, based on the audit
evidence obtained, whether a material uncertainty exists related to events or conditions that may cast significant doubt
on the Group’s ability to continue as a going concern. If we conclude that a material uncertainty exists, we are required
to draw attention in our auditors’ report to the related disclosures in the financial statements or, if such disclosures are
inadequate, to modify our opinion. Our conclusions are based on the audit evidence obtained up to the date of our
auditors’ report. However, future events or conditions may cause the Group to cease to continue as a going concern.

Evaluate the overall presentation, structure and content of the financial statements, including the disclosures, and whether
the financial statements represent the underlying transactions and events in a manner that achieves fair presentation.

Obtain sufficient appropriate audit evidence regarding the financial information of the entities or business activities
within the Group to express an opinion on the consolidated financial statements. We are responsible for the direction,
supervision and performance of the group audit. We remain solely responsible for our audit opinion.

129

We communicate with the directors regarding, among other matters, the planned scope and timing of the audit and significant
audit findings, including any significant deficiencies in internal controls that we identify during our audit.

We also provide the directors with a statement that we have complied with relevant ethical requirements regarding
independence, and communicate with them all relationships and other matters that may reasonably be thought to bear on our
independence, and where applicable, related safeguards.

From the matters communicated with the directors, we determine those matters that were of most significance in the audit of
the financial statements of the current period and are therefore the key audit matters. We describe these matters in our auditors’
report unless the law or regulations preclude public disclosure about the matter or when, in extremely rare circumstances, we
determine that a matter should not be communicated in our report because the adverse consequences of doing so would
reasonably be expected to outweigh the public interest benefits of such communication.

Report on other legal and regulatory requirements

In our opinion, the accounting and other records required by the Act to be kept by the Company and by those subsidiary
corporations incorporated in Singapore of which we are the auditors have been properly kept in accordance with the provisions
of the Act.

The engagement partner on the audit resulting in this independent auditors’ report is Mr Malcolm Ramsay.

KPMG LLP
Public Accountants and
Chartered Accountants

Singapore
24 May 2023

130

INDEPENDENT AUDITORS’ REPORTMembers of Singapore Telecommunications LimitedFor the financial year ended 31 March 2023Operating revenue
Operating expenses
Other income

Depreciation and amortisation

Exceptional items

Profit on operating activities

Share of results of associates and joint ventures

Profit before interest, investment income (net), and tax

Interest and investment income (net)
Finance costs

Profit before tax

Tax expense

Profit after tax

Attributable to:
Shareholders of the Company
Non-controlling interests

Notes

2023

S$ Mil

2022

S$ Mil

4
5
6

14,624.4
(11,133.6)
195.1

15,339.1
(11,724.8)
153.0

3,685.9

3,767.3

(2,574.1)

(2,722.5)

1,111.8

1,044.8

18.7

236.4

1,130.5

1,281.2

1,826.8

1,652.8

2,957.3

2,934.0

10
11

56.9
(415.8)

90.9
(403.7)

2,598.4

2,621.2

(364.9)

(661.9)

2,233.5

1,959.3

2,225.1
8.4

1,948.5
10.8

2,233.5

1,959.3

Earnings per share attributable to shareholders of the Company
- basic (cents)
- diluted (cents)

13
13

13.48
13.40

11.80
11.76

The accompanying notes on pages 143 to 244 form an integral part of these financial statements.
Independent Auditors’ Report – pages 125 to 130.

131

CONSOLIDATED INCOME STATEMENTFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSProfit after tax

Other comprehensive (loss)/ income

Items that may be reclassified subsequently to income statement:

2023

S$ Mil

2022

S$ Mil

2,233.5

1,959.3

Exchange differences arising from translation of foreign operations and other
currency translation differences

(1,803.9)

(512.7)

Reclassification of translation loss to income statement on deconsolidation of subsidiaries

39.6

50.2

Reclassification of translation loss to income statement on dilution of interest in
joint ventures

Cash flow hedges
- Fair value changes
- Tax effects

- Fair value changes transferred to income statement
- Tax effects

Share of other comprehensive loss of associates and joint ventures

Reclassification of share of other comprehensive gain of joint ventures
to income statement on dilution of interest in joint ventures

Items that will not be reclassified subsequently to income statement:

Fair value changes on Fair Value through Other Comprehensive
Income ("FVOCI") investments

Other comprehensive loss, net of tax

Total comprehensive income

Attributable to:
Shareholders of the Company
Non-controlling interests

The accompanying notes on pages 143 to 244 form an integral part of these financial statements.
Independent Auditors’ Report – pages 125 to 130.

132

164.9

(33.0)
(31.7)
(64.7)

7.7
22.0
29.7

29.1
3.6
32.7

(4.1)
(7.3)
(11.4)

(35.0)

21.3

(86.8)

(18.4)

(91.2)

(116.9)

278.5

(1,929.3)

(181.1)

304.2

1,778.2

296.5
7.7

1,767.6
10.6

304.2

1,778.2

CONSOLIDATED STATEMENTOF COMPREHENSIVE INCOMEFor the financial year ended 31 March 2023Current assets
Cash and cash equivalents
Trade and other receivables
Inventories
Derivative financial instruments
Subsidiary held for sale
Other assets

Non-current assets
Property, plant and equipment
Right-of-use assets
Intangible assets
Subsidiaries
Joint ventures
Associates
Fair value through other comprehensive income
("FVOCI") investments
Derivative financial instruments
Deferred tax assets
Other assets

Total assets

Current liabilities
Trade and other payables
Advance billings
Current tax liabilities
Borrowings (unsecured)
Borrowings (secured)
Derivative financial instruments
Net deferred gain
Dividend payable
Subsidiary held for sale

Group

Company

31 March

Notes

2023

S$ Mil

2022

S$ Mil

2023

S$ Mil

2022

S$ Mil

15
16
17
18
19
20

21
22
23
24
25
26

28
18
12
20

30
31
18
33

1,667.9
5,012.8
346.2
69.4
-
1,486.5
8,582.8

10,384.6
3,000.1
10,989.5
-
9,415.4
2,372.7

733.7
157.7
305.4
588.1
37,947.2

2,130.1
5,245.2
269.7
35.6
449.8
-
8,130.4

10,892.4
3,358.0
11,977.2
-
10,907.8
2,131.7

807.9
81.6
309.4
534.6
41,000.6

228.6
1,924.5
52.0
0.1
-
-
2,205.2

1,852.4
462.0
-
20,101.6
1.1
24.7

-
23.4
-
83.9
22,549.1

62.4
2,529.4
41.5
3.5
-
-
2,636.8

1,745.1
507.3
-
19,631.3
22.8
24.7

5.1
0.2
-
93.3
22,029.8

46,530.0

49,131.0

24,754.3

24,666.6

5,309.9
793.9
731.0
471.1
511.6
48.2
20.8
412.6
-
8,299.1

5,595.8
805.7
768.9
1,071.8
542.4
16.5
20.8
-
233.2
9,055.1

2,900.8
96.6
35.6
-
58.7
2.3
-
412.6
-
3,506.6

2,282.2
84.0
96.2
-
55.8
1.9
-
-
-
2,520.1

The accompanying notes on pages 143 to 244 form an integral part of these financial statements.
Independent Auditors’ Report – pages 125 to 130.

133

STATEMENTS OFFINANCIAL POSITIONAs at 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
Non-current liabilities
Advance billings
Borrowings (unsecured)
Borrowings (secured)
Derivative financial instruments
Net deferred gain
Deferred tax liabilities
Other non-current liabilities

Total liabilities

Net assets

Share capital and reserves
Share capital
Reserves

Equity attributable to shareholders of the Company
Perpetual securities

Non-controlling interests
Other reserve

Total equity

Group

Company

31 March

Notes

2023

S$ Mil

2022

S$ Mil

2023

S$ Mil

2022

S$ Mil

30
31
18
33
12
34

425.5
7,142.4
2,768.2
729.2
345.7
542.5
263.1
12,216.6

113.6
7,204.3
3,050.1
434.4
357.3
498.8
308.1
11,966.6

255.3
668.7
372.8
197.5
-
257.3
36.2
1,787.8

70.2
757.6
426.0
102.6
-
236.7
34.5
1,627.6

20,515.7

21,021.7

5,294.4

4,147.7

26,014.3

28,109.3

19,459.9

20,518.9

4,573.1
20,419.2

4,573.1
22,538.5

4,573.1
14,886.8

4,573.1
15,945.8

24,992.3
1,012.6
26,004.9
16.2
(6.8)

27,111.6
1,012.6
28,124.2
16.6
(31.5)

19,459.9
-
19,459.9
-
-

20,518.9
-
20,518.9
-
-

26,014.3

28,109.3

19,459.9

20,518.9

The accompanying notes on pages 143 to 244 form an integral part of these financial statements.
Independent Auditors’ Report – pages 125 to 130.

134

STATEMENTS OFFINANCIAL POSITIONAs at 31 March 2023.

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135

STATEMENTS OFCHANGES IN EQUITYFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

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STATEMENTS OFCHANGES IN EQUITYFor the financial year ended 31 March 2023

Company - 2023

Share
Capital

S$ Mil

Treasury
Shares(1)
S$ Mil

Capital
Reserve

S$ Mil

Hedging
Reserve

S$ Mil

Fair Value
Reserve

S$ Mil

Retained
Earnings

S$ Mil

Total
Equity

S$ Mil

Balance as at 1 April 2022

4,573.1

(16.9)

86.9

19.5

1.8

15,854.5

20,518.9

Changes in equity for the year

Performance shares purchased by
the Company
Performance shares vested
Equity-settled share-based payment
Cash paid to employees under
performance share plans
Final dividend paid (see Note 37)
Interim dividend paid (see Note 37)
Special dividend paid (see Note 37)
Special dividend payable
(see Note 37)
Reclassification due to disposal of
FVOCI investment

Total comprehensive income for
the year

-
-
-

-
-
-
-

-
-

(24.7)
12.4
-

-
-
-
-

-
(12.3)

-
(12.4)
23.2

(0.2)
-
-
-

-
10.6

-
-
-

-
-
-
-

-
-

-
-
-

-
-
-
-

-
-
-

-
(792.5)
(759.2)
(412.6)

(24.7)
-
23.2

(0.2)
(792.5)
(759.2)
(412.6)

(412.6)

(1.8)
(1.8)

1.8
(2,375.1)

-
(2,378.6)

12.8

1,306.8

1,319.6

Balance as at 31 March 2023

4,573.1

(29.2)

97.5

32.3

14,786.2

19,459.9

The accompanying notes on pages 143 to 244 form an integral part of these financial statements.
Independent Auditors’ Report – pages 125 to 130.

137

STATEMENTS OFCHANGES IN EQUITYFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
Company - 2022

Capital

S$ Mil

Treasury
Shares(1)
S$ Mil

Capital

Reserve

S$ Mil

Hedging

Reserve

S$ Mil

Fair Value

Reserve

S$ Mil

Retained

Earnings

S$ Mil

Total

Equity

S$ Mil

Balance as at 1 April 2021

4,573.5

(1.6)

56.4

1.1

15,659.5

20,288.9

Changes in equity for the year

Performance shares purchased by
the Company
Performance shares vested
Equity-settled share-based payment
Transfer of liability to equity
Cash paid to employees under
performance share plans
Contribution to Trust (5)
Final dividend paid (see Note 37)
Interim dividend paid (see Note 37)
Others

Total comprehensive income for
the year

-
-
-
-

-
-
-
-
(0.4)
(0.4)

(16.4)
1.1
-
-

-
-
-
-
-
(15.3)

-
(1.1)
18.7
14.3

(0.3)
(1.1)
-
-
-
30.5

-
-
-
-

-
-
-
-
-
-

-
-
-
-

-
-
-
-
-
-

-
-
-
-

(16.4)
-
18.7
14.3

-
-
(396.3)
(743.0)
-
(1,139.3)

(0.3)
(1.1)
(396.3)
(743.0)
(0.4)
(1,124.5)

18.4

1.8

1,334.3

1,354.5

Balance as at 31 March 2022

4,573.1

(16.9)

86.9

19.5

1.8

15,854.5

20,518.9

Notes:
(1)

(2)

(3)

‘Treasury Shares’ are accounted for in accordance with Singapore Financial Reporting Standards (International) (“SFRS(I)”) 1-32, Financial Instruments:
Presentation.
‘Currency Translation Reserve’ relates mainly to the translation of the net assets of foreign subsidiaries, associates and joint ventures of the Group denominated
mainly in Australian Dollar, Indian Rupee, Indonesian Rupiah, Philippine Peso, Thai Baht and United States Dollar.
‘Other Reserves’ relate mainly to goodwill on acquisitions completed prior to 1 April 2001 and the share of other comprehensive income or loss of the associates
and joint ventures.

(4) This amount relates to a reserve for an obligation arising from a put option written with the non-controlling shareholder of a subsidiary.
(5) DBS Trustee Limited (the “Trust”) is the trustee of a trust established to administer the performance share plans.

The accompanying notes on pages 143 to 244 form an integral part of these financial statements.
Independent Auditors’ Report – pages 125 to 130.

138

STATEMENTS OFCHANGES IN EQUITYFor the financial year ended 31 March 2023
Cash Flows From Operating Activities

Profit before tax

Adjustments for -
Depreciation and amortisation
Share of results of associates and joint ventures
Exceptional items (non-cash)
Interest and investment income (net)
Finance costs
Other non-cash items

Operating cash flow before working capital changes

Changes in operating assets and liabilities
Trade and other receivables
Trade and other payables
Inventories

Cash generated from operations

Dividends received from associates and joint ventures
Income tax and withholding tax paid
Payment to employees in cash under performance share plans

Net cash from operating activities

Cash Flows From Investing Activities

Proceeds/ Deferred proceeds from disposal of associate and joint venture (Note 1)
Payment for purchase of property, plant and equipment
Investment in Singapore Treasury bills
Investment in associates/ joint ventures (Note 2)
Payment/ Deferred payment for acquisition of subsidiaries, net of cash acquired (Note 3)
Proceeds from disposal of subsidiaries, net of cash balances (Note 4)
Purchase of intangible assets
Bank deposits with original maturity of more than three months
Loan to an associate
Payment for acquisition of FVOCI investments (Note 5)
Interest received
Proceeds from sale of FVOCI investments (Note 6)
Withholding tax paid on intra-group interest income
Investment income received from FVOCI investments (net of withholding tax paid)
Payment for acquisition of non-controlling interests
Proceeds from sale of property, plant and equipment
Proceeds from sale of business (Note 7)
Others

2023

S$ Mil

2022

S$ Mil

2,598.4

2,621.2

2,574.1
(1,826.8)
(87.0)
(56.9)
415.8
28.9
1,048.1

2,722.5
(1,652.8)
(290.0)
(90.9)
403.7
43.5
1,136.0

3,646.5

3,757.2

(16.4)
47.1
(101.0)

74.7
194.4
1.0

3,576.2

4,027.3

1,546.5
(346.7)
(0.2)

1,622.4
(351.6)
(0.3)

4,775.8

5,297.8

2,539.8
(2,162.4)
(1,372.0)
(679.2)
(558.0)
250.7
(118.3)
(100.2)
(95.8)
(72.0)
41.2
25.2
(16.1)
10.7
(6.7)
1.9
-
9.5

0.1
(2,217.1)
-
(206.8)
(60.4)
1,853.7
(277.5)
-
-
(66.4)
1.7
193.1
(9.6)
12.8
-
21.7
79.2
31.1

Net cash used in investing activities

(2,301.7)

(644.4)

The accompanying notes on pages 143 to 244 form an integral part of these financial statements.
Independent Auditors’ Report – pages 125 to 130.

139

CONSOLIDATED STATEMENTOF CASH FLOWSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSCash Flows From Financing Activities

Proceeds from term loans
Repayment of term loans
Proceeds from bond issue
Repayment of bonds
Proceeds from other borrowings
Repayment of other borrowings
Lease payments
Net repayment of borrowings
Final dividend paid to shareholders of the Company
Interim dividend paid to shareholders of the Company
Special dividend paid to shareholders of the Company
Net interest paid on borrowings and swaps
Proceeds from issuance of perpetual securities (net of issuance costs)
Net change to other payables
Purchase of performance shares
Distribution paid on perpetual securities
Settlement of swaps for bonds repaid
Dividend paid to non-controlling interests
Capital reduction of subsidiary with non-controlling interests
Others

Net cash used in financing activities

Net change in cash and cash equivalents
Exchange effects on cash and cash equivalents
Cash and cash equivalents at beginning of year

Note

2023

S$ Mil

2022

S$ Mil

1,056.6
(514.2)
267.3
(1,033.9)
33.5
(16.9)
(433.7)
(641.3)
(792.5)
(759.2)
(412.6)
(389.6)
-
131.2
(36.5)
(33.0)
8.3
(6.9)
-
(9.1)

3,006.8
(4,657.1)
296.7
(957.6)
18.6
(6.8)
(410.9)
(2,710.3)
(396.2)
(742.9)
-
(392.9)
997.4
-
(23.4)
(16.6)
43.5
(7.0)
(17.2)
(0.8)

(2,941.2)

(3,266.4)

(467.1)
(37.4)
2,148.7

1,387.0
21.2
740.5

Cash and cash equivalents at end of year

1,644.2

2,148.7

The accompanying notes on pages 143 to 244 form an integral part of these financial statements.
Independent Auditors’ Report – pages 125 to 130.

140

CONSOLIDATED STATEMENTOF CASH FLOWSFor the financial year ended 31 March 2023Note 1: Proceeds from disposal of joint ventures

In the current financial year, the Group sold 3.3% of its direct stake in Bharti Airtel Limited (“Airtel”) to Bharti Telecom
Limited (3.2%) and third parties (0.1%) for a net consideration of S$2.53 billion. Following the divestments, the Group’s
effective economic interest in Airtel reduced from 31.3% to 29.5%.

Note 2:

Investment in associates/ joint ventures

(a)

In the current financial year, the Group completed the subscription of the followings:

(i)

90 million new ordinary shares of its associate, Indara Corporation Pty Ltd (“Indara”), for S$120 million. Indara
was known as Australia Tower Network Pty Ltd before December 2022. Following the subscription, the Group’s
effective shareholding interest in Indara was reduced from 30% to 18%.

(ii) Globe Telecom, Inc.’s rights issue, which represented the Group’s full rights entitlement for its pro-rata stake of

46.8%, for S$196 million.

The Group also acquired 3.8% equity interest of Intouch Holdings Public Company Limited for S$330 million.

(b)

In the previous financial year, the Group subscribed to Airtel’s rights issue for its direct stake of 14% and additional
rights share beyond entitlement. An amount of S$138 million was paid while the remaining will be paid over a period
of up to three years. No additional payment was made during the current financial year.

Note 3: Payment for acquisition of subsidiaries

(a)

In April 2022, the Group completed the acquisition of 100% stake in Dialog Pty Ltd for a total consideration of S$313
million.

The fair values of identifiable net assets and the cash outflow on the acquisition were as follows –

Identifiable intangible assets
Other non-current assets
Cash and cash equivalents
Current assets (excluding cash and cash equivalents)
Total liabilities

Net assets acquired
Goodwill

Total consideration
Less: Consideration unpaid as at 31 March 2023
Less: Cash and cash equivalents acquired

Net outflow of cash

The accompanying notes on pages 143 to 244 form an integral part of these financial statements.
Independent Auditors’ Report – pages 125 to 130.

31 March 2023

S$ Mil

57.4
18.4
7.6
29.3
(69.4)

43.3
269.7

313.0
(10.1)
(7.6)

295.3

141

CONSOLIDATED STATEMENTOF CASH FLOWSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

(b) In May 2022, the Group completed the acquisition of 100% stake in Row TopCo Pty Ltd for a total consideration of

S$266 million.

The fair values of identifiable net assets and the cash outflow on the acquisition were as follows –

Identifiable intangible assets
Other non-current assets
Cash and cash equivalents
Current assets (excluding cash and cash equivalents)
Total liabilities

Net assets acquired
Goodwill

Total consideration
Less: Cash and cash equivalents acquired

Net outflow of cash

31 March 2023

S$ Mil

68.4
3.9
2.9
29.2
(51.1)

53.3
212.6

265.9
(2.9)

263.0

(c)

In the previous financial year, the Group completed the acquisitions of 100% stake in ClayOPs Pte. Ltd., Riley Solutions
Pty Limited and Velocity Business Solutions Limited, and 60% stake in Eighty20 Solutions Pty Ltd for a total consideration
of S$70 million, of which S$60 million was paid. No additional amount was paid during the current financial year.

Note 4: Proceeds from disposal of subsidiaries

(a)

In the current financial year, the Group has completed the sale of 100% equity interest in Amobee Asia Pte. Ltd.,
Amobee, Inc. and Amobee ANZ Pty Ltd. The total proceeds from the sale, net of cash disposed, was S$252 million.

(b)

In the previous financial year, the Group sold its 70% stake in Indara for S$1.85 billion.

Note 5: Payment for acquisition of FVOCI investments

In the current financial year, the Group’s investment in FVOCI investments included the acquisition of an additional
6.1% stake in an Indonesian Bank, PT Super Bank Indonesia (formerly known as PT Bank Fama International) of S$52
million.

Note 6: Proceeds from sale of FVOCI investments

In the previous financial year, the Group sold 1.6% stake in Airtel Africa plc for S$149 million.

Note 7: Proceeds from sale of business

In the previous financial year, Singtel’s wholly-owned subsidiary, Trustwave Holdings, Inc. sold its payment card
industry compliance business for S$110 million of which S$79 million was received. No additional amount was
received during the current financial year.

The accompanying notes on pages 143 to 244 form an integral part of these financial statements.
Independent Auditors’ Report – pages 125 to 130.

142

CONSOLIDATED STATEMENTOF CASH FLOWSFor the financial year ended 31 March 2023

These notes form an integral part of and should be read in conjunction with the accompanying financial statements.

GENERAL

Singtel is domiciled and incorporated in Singapore and is publicly traded on the Singapore Exchange Limited. The
address of its registered office is 31 Exeter Road, Comcentre, Singapore 239732.

The principal activities of the Company consist of the operation and provision of telecommunications systems and
services, and investment holding. The principal activities of the significant subsidiaries are disclosed in Note 47.

In Singapore, the Group has the rights to provide fixed national and international telecommunications services to 31
March 2037, and public cellular mobile telephone services to 31 March 2032. In addition, the Group is licensed to
offer Internet services and has also obtained frequency spectrum and licence rights to install, operate and maintain
mobile communication systems and services including wireless broadband systems and services. The Group also
holds the requisite licence to provide nationwide subscription television services.

In Australia, Optus is granted telecommunication licences under the Telecommunications Act 1991. Pursuant to the
Telecommunications (Transitional Provisions and Consequential Amendments) Act 1997, the licences continued to
have effect after the deregulation of telecommunications in Australia in 1997. The licences do not have finite terms,
but are of continuing operation until cancelled under the Telecommunications Act 1997.

These financial statements were authorised and approved for issue in accordance with a Directors’ resolution dated
24 May 2023.

SIGNIFICANT ACCOUNTING POLICIES

2.1

Basis of Accounting

The financial statements are prepared in accordance with Singapore Financial Reporting Standards (International)
(“SFRS(I)”) including related interpretations, and the provisions of the Companies Act 1967. They have been prepared
under the historical cost basis, except as disclosed in the accounting policies below.

Historical cost is generally based on the fair value of the consideration given in exchange for goods and services.

The preparation of financial statements in conformity with SFRS(I) requires management to make judgements,
estimates and assumptions that affect the application of accounting policies and the reported amounts of assets,
liabilities, income and expenses. Actual results may differ from these estimates.

Estimates and underlying assumptions are reviewed on an ongoing basis. Revisions to accounting estimates are
recognised in the period in which the estimates are revised and in any future periods affected.

Critical accounting estimates and assumptions used that are significant to the financial statements, and areas
involving a higher degree of judgement are disclosed in Note 3.

The accounting policies have been consistently applied by the Group and are consistent with those used in the previous
financial year. The adoption of the new or revised SFRS(I)s and related interpretations which were mandatory from
1 April 2022 had no significant impact on the financial statements of the Group or the Company in the current financial
year.

143

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

2.2

Foreign Currencies

2.2.1

Functional and presentation currency

Items included in the financial statements of each entity in the Group are measured using the currency of the primary
economic environment in which the entity operates (the “functional currency”). The statement of financial position
and statement of changes in equity of the Company and consolidated financial statements of the Group are presented
in Singapore Dollar, which is the functional and presentation currency of the Company and the presentation currency
of the Group.

2.2.2

Translation of goodwill and fair value adjustments

Goodwill and fair value adjustments arising on the acquisition of foreign entities completed on or after 1 April 2005
are treated as assets and liabilities of the foreign entities and are recorded in the functional currencies of the foreign
entities and translated at the exchange rates prevailing at the end of the reporting period. However, for acquisitions
of foreign entities completed prior to 1 April 2005, goodwill and fair value adjustments continue to be recorded at the
exchange rates at the respective dates of the acquisitions.

2.3

Cash and Cash Equivalents

For the purpose of the consolidated statement of cash flows, cash and cash equivalents comprise cash on hand,
balances with banks and fixed deposits with original maturity of three months or less, net of bank overdrafts which
are repayable on demand and which form an integral part of the Group’s cash management. Bank overdrafts are
included under borrowings in the statement of financial position.

2.4

Contract Assets

Where revenue recognised for a customer contract exceeds the amount received or receivable from a customer, a
contract asset is recognised. Contract assets arise from bundled telecommunications contracts where equipment
delivered at a point in time are bundled with services delivered over time. Contract assets also arise from Infocomm
Technology contracts where performance obligations are delivered over time. Contract assets are transferred to
trade receivables when the considerations for performance obligations are billed. Contract assets are included in
‘Trade and other receivables’ under current assets as they are expected to be realised in the normal operating cycle.
Contract assets are subject to impairment review for credit risk in accordance with the expected loss model.

2.5

Trade and Other Receivables

Trade and other receivables, including contract assets and receivables from subsidiaries, associates and joint
ventures, are initially recognised at fair values and subsequently measured at amortised cost using the effective
interest method, less an allowance for expected credit loss (“ECL”).

The Group applied the ‘simplified approach’ for determining the allowance for ECL for trade receivables and contract
assets, where lifetime ECL are recognised in the income statement at initial recognition of receivables and updated at
each reporting date. Lifetime ECL represents the expected credit losses that will result from all possible default events
over the expected life of the receivable. When determining the allowance for ECL, the Group considers reasonable
and supportable information that is relevant and available for customer types. This includes both qualitative and
quantitative information based on the Group’s historical experience and forward looking information such as general
economic factors as applicable. Loss events include financial difficulty or bankruptcy of the debtor, significant delay
in payments and breaches of contracts.

144

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

2.5

Trade and Other Receivables (Cont’d)

Trade and other receivables are written off against the allowance for ECL when there is no reasonable expectation of
recovery. Subsequent recoveries of amounts previously written off are recognised in the income statement.

2.6

Inventories

Inventories are stated at the lower of cost and net realisable value. Cost is determined on the weighted average
basis. Net realisable value is the estimated selling price in the ordinary course of business, less the estimated cost of
completion and selling expenses.

2.7

Treasury Bills

The Group invests in Singapore Treasury bills.

These treasury bills are initially recognised at fair values and subsequently measured at amortised cost using the
effective interest method, less an allowance for ECL.

2.8

Contract Liabilities

Where the amounts received or receivable from customers exceed the revenues recognised for contracts, contract
liabilities or advance billings are recognised in the statement of financial position. Contract liabilities or advance
billings are recognised as revenues when services are provided to customers.

2.9

Trade and Other Payables

Trade and other payables are initially recognised at fair value and subsequently measured at amortised cost using
the effective interest method.

2.10

Borrowings

Borrowings are initially recognised at fair value of the consideration received less directly attributable transaction
costs. After initial recognition, borrowings are subsequently stated at amortised cost using the effective interest
method.

2.11

Associates

In the consolidated statement of financial position, investments in associates include goodwill on acquisition identified
on acquisitions completed on or after 1 April 2001, net of accumulated impairment losses. Goodwill is assessed for
impairment as part of the investment in associates.

Unrealised gains resulting from transactions with associates are eliminated to the extent of the Group’s interest in the
associate. Unrealised losses are eliminated in the same way as unrealised gains, but only to the extent that there is no
evidence of impairment.

If the share of the unrealised gain exceeds its interest in the associate, the unrealised gain is presented net of the
Group’s carrying amount of the associate.

145

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

2.12

Joint ventures

In the consolidated statement of financial position, investments in joint ventures include goodwill on acquisition
identified on acquisitions completed on or after 1 April 2001, net of accumulated impairment losses. Goodwill is
assessed for impairment as part of the investment in joint ventures.

2.13

Business combinations

Business combinations are accounted for using the acquisition method on and after 1 April 2010. The consideration
for each acquisition is measured at the aggregate of the fair values of assets given, liabilities incurred and equity
interests issued by the Group and any contingent consideration arrangement at acquisition date. Acquisition-related
costs, other than those associated with the issue of debt or equity, are expensed as incurred.

Any contingent consideration payable is recognised at fair value at the acquisition date. If the contingent consideration
is classified as equity, it is not re-measured and settlement is accounted for within equity. Otherwise, subsequent
changes to the fair value of the contingent consideration are recognised in the consolidated income statement.

For business combinations that are achieved in stages, any existing equity interests in the acquiree entity are re-
measured to their fair values at acquisition date and any changes are taken to the consolidated income statement.

Non-controlling interests in subsidiaries represent the equity in subsidiaries which are not attributable, directly
or indirectly, to the shareholders of the Company, and are presented separately in the consolidated statement of
comprehensive income, consolidated statement of changes in equity and within equity in the consolidated statement
of financial position. The Group elects for each individual business combination whether non-controlling interests in
the acquiree entity are recognised at fair value, or at the non-controlling interests’ proportionate share of the fair
value of the acquiree entity’s identifiable net assets, at the acquisition date.

Total comprehensive income is attributed to non-controlling interests based on their respective interests in a subsidiary,
even if this results in the non-controlling interests having a debit balance.

Changes in the Group’s interest in subsidiaries that do not result in loss of control are accounted for as equity
transactions.

When the Group loses control of a subsidiary, any interest retained in the former subsidiary is recorded at fair value
with the re-measurement gain or loss recognised in the consolidated income statement.

2.14

Fair Value Through Other Comprehensive Income (“FVOCI”) Investments

On initial recognition, the Group has made an irrevocable election to designate all equity investments (other than
investments in subsidiaries, associates or joint ventures) as FVOCI investments as these are strategic investments held
for the long term. They are initially recognised at fair value plus directly attributable transaction costs, with subsequent
changes in fair value and translation differences recognised in ‘Other Comprehensive Income’ and accumulated
within ‘Fair Value Reserve’ in equity. Upon disposal, the gain or loss accumulated in equity is transferred to retained
earnings and is not reclassified to the income statement. Dividends are recognised in the income statement when the
Group’s right to receive payments is established.

Purchases and sales of investments are recognised on trade date, which is the date that the Group commits to
purchase or sell the investment.

146

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

2.15

Derivative Financial Instruments and Hedging Activities

2.15.1

The Group enters into the following derivative financial instruments to hedge its risks, namely -

Cross currency swaps and interest rate swaps as fair value hedges for interest rate risk and cash flow hedges for
currency risk arising from the Group’s issued bonds. The swaps involve the exchange of principal and floating
or fixed interest receipts in the foreign currency in which the issued bonds are denominated, for principal and
floating or fixed interest payments in the entities’ functional currencies.

Forward foreign exchange contracts as cash flow hedges for the Group’s exposure to foreign currency
exchange risks arising from forecasted or committed expenditure.

Derivative financial instruments are initially recognised at fair value on the date the derivative contract is entered into
and are subsequently re-measured at their fair values at the end of each reporting period.

A derivative financial instrument is carried as an asset when the fair value is positive and as a liability when the fair
value is negative.

Any gains or losses arising from changes in fair value are recognised immediately in the income statement, unless
they qualify for hedge accounting.

2.15.2 Hedge accounting

At the inception of the hedge relationship, the Group documents the relationship between the hedging instrument
and the hedged item, along with the risk management objectives and strategy for undertaking various hedge
transactions. At inception and on an ongoing basis, the Group documents whether the hedging instrument is effective
in offsetting the changes in fair values or cash flows of the hedged item attributable to the hedged risk. To be effective,
the hedging relationships are to meet all of the following requirements:

(i)

there is an economic relationship between the hedged item and the hedging instrument;

(ii)

(iii)

the effect of credit risk does not dominate the fair value changes that result from that economic relationship;
and

the hedge ratio of the hedging relationship is the same as that resulting from the quantity of the hedged item
that the Group hedges and the quantity of the hedging instrument that the Group uses to hedge that quantity
of the hedged item.

If a hedging relationship ceases to meet the hedge effectiveness requirement relating to the hedge ratio but the risk
management objective for that designated hedging relationship remains the same, the Group adjusts the hedge ratio
of the hedging relationship (i.e. rebalances the hedge) so that it meets the qualifying criteria again.

The Group designates the full change in the fair value of a forward currency contract (i.e. including the forwards
elements) as the hedged risk for all its hedging relationships involving forward currency contracts.

147

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

2.15.2 Hedge accounting (Cont’d)

Fair value hedge

Designated derivative financial instruments that qualify for fair value hedge accounting are initially recognised at fair
value on the date that the contract is entered into. Changes in fair value of derivatives are recorded in the income
statement together with any changes in the fair value of the hedged items that are attributable to the hedged risks.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no
longer qualifies for hedge accounting. The adjustment to the carrying amount of the hedged item arising from the
hedged risk is amortised in the income statement from that date.

Cash flow hedge

The effective portion of changes in the fair value of the designated derivative financial instruments that qualify as
cash flow hedges are recognised in ‘Other Comprehensive Income’. The gain or loss relating to the ineffective portion
is recognised immediately in the income statement. Amounts accumulated in the ‘Hedging Reserve’ within equity are
transferred to the income statement in the periods when the hedged items affect the income statement.

However, when the hedged forecast transaction results in the recognition of a non-financial asset or a non-financial
liability, the gain or loss previously recognised in ‘Other Comprehensive Income’ and accumulated in equity are
removed from equity and included in the initial measurement of the cost of the non-financial asset or non-financial
liability. This transfer does not affect ‘Other Comprehensive Income’. Furthermore, if the Group expects some or all the
loss accumulated in ‘Other Comprehensive Income’ will not be recovered in the future, that amount is immediately
reclassified to the income statement.

Hedge accounting is discontinued when the hedging instrument expires or is sold, terminated, or exercised, or no
longer qualifies for hedge accounting. Any cumulative gain or loss deferred in equity at that time remains in equity
and is transferred to the income statement when the forecast transaction is recognised in the income statement.
When a forecast transaction is no longer expected to occur, the cumulative gain or loss that was deferred in equity is
recognised immediately in the income statement.

Hedges directly affected by interest rate benchmark reform

A fundamental reform of major interest rate benchmarks is being undertaken globally to replace some of the interbank
offered rates (“IBORs”) with alternative risk-free rates. In Singapore, the Group has exposure to IBORs on its loans
and derivatives that will be replaced or reformed. The Group’s main IBOR exposure was indexed to Swap Offered
Rate (“SOR”), which will discontinue by June 2023 with the use of Singapore Overnight Rate Average (“SORA”) as the
alternative interest rate benchmark. The Group has adhered to the International Swaps and Derivatives Association,
Inc. 2020 IBOR Fallback Protocol whereby Fallback Rate (SOR) or MAS Recommended Rate after 31 December 2024
will apply for the affected SOR-based derivatives. The Fallback Rate (SOR) will apply for any drawdown on the SOR-
based loan facility.

Phase 1: Prior to interest rate benchmark reform

The Group’s exposure to SOR designated in hedging relationships that will be affected by the interest rate benchmark
reform approximates S$2.45 billion as at 31 March 2023 (31 March 2022: S$3.10 billion), representing the notional
amount of the hedging interest rate and cross currency swaps maturing in 2026 to 2031.

148

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

2.15.2 Hedge accounting (Cont’d)

For the purpose of evaluating whether there is an economic relationship between the hedged item(s) and the hedging
instrument(s), the Group assumes that the benchmark interest rate is not altered as a result of interest rate benchmark
reform.

Phase 2 amendments: Replacement of benchmark interest rate

The Group applied the practical expedient that any change arising from the renegotiation with the lenders and
hedging banks for a new alternative reference rate on an ‘economically equivalent’ basis, will be accounted for by
updating the effective interest rate.

As at 31 March 2023, the notional amount of hedging cross currency swaps maturing in 2031 where the interest rate
benchmark has been replaced with SORA amounted to S$1.31 billion (31 March 2022: S$653 million).

2.16

Fair Value Estimation of Financial Instruments

Fair value is the price that would be received to sell an asset or paid to transfer a liability in an orderly transaction
between market participants at the measurement date, regardless of whether that price is directly observable or
estimated using another valuation technique. In estimating the fair value of an asset or a liability, the Group takes into
account the characteristics of the asset or liability which market participants would take into account when pricing the
asset or liability at the measurement date.

The following methods and assumptions are used to estimate the fair value of each class of financial instrument –

Bank balances, Singapore Treasury bills, receivables and payables, current borrowings

The carrying amounts approximate fair values due to the relatively short maturity of these instruments.

Quoted and unquoted investments

The fair values of investments traded in active markets are based on the market quoted price or the price quoted by
the market maker at the close of business at the end of the reporting period.

The fair values of unquoted investments are determined primarily using latest arm’s length transactions.

Cross currency and interest rate swaps

The fair value of a cross currency or an interest rate swap is the estimated amount that the swap contract can be
exchanged for or settled with under normal market conditions. This fair value can be estimated using the discounted
cash flow method where the future cash flows of the swap contract are discounted at the prevailing market foreign
exchange rates and interest rates. Market interest rates are actively quoted interest rates or interest rates computed
by applying techniques to these actively quoted interest rates.

Forward foreign currency contracts

The fair value of forward foreign exchange contracts is determined using forward exchange market rates for contracts
with similar maturity profiles at the end of the reporting period.

149

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

2.16

Fair Value Estimation of Financial Instruments (Cont’d)

Non-current borrowings

For disclosure purposes, the fair values of non-current borrowings which are traded in active markets are based on
the quoted market ask price. For other non-current borrowings, the fair values are based on valuations provided by
service providers or estimated by discounting the future contractual cash flows using discount rates based on the
borrowing rates which the Group expects would be available at the end of the reporting period.

2.17 Financial Guarantee Contracts

Financial guarantees issued by the Company prior to 1 April 2010 are recorded initially at fair values plus transaction
costs and amortised in the income statement over the period of the guarantee. Financial guarantees issued by the
Company on or after 1 April 2010 are directly charged to the subsidiary as guarantee fees based on fair values.

2.18

Property, Plant and Equipment

Property, plant and equipment are stated at cost less accumulated depreciation and accumulated impairment
losses, where applicable. The cost of self-constructed assets includes the cost of material, direct labour, capitalised
borrowing costs and an appropriate proportion of production overheads.

Depreciation is calculated on a straight-line basis to write off the cost of the property, plant and equipment, less its
residual value, over its expected useful life. The estimated useful lives are as follows –

Buildings
Transmission plant and equipment
Switching equipment
Other plant and equipment

No. of years

5 - 48
2 - 25
2 - 15
2 - 25

Other plant and equipment consist mainly of motor vehicles, office equipment, and furniture and fittings.

No depreciation is provided on freehold land and capital work-in-progress.

In respect of capital work-in-progress, assets are depreciated from the month the asset is completed and ready for
use.

2.19

Intangible Assets

2.19.1 Goodwill

Goodwill on acquisition of subsidiaries on and after 1 April 2010 represents the excess of the consideration transferred,
the recognised amount of any non-controlling interest in the acquiree entity and the fair value of any previous equity
interest in the acquiree entity over the fair value of the net identifiable assets acquired, including contingent liabilities,
at the acquisition date. Such goodwill is recognised separately as intangible asset and stated at cost less accumulated
impairment losses.

150

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

2.19.1 Goodwill (Cont’d)

Acquisitions completed prior to 1 April 2001

Goodwill on acquisitions of subsidiaries, associates and joint ventures completed prior to 1 April 2001 had been
adjusted in full against ‘Other Reserves’ within equity. Such goodwill has not been retrospectively capitalised and
amortised.

The Group also had acquisitions where the costs of acquisition were less than the fair value of identifiable net assets
acquired. Such differences (negative goodwill) were adjusted against ‘Other Reserves’ in the year of acquisition.

Goodwill which has been previously taken to ‘Other Reserves’, is not taken to the consolidated income statement when
the entity is disposed of or when the goodwill is impaired.

Acquisitions completed on or after 1 April 2001

Prior to 1 April 2004, goodwill on acquisitions of subsidiaries, associates and joint ventures completed on or after
1 April 2001 was capitalised and amortised on a straight-line basis in the consolidated income statement over its
estimated useful life of up to 20 years. In addition, goodwill was assessed for indications of impairment at the end of
each reporting period.

Since 1 April 2004, goodwill is no longer amortised but is tested annually for impairment or whenever there is an
indication of impairment. The accumulated amortisation for goodwill as at 1 April 2004 had been eliminated with a
corresponding decrease in the capitalised goodwill.

When there is negative goodwill, a bargain purchase gain is recognised directly in the consolidated income statement.

Gains or losses on disposal of subsidiaries, associates and joint ventures include the carrying amount of capitalised
goodwill relating to the entity sold.

2.19.2 Other intangible assets

Expenditure on telecommunication and spectrum licences are capitalised and amortised using the straight-line
method over their estimated useful lives of 4 to 20 years.

Other intangible assets which are acquired in business combinations are carried at fair values at the date of
acquisition, and amortised on a straight-line basis over the period of the expected benefits. Customer relationships
or customer contracts, brand, and technology have estimated useful lives of 2 to 10 years. Other intangible assets are
stated at cost less accumulated amortisation and accumulated impairment losses.

151

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

2.20

Impairment of Non-Financial Assets

Goodwill on acquisition of subsidiaries is subject to an annual impairment test or is more frequently tested for
impairment if events or changes in circumstances indicate that it might be impaired. Goodwill is not amortised.

Other intangible assets of the Group, which have finite useful lives and are subject to amortisation, as well as property,
plant and equipment and investments in subsidiaries, associates and joint ventures, are reviewed at the end of each
reporting period to determine whether there is any indicator for impairment, or whenever events or changes in
circumstances indicate that the carrying amount may not be recoverable. If any such indication exists, the assets’
recoverable amounts are estimated.

For the purposes of assessing impairment, assets are grouped at the lowest levels for which there are separately
identifiable cash flows (cash-generating units).

An impairment loss is recognised for the amount by which the asset’s carrying amount exceeds its recoverable
amount. The recoverable amount is the higher of the asset’s fair value less costs of disposal and its value-in-use.

An impairment loss for an asset, other than goodwill on acquisition of subsidiaries, is reversed if, and only if, there has
been a change in the estimates used to determine the asset’s recoverable amount since the last impairment loss was
recognised. Impairment loss on goodwill on acquisition of subsidiaries is not reversed.

2.21

Non-current Assets (or Disposal Groups) Held For Sale

Non-current assets (or disposal groups) are classified as assets held for sale and stated at the lower of their carrying
amounts and fair value less costs to sell if their carrying amounts are recovered principally through sale transactions
rather than through continuing use.

2.22

Share Capital

Ordinary shares are classified as equity. Incremental costs directly attributable to the issuance of new equity shares
are taken to equity as a deduction, net of tax, from the proceeds.

When the Company purchases its own equity share capital, the consideration paid, including any directly attributable
costs, is recognised as ‘Treasury Shares’ within equity. When the shares are subsequently disposed, the realised gains
or losses on disposal of the treasury shares are included in ‘Other Reserves’ of the Company.

DBS Trustee Limited (the “Trust”) is the trustee of a trust established to administer the performance shares plans. The
Trust acquires shares in the Company from the open market for delivery to employees upon vesting of performance
shares awarded under Singtel performance share plans. Such shares are designated as ‘Treasury Shares’. In the
consolidated financial statements, the cost of unvested shares, including directly attributable costs, is recognised as
‘Treasury Shares’ within equity.

Upon vesting of the performance shares, the weighted average costs of the shares delivered to employees, whether
held by the Company or the Trust, are transferred to ‘Capital Reserve’ within equity in the financial statements.

152

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

2.23

Perpetual Securities

The perpetual securities issued by the Group do not have a maturity date and the Group may elect to defer making
a distribution, subject to the terms and conditions of the securities issue. Accordingly, the Group is not considered to
have a contractual obligation to make principal repayments or distributions in respect of its perpetual securities issue
and the perpetual securities are classified and presented as equity.

Distributions are treated as dividends which will be directly debited from equity. Incremental costs directly attributable
to the issuance of perpetual securities are deducted against the proceeds from the issue.

2.24

Revenue Recognition

Revenue is recognised when the Group satisfies a performance obligation by transferring control of a promised good
or service to the customer. It is measured based on the amount of the transaction price allocated to the satisfied
performance obligation, and are net of goods and services tax, rebates, discounts and sales within the Group.

Revenue from service contracts are recognised ratably over the contract periods as control over the services passes
to the customers as services are provided. Service revenue is also recognised based on usage (e.g. minutes of traffic/
bytes of data).

For prepaid cards which have been sold, revenue is recognised based on usage. A contract liability is recognised for
advance payments received from customers where services have not been rendered as at the end of the reporting
period. Expenses directly attributable to the unearned revenue are deferred until the revenue is recognised.

Revenue from the sale of equipment (e.g. handsets and accessories) is recognised upon the transfer of control to the
customer or third party dealer which generally coincides with delivery and acceptance of the equipment sold.

Goods and services deliverable under bundled telecommunication contracts are identified as separate performance
obligations to the extent that the customer can benefit from the goods or services on their own. The transaction price
is allocated between goods and services based on their relative standalone selling prices. Standalone selling prices
are determined by assessing prices paid for standalone equipment and for service-only contracts. Where standalone
selling prices are not directly observable, estimation techniques are used.

Contracts with customers generally do not include a material right. In cases where material rights are granted such as
the award of mobile price plan discount vouchers, a portion of the transaction price is deferred as a contract liability
and is not recognised as revenue until this additional performance obligation has been satisfied or has lapsed.

Incentives given to customers are recognised as a reduction from revenue in accordance with the specific terms and
conditions of each contract.

Non-refundable, upfront service activation and setup fees associated with service arrangements are deferred and
recognised over the associated service contract period or customer life.

The Group may exchange network capacity with other capacity or service providers. The exchange is regarded as a
transaction which generates revenue unless the transaction lacks commercial substance or the fair value of neither
the capacity received nor the capacity given up is reliably measurable.

153

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

2.24

Revenue Recognition (Cont’d)

When the Group has control of goods or services prior to delivery to a customer, the Group is the principal in the sale
to the customer. If another party has control of goods and services prior to transfer to a customer, then the Group is
acting as an agent for the other party and revenue is recognised net of any related payments. The Group typically
acts as an agent for digital mobile content such as music and video.

For Infocomm Technology projects, revenue is recognised over time based on the cost-to-cost method, i.e. based on
the proportion of contract costs incurred for work performed to date relative to the estimated total contract costs,
while invoicing is typically based on milestones. A contract asset is recognised for work performed. Any amount
previously recognised as a contract asset is transferred to trade receivable upon invoicing to the customer. If the
milestone payment exceeds the revenue recognised to date, then the Group recognises a contract liability for the
difference.

Revenues from sale of perpetual software licences and the related hardware are recognised when title passes to the
customer, generally upon delivery.

Revenues from digital advertising services and solutions are recognised when advertising services are delivered, and
when digital advertising impressions are delivered or click-throughs occur. Revenue from sale of advertising space is
recognised when the advertising space is filled and sold to customers.

Dividend income is recorded gross in the income statement when the right to receive payment is established.

Interest income is recognised on a time proportion basis using the effective interest method.

Revenue recognition for leases is described in Note 2.25.1.

2.25

Leases

2.25.1

Lessor accounting

The Group is a lessor mainly for data centres, ducts and fibres.

Operating leases are leases where the Group retains substantially all the risks and rewards of ownership of the assets.
Income from operating leases are recognised on a straight-line basis over the lease terms as the entitlement to the
fees accrues. The leased assets are included in the statement of financial position as property, plant and equipment.

Finance leases are leases of assets where substantially all the risks and rewards incidental to ownership of the assets
are transferred by the Group to the lessees. Receivables under finance leases are presented in the statement of
financial position at an amount equal to the net investment in the leases and the leased assets are de-recognised.
Finance income is allocated using a constant periodic rate of return on the net investment over the lease term.

154

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

2.25.2

Sales of network capacity

Sales of network capacity are accounted as finance leases where -

(i)
(ii)
(iii)
(iv)
(v)

the purchaser’s right of use is exclusive and irrevocable;
the asset is specific and separable;
the terms of the contract are for the major part of the asset’s economic useful life;
the attributable costs or carrying value can be measured reliably; and
no significant risks are retained by the Group.

Sales of network capacity that do not meet the above criteria are accounted for as operating leases.

2.25.3

Lessee accounting

The Group is a lessee mainly for central offices, data centres, corporate offices, retail stores, ducts and manholes.

The Group implements a single accounting model where lessees recognise right-of-use assets and liabilities for all
leases. The Group accounts for short term leases, i.e. leases with terms of 12 months or less, as well as low-valued
assets as operating expenses in the income statement over the lease term.

A right-of-use asset and a lease liability are recognised at commencement date of the contract for all leases conveying
the right to control the use of identified assets for a period of time. The commencement date is the date on which a
lessor makes an underlying asset available for use by a lessee.

Renewal and termination options exercisable by the Group are included in lease terms across the Group if the Group
is reasonably certain that they are to be extended (or not terminated).

After the commencement date, the right-of-use assets are measured at cost less any accumulated depreciation and
any accumulated impairment losses and adjusted for any re-measurement of the lease liability.

Depreciation is calculated using the straight-line method over the shorter of the asset’s useful life or the lease term.

The lease liability is initially measured at the present value of the lease payments that are not paid at that date. The
lease payments are discounted using the Group’s incremental borrowing rate or the rate implicit in the lease.

After the commencement date, the Group measures the lease liability by:
- increasing the carrying amount to reflect interest on the lease liability,
- reducing the carrying amount to reflect lease payments made, and
- re-measuring the carrying amount to reflect any reassessment or lease modifications.

155

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

SIGNIFICANT ACCOUNTING POLICIES (Cont’d)

2.26 Contract Costs

Sales commission and the costs of customer premise equipment directly attributable to obtaining and fulfilling a
customer’s contract are capitalised in the statement of financial position and amortised as operating expenses over
the contract period or expected customer relationship period.

Costs to obtain contracts in the form of handset subsidies given to mobile customers via indirect channels are also
capitalised in the statement of financial position but are amortised as a reduction of mobile service revenue over the
contract period or expected customer relationship period. The contract period or expected customer relationship
period typically ranges from 1 year to 5 years.

Capitalised contract costs are included in ‘Other Assets’ under non-current assets.

2.27

Share-based compensation

The performance share plans of the Group are accounted for as equity-settled share-based payments. The share
option plans of the subsidiaries are accounted for as equity-settled share-based payments.

Equity-settled share-based payments are measured at fair value at the date of grant. The share-based payment
expense is amortised and recognised in the income statement on a straight-line basis over the vesting period.

At the end of each reporting period, the Group revises its estimates of the number of equity instruments that the
participants are expected to receive based on non-market vesting conditions. The difference is charged or credited
to the income statement, with a corresponding adjustment to equity.

The dilutive effects of the Singtel performance share plans are reflected as additional share dilution in the computation
of diluted earnings per share.

2.28

Dividends

Interim and special dividends are recorded in the financial year in which they are declared payable. Final dividends
are recorded in the financial year in which the dividends are approved by the shareholders.

2.29

Exceptional Items

Exceptional items refer to items of income or expense within the income statement from ordinary activities that are of
such size, nature or incidence that their separate disclosure is considered necessary to explain the performance for
the financial year.

156

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS

The Group makes estimates and assumptions concerning the future. The resulting accounting estimates will, by
definition, seldom be equal to the future actual results. As accounting standards are principles-based, professional
judgement is required under certain circumstances. The estimates, assumptions and judgements that bear a
significant risk of causing a material adjustment to the carrying amounts of assets and liabilities are discussed below.

3.1

Impairment Reviews

The accounting policies for impairment of non-financial assets are stated in Note 2.20.

During an impairment review, the Group assesses whether the carrying amount of an asset or cash-generating unit
exceeds its recoverable amount. Recoverable amount is defined as the higher of an asset’s or cash-generating unit’s
fair value less costs of disposal and its value-in-use. In making this judgement, the Group evaluates the fair value
less costs of disposal or value-in-use which is supported by the net present value of future cash flows derived from
such assets or cash-generating units using cash flow projections which have been discounted at an appropriate rate.
Forecasts of future cash flows are based on the Group’s estimates using historical, sector and industry trends, general
market and economic conditions, changes in technology and other available information.

The assumptions used by management to determine the fair value less costs of disposal of subsidiary held for sale are
disclosed in Note 19 and the assumptions for the value-in-use calculations of goodwill on acquisition of subsidiaries
are disclosed in Note 27.

Goodwill recorded by associates and joint ventures is required to be tested for impairment at least annually. The
impairment assessment requires the exercise of significant judgement about future market conditions, including
growth rates and discount rates applicable in a number of markets where the associates and joint ventures operate.
The carrying values of joint ventures and associates including goodwill capitalised are stated in Note 25 and Note 26
respectively.

3.2

Taxation

The Group is subject to income taxes in numerous jurisdictions. Judgement is involved in determining the group-wide
provision for income taxes. There are certain transactions and computations for which the ultimate tax determination
is uncertain during the ordinary course of business. The Group recognises liabilities for expected tax issues based
on estimates of whether additional taxes will be due. Where the final outcome of these matters is different from the
amounts that were initially recognised, such differences will impact the income tax and deferred tax provisions in the
period in which such determination is made.

3.3

Contingent Liabilities

The Group consults with its legal counsel on matters related to litigation, and other experts both within and outside
the Group with respect to matters in the ordinary course of business. As at 31 March 2023, the Group was involved in
various legal proceedings where it has been vigorously defending its claims as disclosed in Note 44. Assessment on
whether the risk of loss is remote, possible or probable requires significant judgement given the complexities involved.

The Group’s associates and joint ventures also report significant contingent liabilities. The significant contingent
liabilities of the Group’s associates and joint ventures are disclosed in Note 45.

157

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

CRITICAL ACCOUNTING ESTIMATES, ASSUMPTIONS AND JUDGEMENTS (Cont’d)

3.4

Revenue Recognition

The accounting policies for revenue recognition are stated in Note 2.24.

The application of SFRS(I) 15 requires the Group to exercise judgement in identifying distinct or non-distinct
performance obligations. For bundled telecommunications contracts, the Group is required to estimate the standalone
selling prices of performance obligations, which materially impacts the allocation of revenue between performance
obligations. Where the Group does not sell equivalent goods or services in similar circumstances on a standalone
basis, it is necessary to estimate the standalone selling price. Changes in estimates of standalone selling prices can
significantly influence the allocation of the transaction price between performance obligations. When estimating the
standalone selling price, the Group maximises the use of observable inputs.

For Infocomm Technology contracts, significant judgements and estimates are made by the Group in the recognition
and measurement of revenue from long-term contracts. For these contracts, estimates are required in determining
the budgeted cost and cost to complete to measure the revenue to be recognised.

158

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

OPERATING REVENUE

Mobile service (1)
Sale of equipment
Handset operating lease income
Mobile
Infocomm Technology (“ICT”) (2)
Data and Internet
Fixed voice
Pay television
Digital businesses (3)
Others

Operating revenue

Operating revenue
Other income
Interest and investment income (see Note 10)

Total

2023

S$ Mil

4,963.8
2,054.9
0.8
7,019.5
3,846.1
3,068.9
376.5
218.0
25.8
69.6

Group

2022

S$ Mil

4,963.3
2,024.2
18.5
7,006.0
3,425.2
3,181.3
442.1
273.9
948.7
61.9

14,624.4

15,339.1

14,624.4
195.1
56.9

15,339.1
153.0
90.9

14,876.4

15,583.0

Notes:
(1)

Included revenues from subscription (prepaid/postpaid), interconnect, outbound and inbound roaming, wholesale revenue from Mobile Virtual
Network Operators and mobile content services such as music and video.
Included equipment sales related to ICT services.
Included digital marketing and advertising services from Amobee which was disposed in September 2022.

(2)
(3)

As at 31 March 2023, the transaction price attributable to unsatisfied performance obligations for ICT services
rendered by NCS Pte. Ltd. and its subsidiaries was approximately S$4 billion (31 March 2022: S$3 billion) which would
substantially be recognised as operating revenue over the next 5 years.

Service contracts with consumers typically range from a month to 3 years, and contracts with enterprises typically
range from 1 to 3 years.

159

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

OPERATING EXPENSES

Cost of equipment sold (1)
Staff costs
Selling and administrative costs (2)
Other cost of sales
Traffic expenses
Repair and maintenance

Notes:
(1)
(2)

Included equipment costs related to ICT services.
Included supplies and services.

5.1

Staff Costs

Group

2023

S$ Mil

2022

S$ Mil

2,603.8
2,898.1
1,917.8
1,700.6
1,534.4
478.9

2,580.4
2,773.7
1,941.1
2,283.6
1,659.8
486.2

11,133.6

11,724.8

Group

2023

S$ Mil

2022

S$ Mil

Staff costs included the following -

Contributions to defined contribution plans

250.4

235.6

Performance share and share option expenses
- equity-settled arrangements
- cash-settled arrangements

35.7
-

36.1
0.9

160

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023
5.

OPERATING EXPENSES (Cont’d)

5.2

Key Management Personnel Compensation

Key management personnel compensation (1)
Executive director (2)
Other key management personnel (3)

Directors’ remuneration (4)

Group

2023

S$ Mil

2022

S$ Mil

3.4 3.4
13.6 13.9

17.0 17.3
3.8 2.1

20.8 19.4

Notes:
(1) Comprise base salary, bonus, contributions to defined contribution plans and other benefits, but exclude performance share and share option

(2)

(3)

expenses disclosed below.
The Group Chief Executive Officer, an executive Director, was awarded up to 5,942,484 (2022: 4,359,141) ordinary shares of Singtel pursuant to
Singtel performance share plans, subject to certain performance criteria including other terms and conditions being met. The performance share
expense computed in accordance with SFRS(I) 2, Share-based Payment, was S$2.4 million (2022: S$1.6 million).
The other key management personnel of the Group comprise the Chief Executive Officers of Optus, Consumer Singapore, Group Enterprise and
Regional Data Centre Business, and NCS, Group Chief Corporate Officer, Group Chief Financial Officer, Group Chief People and Sustainability
Officer, Group Chief Information Officer/ Chief Digital Officer, and Group Chief Technology Officer (for the period from 1 April 2022 to 11
December 2022).
The other key management personnel were awarded up to 18,106,422 (2022: 12,487,259) ordinary shares of Singtel pursuant to Singtel
performance share plans, subject to certain performance criteria including other terms and conditions being met. The performance share
expense computed in accordance with SFRS(I) 2 was S$7.3 million (2022: S$5.6 million).

(4) Directors’ remuneration comprised the following:

(i) Directors’ fees of S$3.8 million (2022: S$2.1 million), including fees paid to certain directors in their capacities as members of the Optus

Advisory Committee and the Technology Advisory Panel, and as director of Amobee, Inc.

(ii) Car-related benefits of the Chairman of S$15,908 (2022: S$13,904).

5.3

Share-based Payments

Equity-settled share-based payments are measured at fair value at the date of grant. In addition, the Group revises
the estimated number of equity instruments that participants are expected to receive based on non-market vesting
conditions at the end of each reporting period.

The Group uses expert valuation services to determine the fair values. The assumptions of the valuation model used
to determine the fair values are set out in Note 5.3.1 and Note 5.3.2.

5.3.1

Performance share plans

Restricted Share Awards and Performance Share Awards are granted to selected employees of Singtel and its
subsidiaries. The awards are conditional upon the achievement of predetermined performance targets or vesting
conditions over the performance period of three years. A separate One-Off Long-Term Incentive Award with a five-
year performance period was granted to the members of the Management Committee and selected key executives.

The awards are to be settled by Singtel shares only.

161

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

OPERATING EXPENSES (Cont’d)

5.3.1

Performance share plans (Cont’d)

Early vesting of the performance shares can also occur under special circumstances as approved by the Executive
Resource and Compensation Committee such as retirement, redundancy, illness and death while in employment.

Though the performance shares are awarded by Singtel, the respective subsidiaries bear all costs and expenses in
any way arising out of, or connected with, the grant and vesting of the awards to their employees.

The fair values of the performance shares are estimated using a Monte-Carlo simulation methodology at the grant
value dates for equity-settled awards.

Restricted Share Awards

The movements of the number of performance shares for the Restricted Share Awards during the financial year were
as follows –

Group and Company
2023

Date of grant

FY2020 (1)
20 June 2019
September 2019 to March 2020

FY2021
23 June 2020
September 2020 to March 2021

FY2022
23 June 2021
September 2021 to March 2022

FY2023
23 June 2022
September 2022 to March 2023

Outstanding
as at
1 April
2022
‘000

3,307
89

8,392
152

11,228
380

Granted
‘000

Vested
‘000

Cancelled
‘000

Outstanding
as at
31 March
2023
‘000

-
-

(3,261)
(76)

(46)
(13)

(4,214)
(76)

(315)
(22)

(3,800)
(126)

(605)
-

-
-

3,863
54

6,823
254

-
-

12,594
592

(39)
(14)

(533)
-

12,022
578

23,548

13,186

(11,606)

(1,534)

23,594

Note:
(1)

“FY2020” denotes financial year ended 31 March 2020.

162

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

OPERATING EXPENSES (Cont’d)

5.3.1

Performance share plans (Cont’d)

Group and Company
2022

Date of grant

FY2019
19 June 2018
September 2018 to March 2019

FY2020
20 June 2019
September 2019 to March 2020

FY2021
23 June 2020
September 2020 to March 2021

FY2022
23 June 2021
September 2021 to March 2022

Outstanding
as at
1 April
2021
‘000

3,736
126

7,265
207

9,452
188

Granted
‘000

Vested
‘000

Cancelled
‘000

Outstanding
as at
31 March
2022
‘000

-
-

(3,706)
(126)

(30)
-

(3,680)
(98)

(106)
-

(278)
(20)

(954)
(36)

-
-

3,307
89

8,392
152

-
-

12,442
425

(43)
-

(1,171)
(45)

11,228
380

20,974

12,867

(7,759)

(2,534)

23,548

The fair values of the Restricted Share Awards and the assumptions of the fair value model for the grants were as
follows –

Equity-settled

23 June 2020

Date of grant

23 June 2021

23 June 2022

Fair value at grant date

S$2.27

S$2.09

S$2.24

Assumptions under Monte-Carlo Model

Expected volatility
Singtel

19.6%

21.8%
36 months historical volatility preceding valuation date

22.3%

Risk free interest rates
Yield of Singapore Government Securities on

17 June 2020

16 June 2021

16 June 2022

163

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

OPERATING EXPENSES (Cont’d)

5.3.1

Performance share plans (Cont’d)

Modification (from cash-settled to equity-settled)

23 June 2020

23 June 2021

Date of grant

Fair value at 8 November 2021 (1)

S$2.47

S$2.40

Assumptions under Monte-Carlo Model

Expected volatility
Singtel

Risk free interest rates
Yield of Singapore Government Securities on

22.2%

36 months historical volatility preceding valuation date

8 November 2021

Note:
(1) With effect from 8 November 2021, awards have been modified from cash-settled to equity-settled.

Performance Share Awards

The movements of the number of performance shares for the Performance Share Awards during the financial year
were as follows –

Group and Company
2023

Date of grant

FY2020
20 June 2019
September 2019 to March 2020

FY2021
23 June 2020
September 2020 to March 2021

FY2022
23 June 2021
September 2021 to March 2022

FY2023
23 June 2022

Outstanding
as at
1 April
2022
‘000

Granted
‘000

Vested
‘000

Cancelled
‘000

5,633
122

-
-

(5,633)
(122)

5,597
45

-
-

(2)
-

(106)
(26)

4,395
224

-
-

(16)
-

(193)
-

Outstanding
as at
31 March
2023
‘000

-
-

5,489
19

4,186
224

1,661

(94)

1,567

16,016

1,661

(18)

(6,174)

11,485

164

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

OPERATING EXPENSES (Cont’d)

5.3.1

Performance share plans (Cont’d)

Group and Company
2022

Date of grant

FY2019
19 June 2018
September 2018 to March 2019

FY2020
20 June 2019
September 2019 to March 2020

FY2021
23 June 2020
September 2020 to March 2021

FY2022
23 June 2021
September 2021 to March 2022

Outstanding
as at
1 April
2021
‘000

Granted
‘000

Vested
‘000

Cancelled
‘000

Outstanding
as at
31 March
2022
‘000

3,787
20

- -
- -

(3,787)
(20)

5,851
129

- -
- -

(218)
(7)

5,807
45

- (3)
- -

(207)
-

-
-

4,520
250

(2)
-

(123)
(26)

-
-

5,633
122

5,597
45

4,395
224

15,639

4,770

(5)

(4,388)

16,016

The fair values of the Performance Share Awards and the assumptions of the fair value model for the grants were as
follows –

Equity-settled

23 June 2020

Date of grant

23 June 2021

23 June 2022

Fair value at grant date

S$1.36

S$1.50

S$1.84

Assumptions under Monte-Carlo Model
Expected volatility
Singtel

Risk free interest rates
Yield of Singapore Government Securities on

19.6%

21.8%
36 months historical volatility preceding valuation date

22.3%

17 June 2020

16 June 2021

16 June 2022

165

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

OPERATING EXPENSES (Cont’d)

5.3.1

Performance share plans (Cont’d)

Modification (from cash-settled to equity-settled)

23 June 2020

23 June 2021

Date of grant

Fair value at 8 November 2021 (1)

S$1.20

S$1.74

Assumptions under Monte-Carlo Model

Expected volatility
Singtel

Risk free interest rates
Yield of Singapore Government Securities on

22.2%

36 months historical volatility preceding valuation date

8 November 2021

Note:
(1) With effect from 8 November 2021, awards have been modified from cash-settled to equity-settled.

One-Off Long-Term Incentive Award

The movements of the number of performance shares for the One-Off Long-Term Incentive Award during the financial
year were as follows –

Group and Company
2023

Date of grant

FY2022
23 June 2021

FY2023
23 June 2022

Group and Company
2022

Date of grant

FY2022
23 June 2021

166

Outstanding
as at
1 April
2022
‘000

Granted
‘000

Vested
‘000

Cancelled
‘000

Outstanding
as at
31 March
2023
‘000

15,763

6,647

15,763

6,647

15,763

(277)

6,370

(277)

22,133

Outstanding
as at
1 April
2021
‘000

Granted
‘000

Vested
‘000

Cancelled
‘000

Outstanding
as at
31 March
2022
‘000

16,810

(1,047)

15,763

(1,047)

15,763

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

OPERATING EXPENSES (Cont’d)

5.3.1

Performance share plans (Cont’d)

The fair values of the One-Off Long-Term Incentive Award and the assumptions of the fair value model for the grant
were as follows –

Equity-settled

Date of grant

23 June 2021

23 June 2022

Fair value at grant date

S$0.89

S$1.07

Assumptions under Monte-Carlo Model

Expected volatility
Singtel

18.6%

18.4%

1,300 days historical volatility preceding valuation date

Risk free interest rates
Yield of Singapore Government Securities on

16 June 2021

1 April 2022

5.3.2

Trustwave’s share options - equity-settled arrangement

In May 2022, Trustwave Holdings, Inc (“TW”), a wholly-owned subsidiary of the Company, implemented the Trustwave
Holdings, Inc. 2022 Equity Incentive Plan (“TW Plan”). Under the terms of TW Plan, options to purchase ordinary
shares of TW may be granted to employees (including executive directors) and non-executive directors of TW and/or
any of its subsidiaries. The TW Plan replaced the earlier Singtel Enterprise Security Pte. Ltd. 2020 Long-Term Incentive
Plan which was cancelled in May 2022.

Options are exercisable at a price no less than 100% of the fair value of the ordinary shares of TW on the date of grant,
and are scheduled to be fully vested 4 years from the vesting commencement date.

The grant date, exercise price and fair value of the stock options were as follows –

Equity-settled

Date of grant

1 May 2022, 1 October 2022

Exercise price

Fair value
at grant date

US$

0.16

US$

0.16

The term of each option granted is 10 years from the date of grant.

The fair value for the stock options granted was estimated using the Black-Scholes pricing model.

From 1 April 2022 to 31 March 2023,

(a) options in respect of 10.7 million ordinary shares in TW have been granted to the employees and non-executive

directors of TW and/or its subsidiaries.

(b) no ordinary shares of TW were issued during the financial year pursuant to the exercise of options granted under

the TW Plan.

As at 31 March 2023, options in respect of an aggregate of 10.4 million of ordinary shares in TW are outstanding.

167

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

OPERATING EXPENSES (Cont’d)

5.4

Structured Entity

The Trust’s purpose is to purchase the Company’s shares from the open market for delivery to the recipients upon
vesting of the share-based payments awards.

As at the end of the reporting period, the Trust held the following assets -

Cost of Singtel shares, net of vesting
Cash at bank

Group

2023

S$ Mil

2022

S$ Mil

Company

2023

S$ Mil

2022

S$ Mil

-
*

6.0
0.2

6.2

-
*

5.6
0.2

5.8

“*” denotes amount of less than S$0.05 million

The details of Singtel shares held by the Trust were as follows –

Group

Balance as at 1 April
Purchase of Singtel shares
Vesting of shares

Number of shares

Amount

2023

‘000

2022

‘000

2023

S$ Mil

2,198
216
(2,414)

6,491
948
(5,241)

6.0
0.6
(6.6)

2022

S$ Mil

18.3
2.3
(14.6)

Balance as at 31 March

2,198

6.0

Upon consolidation of the Trust in the consolidated financial statements, the weighted average cost of vested Singtel
shares is taken to ‘Capital Reserve’ whereas the weighted average cost of unvested shares is taken to ‘Treasury
Shares’ within equity. See Note 2.22.

168

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

OPERATING EXPENSES (Cont’d)

5.5

Other Operating Expense Items

Operating expenses included the following -

Auditors’ remuneration
- KPMG LLP, Singapore
- KPMG, Australia
- Other KPMG offices

Non-audit fees paid to
- KPMG LLP, Singapore
- KPMG, Australia
- Other KPMG offices

Impairment of trade receivables
Allowance for inventory obsolescence
Lease expenses for short term leases

“*” denotes amount of less than S$0.05 million.

Group

2023

S$ Mil

2022

S$ Mil

3.0
2.6
0.9

0.5
0.3
0.1

86.3
7.5
14.7

2.4
1.7
1.2

0.7
0.2
*

94.8
1.8
19.7

The Audit Committee had undertaken a review of the non-audit services provided by the auditors, KPMG LLP, and in
the opinion of the Audit Committee, these services did not affect the independence of the auditors.

OTHER INCOME

Other income included the following items -

Rental income
Net gains/ (losses) on disposal of property, plant and equipment
Net foreign exchange losses

Group

2022

S$ Mil

3.5
(6.5)
(1.8)

2023

S$ Mil

3.7
2.9
(5.5)

169

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

DEPRECIATION AND AMORTISATION

Depreciation of property, plant and equipment
Depreciation of right-of-use assets
Amortisation of intangible assets

EXCEPTIONAL ITEMS

Exceptional gains

Gain on partial disposal of direct stake in a joint venture (1)
Gain on disposal of subsidiary (see Note 8.1)
Gain on dilution of interest in associate and joint ventures
Other gains (2)

Exceptional losses

Impairment of goodwill (see Note 27)
Impairment of subsidiary held for sale (3)
Loss on disposal of subsidiary held for sale (3)
Provision for interest and penalties (4)
Costs related to cyber attacks
Release of goodwill in joint ventures
Impairment of property, plant and equipment
Staff restructuring costs
Deconsolidation of a subsidiary
Loss on disposal of joint ventures
Impairment of investment in an associate
Other losses

Group

2023

S$ Mil

2022

S$ Mil

1,842.7 1,944.9
419.3 433.2
312.1 344.4

2,574.1 2,722.5

Group

2023

S$ Mil

2022

S$ Mil

1,013.5 -
755.9
1.3
61.0
818.2

-
324.8
8.0
1,346.3

(1,003.7)
-

-
(310.0)
(40.5) -
(177.2)
-
(17.5)
(1.4)
(35.1)
-
-
-
(40.6)
(581.8)

-
(142.0)
(65.6)
-
(19.6)
(3.4)
(4.5)
(5.9)
(42.4)
(1,327.6)

Notes:
(1)
(2)
(3)
(4)

In September 2022, the Group partially sold its direct stake in Airtel.
In the previous financial year, other gains comprised mainly reversal of provisions.
In the previous financial year, an impairment charge was recorded for Amobee Inc. (“Amobee”). In September 2022, Amobee was sold.
In the previous financial year, a provision for interest and penalties on primary tax arising from an unfavourable judgement from the Federal Court
of Australia for a tax dispute in connection with the acquisition financing of Optus was made.

18.7

236.4

170

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023
8.

EXCEPTIONAL ITEMS (Cont’d)

8.1.

Gain on disposal of subsidiary

On 17 November 2021, the Group’s wholly-owned subsidiary, Singtel ATN Pte. Ltd. (“Singtel ATN”), completed the sale
of 70% of the shares in Indara Corporation Pty Ltd (“Indara”). Indara was known as Australia Tower Network Pty Ltd
before December 2022.

The net consideration was A$1.85 billion (S$1.85 billion), comprising the following payments made on completion:

(a) A$0.87 billion (S$0.87 billion) for the sale of 70% shares in Indara;
(b)
(c)

A$0.50 billion (S$0.50 billion) as a return of capital by Indara to Singtel ATN; and
A$0.49 billion (S$0.49 billion) as the full repayment of outstanding loans by Indara to Optus Mobile Pty Limited,
a wholly-owned subsidiary of the Group.

Following the completion, Indara ceased to be a subsidiary of Singtel ATN. The Group retained a 30% shareholding in
Indara and accounted for it as an associate. The effect of disposal to the Group is set out below:

Intangible assets
Property, plant and equipment
Right-of-use and other assets
Lease liabilities
Trade and other liabilities

Net assets and liabilities derecognised

Consideration (net)
Net cash inflows on disposal of subsidiary during the year

Non-cash item
Investment in associate

Gain on disposal of subsidiary

Less: Deferral of gain on disposal of subsidiary (1)

Proportionate release of goodwill
Release of translation loss

Gain on disposal of 70% shareholding in a subsidiary (see Note 8)

Group

2022

S$ Mil

149.2
456.1
161.9
(141.5)
(59.7)

566.0

1,850.9

388.1

1,673.0

(269.6)

1,403.4

(597.3)
(50.2)

755.9

Note:
(1)

Included the Group’s 30% retained interest on gain arising from disposal of network assets from the Group to Indara. The gain was deferred in the
Group’s statement of financial position and amortised over the useful life of the network assets.

171

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

SHARE OF RESULTS OF ASSOCIATES AND JOINT VENTURES

Share of ordinary results

- joint ventures
- associates

Group

2023

S$ Mil

2022

S$ Mil

2,160.8
126.3
2,287.1

1,981.7
154.3
2,136.0

Share of net exceptional gains of joint ventures (post-tax) (1)

208.0

127.6

Share of tax of ordinary results

- joint ventures
- associates

(633.1)
(35.2)
(668.3)

(581.1)
(29.7)
(610.8)

1,826.8

1,652.8

Notes:
(1) Comprised share of exceptional items from Airtel, PT Telekomunikasi Selular (“Telkomsel”), Globe Telecom, Inc. (“Globe”) and Singapore Post

Limited (“SingPost”).

(a) Airtel’s exceptional items included a fair value gain on revaluation of its foreign currency convertible bonds and recognition of a deferred
tax asset in Africa, partly offset by its share of joint venture’s significant receivable provision for one of its major customers and licence fees
related to prior periods. In the previous financial year, its exceptional items included a fair value loss on revaluation of its foreign currency
convertible bonds, asset impairment charges and a one-time cost from commercial settlement with a customer, partly mitigated by a gain
on settlement of disputes with a strategic vendor, gains on sale of various tower assets in Africa and 800 MHz spectrum, and recognition of
a deferred tax asset on account of carried forward losses of a subsidiary.

(b) Telkomsel’s exceptional items comprised gains from the sale of telecommunication towers for both financial years.
(c) Globe’s exceptional items comprised gains from the sale of telecommunication towers. In the previous financial year, its exceptional items
included gains on disposal of its stake in data centre business and deemed disposal of a joint venture, partly offset by asset impairment
charges.

(d) SingPost’s exceptional items in the current financial year included a fair value loss on its put option liability.

172

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 202310.

INTEREST AND INVESTMENT INCOME (NET)

Interest income from

- bank deposits
- Singapore Treasury bills
- others

Gross dividends and other investment income

Other foreign exchange losses
Other fair value (losses)/ gains
Fair value gains/ (losses) on fair value hedges

- hedged items
- hedging instruments

Fair value gains/ (losses) on cash flow hedges

- hedged items
- hedging instruments

11.

FINANCE COSTS

Interest expense on

- bonds
- bank loans
- lease liabilities

Less: Amounts capitalised

Financing related costs
Effects of hedging using interest rate swaps

Group

2023

S$ Mil

2022

S$ Mil

40.3
14.3
6.3
60.9

0.5

61.4

(1.9)
(3.4)

123.4
(122.6)
0.8

7.7
(7.7)
-

2.0
-
1.5
3.5

83.5

87.0

(2.1)
4.6

76.6
(75.2)
1.4

(4.1)
4.1
-

56.9

90.9

Group

2023

S$ Mil

2022

S$ Mil

250.7
11.3
138.7
400.7

(3.6)
397.1

36.4
(17.7)

263.4
11.7
131.7
406.8

(1.2)
405.6

19.4
(21.3)

415.8

403.7

173

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS12.

TAXATION

12.1

Tax Expense

Current income tax
- Singapore
- Overseas (1)

Deferred tax credit

Tax expense attributable to current year’s profit

Adjustments in respect of prior years -
Current income tax
Deferred income tax

2023

S$ Mil

148.7
154.3
303.0

Group

2022

S$ Mil

180.2
339.2
519.4

(88.9)

(20.5)

214.1

498.9

(37.6)
34.8

(39.8)
36.9

Withholding taxes on dividend income from associates and joint ventures

153.6

165.9

Note:
(1)

Included provision for primary tax arising from an unfavourable judgement from the Federal Court of Australia in the previous financial year.

The tax expense on profits was different from the amount that would arise using the Singapore standard rate of
income tax due to the following –

364.9

661.9

Profit before tax
Less: Share of results of associates and joint ventures

Tax calculated at tax rate of 17 per cent (2022: 17 per cent)
Effects of -
Different tax rates of other countries
Income not subject to tax
Expenses not deductible for tax purposes
Deferred tax asset not recognised
Others (1)

Group

2023

S$ Mil

2022

S$ Mil

2,598.4
(1,826.8)
771.6

2,621.2
(1,652.8)
968.4

131.2

164.7

(99.0)
(151.4)
211.9
39.1
82.3

47.6
(22.0)
103.5
49.2
155.9

Tax expense attributable to current year’s profit

214.1

498.9

Note:
(1)

Included provision for primary tax arising from an unfavourable judgement from the Federal Court of Australia in the previous financial year.

174

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023
12.

TAXATION (Cont’d)

12.2

Deferred Taxes

The movements of the deferred tax assets and liabilities (prior to offsetting of balances within the same tax jurisdiction)
during the financial year were as follows -

Group - 2023
Deferred tax assets

TWDV (1)
in excess of
NBV (2) of
depreciable
assets
S$ Mil

Provisions
S$ Mil

Others
S$ Mil

Total
S$ Mil

Balance as at 1 April 2022
Acquisition of subsidiaries
Credited/ (Charged) to income statement
Charged to other comprehensive income
Transfer to current tax
Translation differences

73.7
-
1.0
-
(0.1)
(9.1)

(66.4)
-
(25.1)
-
-
9.1

385.1
5.0
62.0
(9.7)
(0.1)
(29.0)

392.4
5.0
37.9
(9.7)
(0.2)
(29.0)

Balance as at 31 March 2023

65.5

(82.4)

413.3

396.4

Group - 2023
Deferred tax liabilities

Balance as at 1 April 2022
Acquisition of subsidiaries
(Charged)/ Credited to income statement
Transfer from current tax
Translation differences

Accelerated
tax
depreciation
S$ Mil

Offshore
interest and
dividend
not
remitted
S$ Mil

(482.4)
-
(16.4)
-
-

(5.4)
-
5.2
-
-

Others
S$ Mil

(94.0)
(37.7)
24.4
(31.5)
4.3

Total
S$ Mil

(581.8)
(37.7)
13.2
(31.5)
4.3

Balance as at 31 March 2023

(498.8)

(0.2)

(134.5)

(633.5)

175

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
12.

TAXATION (Cont’d)

12.2

Deferred Taxes (Cont’d)

Group - 2022
Deferred tax assets

Balance as at 1 April 2021
(Charged)/ Credited to income statement
Charged to other comprehensive income
Transfer from/ (to) current tax
Disposal of a subsidiary
Reclassified to subsidiary held for sale
Translation differences

TWDV (1)
in excess of
NBV (2) of
depreciable
assets
S$ Mil

Provisions
S$ Mil

Others
S$ Mil

Total
S$ Mil

46.5
(12.5)
-
41.1
-
-
(1.4)

(8.7)
(52.9)
-
-
-
-
(4.8)

395.0
10.2
(3.7)
(5.5)
(7.6)
(1.8)
(1.5)

432.8
(55.2)
(3.7)
35.6
(7.6)
(1.8)
(7.7)

Balance as at 31 March 2022

73.7

(66.4)

385.1

392.4

Group - 2022
Deferred tax liabilities

Balance as at 1 April 2021
Acquisition of a subsidiary
Credited to income statement
Transfer to current tax
Disposal of subsidiary
Adjustment (1)
Translation differences

Balance as at 31 March 2022

“*” denotes amount of less than S$0.05 million.

Accelerated
tax
depreciation
S$ Mil

Offshore
interest and
dividend
not
remitted
S$ Mil

(508.4)
-
26.1
-
-
-
(0.1)

(482.4)

(5.4)
-
*
-
-
-
-

(5.4)

Others
S$ Mil

(115.8)
(4.3)
9.7
31.8
(0.3)
(16.8)
1.7

Total
S$ Mil

(629.6)
(4.3)
35.8
31.8
(0.3)
(16.8)
1.6

(94.0)

(581.8)

Note:
(1)

This arose from the finalisation of the purchase price allocation from acquisition of the mobile business of amaysim Australia Limited.

176

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 202312.

TAXATION (Cont’d)

12.2

Deferred Taxes (Cont’d)

Company - 2023

Deferred tax assets

Balance as at 1 April 2022
Credited/ (Charged) to income statement

Balance as at 31 March 2023

Company - 2023
Deferred tax liabilities

Balance as at 1 April 2022
(Charged)/ Credited to income statement

Provisions

S$ Mil

0.3
0.1

0.4

Accelerated
tax
depreciation
S$ Mil

(263.5)
(12.5)

Others

S$ Mil

109.6
(28.9)

Total

S$ Mil

109.9
(28.8)

80.7

81.1

Others
S$ Mil

(83.1)
20.7

Total
S$ Mil

(346.6)
8.2

Balance as at 31 March 2023

(276.0)

(62.4)

(338.4)

Company - 2022

Deferred tax assets

Balance as at 1 April 2021
Charged to income statement

Balance as at 31 March 2022

Company - 2022
Deferred tax liabilities

Balance as at 1 April 2021
Credited/ (Charged) to income statement

Provisions

S$ Mil

0.6
(0.3)

0.3

Accelerated
tax
depreciation
S$ Mil

(332.3)
68.8

Others

S$ Mil

110.3
(0.7)

Total

S$ Mil

110.9
(1.0)

109.6

109.9

Others
S$ Mil

(79.6)
(3.5)

Total
S$ Mil

(411.9)
65.3

Balance as at 31 March 2022

(263.5)

(83.1)

(346.6)

Notes:
(1)
(2) NBV – Net book value

TWDV – Tax written down value

Deferred tax assets and liabilities are offset when there is a legally enforceable right to set-off current tax assets
against current tax liabilities, and when deferred income taxes relate to the same fiscal authority.

177

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
12.

TAXATION (Cont’d)

12.2

Deferred Taxes (Cont’d)

The amounts, determined after appropriate offsetting, were shown in the statements of financial position as follows –

Group

Company

31 March
2023

S$ Mil

31 March
2022

S$ Mil

31 March
2023

S$ Mil

31 March
2022

S$ Mil

Deferred tax assets
Deferred tax liabilities

305.4
(542.5)

309.4
(498.8)

-
(257.3)

-
(236.7)

(237.1)

(189.4)

(257.3)

(236.7)

Deferred tax assets are recognised to the extent that realisation of the related tax benefits through future taxable
profits is probable.

The Group reviews the carrying amount of deferred tax assets at each reporting date. A deferred tax asset is
recognised to the extent that it is probable that future taxable profit will be available against which the temporary
differences can be utilised. This involves judgement regarding the future financial performance of the particular legal
entity or tax group for which the deferred tax asset has been recognised.

As at 31 March 2023, the subsidiaries of the Group had estimated unutilised income tax losses of approximately
S$1.15 billion (31 March 2022: S$1.92 billion), of which S$135 million (31 March 2022: S$138 million) will expire
in the next five years and S$207 million (31 March 2022: S$837 million) will expire from 2028 to 2037. Unutilised
income tax losses are available for set-off against future taxable profits, subject to the agreement of the relevant tax
authorities and compliance with certain provisions of the income tax regulations of the respective countries in which
the subsidiaries operate.

As at the end of the reporting period, the potential tax benefits arising from the following items were not recognised
in the financial statements due to uncertainty on their recoverability –

Unutilised income tax losses
Unutilised capital tax losses

Group

2023

S$ Mil

2022

S$ Mil

1,148.3
50.6

1,919.0
64.3

178

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

13.

EARNINGS PER SHARE

Weighted average number of ordinary shares in issue for
calculation of basic earnings per share (1)
Adjustment for dilutive effects of performance share plans

Weighted average number of ordinary shares for calculation of
diluted earnings per share

Note:
(1)

Adjusted to exclude the number of performance shares held by the Trust and the Company.

Group

2023

‘000

2022

‘000

16,505,968
49,579

16,508,218
42,061

16,555,547

16,550,279

‘Basic earnings per share’ is calculated by dividing the Group’s profit attributable to shareholders of the Company by
the weighted average number of ordinary shares in issue during the financial year.

For ‘Diluted earnings per share’, the weighted average number of ordinary shares in issue includes the number of
additional shares outstanding if the potential dilutive ordinary shares arising from the performance shares granted
by the Group were issued. Adjustment is made to earnings for the dilutive effect arising from the associates and joint
ventures’ dilutive shares.

179

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

14.

RELATED PARTY TRANSACTIONS

In addition to the related party information disclosed elsewhere in the financial statements, the Group had the
following significant transactions and balances with related parties –

Income
Subsidiaries of ultimate holding company
Telecommunications

Associates
Telecommunications

Joint ventures
Telecommunications

Expenses
Subsidiaries of ultimate holding company
Telecommunications
Depreciation of right-of-use assets
Interest expense on lease liabiltiies

Associate of ultimate holding company
Utilities

Associates
Telecommunications
Postal
Maintenance
Depreciation of right-of-use assets
Interest expense on lease liabiltiies

Joint ventures
Telecommunications
Transmission capacity

Others
Subsidiaries of ultimate holding company
Right-of-use assets
Lease liabilities

Associates
Investment in other associates
Right-of-use assets
Lease liabilities

Joint ventures
Investment in other joint ventures

Due from subsidiaries of ultimate holding company

Due to subsidiaries of ultimate holding company

Group

2023

S$ Mil

2022

S$ Mil

84.9 76.1

16.4 6.6

13.0 17.2

28.3 25.7
31.9 30.8
3.7 7.8

119.0 94.2

139.3 126.1
7.2 8.0
8.6 7.3
65.8 27.5
72.9 40.4

9.3 4.3
7.2 19.5

112.7 142.5
166.3 205.7

25.4 30.1
1,121.4 1,283.1
1,176.4 1,358.1

3.8 38.1

40.3 34.4

30.9 8.5

All the above transactions were on normal commercial terms and conditions and at market rates.

Please refer to Note 5.2 for information on key management personnel compensation.

180

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

15.

CASH AND CASH EQUIVALENTS

Group

Company

31 March

2023

S$ Mil

2022

S$ Mil

2023

S$ Mil

2022

S$ Mil

Fixed deposits
Cash and bank balances

1,013.7
654.2

1,028.4
1,101.7

179.6
49.0

36.3
26.1

Cash and cash equivalents in the
Statement of Financial Position

Cash and cash equivalents included in
subsidiary held for sale

1,667.9

2,130.1

228.6

62.4

33.2

Less: Restricted cash

(23.7) (14.6)

(0.1)

Cash and cash equivalents in the
Consolidated Statement of Cash Flows

”*” denotes amount of less than S$0.05 million.

1,644.2

2,148.7

228.6

62.3

Cash and cash equivalents in the Consolidated Statement of Financial Position included restricted cash relating to the
provision of mobile money remittance and payment services in Singapore.

The carrying amounts of the cash and cash equivalents approximate their fair values.

Cash and cash equivalents denominated in currencies other than the respective functional currencies of the Group’s
entities were as follows –

USD
EUR
AUD

Group

Company

31 March

2023

S$ Mil

2022

S$ Mil

2023

S$ Mil

2022

S$ Mil

209.2
99.5
11.8

130.0
43.0
5.7

135.2
70.1
2.6

45.9
1.3
1.4

181

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

15.

CASH AND CASH EQUIVALENTS (Cont’d)

The maturities of the fixed deposits were as follows -

Group

Company

31 March

2023

S$ Mil

2022

S$ Mil

2023

S$ Mil

2022

S$ Mil

Less than three months
Over three months

1,013.7
-

977.8
50.6

179.6
-

36.3
-

1,013.7

1,028.4

179.6

36.3

As at 31 March 2023, the weighted average effective interest rate of the fixed deposits of the Group and the Company
were 3.9% (31 March 2022: 0.3%) per annum and 3.9% (31 March 2022: 0.2%) per annum respectively.

The exposure of cash and cash equivalents to interest rate risks is disclosed in Note 39.3.

16.

TRADE AND OTHER RECEIVABLES

Current

Trade receivables
Contract assets

Less: Allowance for ECL

Other receivables
Loans to subsidiaries
Amount due from subsidiaries
- trade
- non-trade
Less: Allowance for ECL

Amount due from associates
and joint ventures
- trade
- non-trade

Prepayments
Interest receivable
Others

“ECL” denotes expected credit loss.

182

Group

Company

31 March

2023

S$ Mil

1,607.6
2,515.7
4,123.3
(214.0)
3,909.3

298.5
-

-
-
-
-

15.0
162.1
177.1

571.7
48.0
8.2

2022

S$ Mil

1,700.5
2,645.5
4,346.0
(247.0)
4,099.0

275.5
-

2023

S$ Mil

420.5
11.2
431.7
(79.0)
352.7

16.0
112.0

2022

S$ Mil

343.0
17.9
360.9
(85.8)
275.1

20.0
113.1

-
-
-
-

544.3
868.5
(42.7)
1,370.1

709.5
1,387.4
(43.3)
2,053.6

17.1
161.1
178.2

642.4
41.3
8.8

2.3
2.4
4.7

52.7
16.3
-

3.9
1.6
5.5

45.5
16.6
-

5,012.8

5,245.2

1,924.5

2,529.4

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

16.

TRADE AND OTHER RECEIVABLES (Cont’d)

Trade receivables are non-interest bearing and are generally on 14-day or 30-day terms, while balances due from
carriers are on 60-day terms. There was no significant change in contract assets during the year.

As at 31 March 2023, the effective interest rate of an amount due from a subsidiary of S$623.7 million (31 March 2022:
S$948.9 million) was 0.62% (31 March 2022: nil). The loans to subsidiaries and amounts due from other subsidiaries,
associates and joint ventures were unsecured, interest-free and repayable on demand.

The age analysis of trade receivables and contract assets (before allowance for expected credit loss) was as follows -

Less than 60 days
61 to 120 days
More than 120 days

Group

Company

31 March

2023

S$ Mil

3,837.7
134.9
150.7

2022

S$ Mil

4,042.3
79.9
223.8

2023

S$ Mil

329.6
44.2
57.9

2022

S$ Mil

265.5
27.7
67.7

4,123.3

4,346.0

431.7

360.9

The movements in the allowance for expected credit losses of trade receivables and contract assets were as follows -

Balance as at 1 April
Acquisition of subsidiaries
Reclassified to subsidiary held for sale
Allowance
Utilisation of allowance
Write-back of allowance
Translation differences

Group

Company

2023

S$ Mil

247.0
0.8
-
120.0
(99.7)
(33.7)
(20.4)

2022

S$ Mil

290.6
-
(1.5)
125.4
(135.8)
(30.6)
(1.1)

2023

S$ Mil

85.8
-
-
27.6
(23.9)
(10.5)
-

2022

S$ Mil

92.3
-
-
27.0
(23.5)
(10.0)
-

Balance as at 31 March

214.0

247.0

79.0

85.8

183

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

16.

TRADE AND OTHER RECEIVABLES (Cont’d)

The maximum exposure to credit risk for trade receivables and contract assets were as follows -

Individuals
Corporations and others

Group

Company

31 March

2023

S$ Mil

2022

S$ Mil

2,032.3
1,877.0

2,246.7
1,852.3

2023

S$ Mil

86.1
266.6

2022

S$ Mil

82.2
192.9

3,909.3

4,099.0

352.7

275.1

At each reporting date, the Group assesses whether trade and other receivables are credit-impaired. The allowance
for ECL is based on management’s assessment of the collectability of individual customer accounts taking into
consideration the credit worthiness and financial condition of those customers. The Group also records an allowance
for all other receivables based on management’s collective assessment of their collectability taking into consideration
multiple factors including historical experience of credit losses, forward looking information as applicable and the
aging of the receivables with allowances generally increasing as the receivable ages. If there is a deterioration of
customers’ financial condition or if future default rates in general differ from those currently anticipated, the Group
may have to adjust the allowance for credit losses, which would affect earnings in the period that adjustments are
made.

The expected credit losses for debts which are collectively assessed are estimated based on a provision matrix by
reference to historical credit loss experience of the different segments, adjusted as appropriate to reflect current
conditions and estimates of future economic conditions as applicable. The expected credit losses for debts which are
individually assessed are based on an analysis of the debtor’s current financial position and are adjusted for factors
that are specific to the debtors.

17.

INVENTORIES

Equipment held for resale
Maintenance and capital works’ inventories

Group

Company

31 March

2023

S$ Mil

296.6
49.6

2022

S$ Mil

231.2
38.5

346.2

269.7

2023

S$ Mil

4.4
47.6

52.0

2022

S$ Mil

4.2
37.3

41.5

184

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

18.

DERIVATIVE FINANCIAL INSTRUMENTS

Balance as at 1 April
Fair value (losses)/ gains
- included in income statement
- included in ‘Hedging Reserve’
Acquisition of a subsidiary
Settlement of swaps for bonds repaid
Disposal of a subsidiary
Others
Translation differences

Group

2023

S$ Mil

2022

S$ Mil

Company

2023

S$ Mil

2022

S$ Mil

(333.7)

(281.9)

(100.8)

(75.9)

(177.2)
(22.3)
(2.5)
(8.3)
-
(16.7)
10.4

21.7
26.1
5.0
(43.5)
(27.2)
(40.0)
6.1

(89.3)
13.8
-
-
-
-
-

(42.1)
17.2
-
-
-
-
-

Balance as at 31 March

(550.3)

(333.7)

(176.3)

(100.8)

Disclosed as -
Current asset
Non-current asset
Current liability
Non-current liability

18.1

Fair Values

Group

Company

31 March

2023

S$ Mil

2022

S$ Mil

2023

S$ Mil

2022

S$ Mil

69.4
157.7
(48.2)
(729.2)

35.6
81.6
(16.5)
(434.4)

0.1
23.4
(2.3)
(197.5)

3.5
0.2
(1.9)
(102.6)

(550.3)

(333.7)

(176.3)

(100.8)

The fair values of the currency and interest rate swap contracts excluded accrued interest of S$3.6 million (31 March
2022: S$5.3 million). The accrued interest is separately disclosed in Note 16 and Note 29.

185

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
18.

DERIVATIVE FINANCIAL INSTRUMENTS (Cont’d)

18.1

Fair Values (Cont’d)

The fair values of the derivative financial instruments were as follows –

2023

Fair value and cash flow hedges
Cross currency swaps
Interest rate swaps
Forward foreign exchange contracts

Derivatives that do not qualify
for hedge accounting

Disclosed as -
Current
Non-current

”*” denotes amount of less than S$0.05 million.

2022

Fair value and cash flow hedges
Cross currency swaps
Interest rate swaps
Forward foreign exchange contracts

Derivatives that do not qualify
for hedge accounting

Disclosed as -
Current
Non-current

Group

Fair values

Company

Fair values

Assets

S$ Mil

Liabilities

S$ Mil

Assets

S$ Mil

Liabilities

S$ Mil

-
138.5
81.2

686.0
4.0
46.1

7.4

41.3

227.1

777.4

69.4
157.7

227.1

48.2
729.2

777.4

-
23.4
*

0.1

23.5

0.1
23.4

23.5

194.5
2.5
2.8

199.8

2.3
197.5

199.8

Group

Fair values

Company

Fair values

Assets

S$ Mil

Liabilities

S$ Mil

Assets

S$ Mil

Liabilities

S$ Mil

6.9
66.4
7.8

36.1

390.4
9.0
51.5

117.2

450.9

35.6
81.6

117.2

16.5
434.4

450.9

-
-
3.7

3.7

3.5
0.2

3.7

95.3
9.0
0.2

104.5

1.9
102.6

104.5

The cash flow hedges are designated for foreign currency commitments and repayments of principal and interest of
foreign currency denominated bonds.

The forecast transactions for the foreign currency commitments are expected to occur in the financial year ending
31 March 2024, while the forecast transactions for the repayment of principal and interest of the foreign currency
denominated bonds will occur according to the timing disclosed in Note 30.

186

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

18.

DERIVATIVE FINANCIAL INSTRUMENTS (Cont’d)

18.1

Fair Values (Cont’d)

As at 31 March 2023, the details of the outstanding derivative financial instruments were as follows -

Interest rate swaps
Notional principal (S$ million equivalent)
Fixed interest rates
Floating interest rates

Cross currency swaps
Notional principal (S$ million equivalent)
Fixed interest rates
Floating interest rates

Forward foreign exchange
Notional principal (S$ million equivalent)

Group

Company

31 March

2023

2022

2023

2022

2,386.8
1.6% - 3.9%
3.8%

2,350.7
1.6% - 3.9%
0.3%

703.4
2.2% - 3.9%
-

703.4
1.9% - 3.9%
-

4,975.2
1.8% - 5.2%
4.0% - 6.5%

5,038.4
1.8% - 5.2%
0.8% - 2.4%

664.9
5.2%
5.3% - 6.5%

676.9
5.2%
1.9% - 2.4%

3,053.7

2,108.2

129.9

355.0

The interest rate swaps entered into by the Group are re-priced at intervals ranging from quarterly to six-monthly
periods. The interest rate swaps entered into by the Company are re-priced every six months.

19.

SUBSIDIARY HELD FOR SALE

Assets directly associated with subsidiary held for sale
Property, plant and equipment
Right-of-use assets
Goodwill (1)
Other intangible assets
Trade and other receivables
Cash and cash equivalents
Other assets

Liabilities directly associated with subsidiary held for sale
Trade and other payables
Lease liabilities

Note:
(1) Net of impairment charge of S$310 million recorded under exceptional items (see Note 8).

Group

31 March

2023

S$ Mil

-
-
-
-
-
-
-

-
-

2022

S$ Mil

19.0
55.9
101.0
63.2
175.1
33.2
2.4

449.8

(173.9)
(59.3)

(233.2)

187

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

19.

SUBSIDIARY HELD FOR SALE (Cont’d)

As at 31 March 2022, the assets and liabilities directly associated with subsidiary held for sale, were in relation to
planned divestment in its wholly-owned subsidiary, Amobee. The fair value was determined based on indicative price
ranges adjusted for certain undertakings. In September 2022, the Group completed the sale of Amobee.

20.

OTHER ASSETS

Current
Singapore Treasury bills
Fixed deposits more than 3 months

Non-current
Capitalised contract costs (net)
Prepayments
Other receivables

Group

Company

31 March

2023

S$ Mil

2022

S$ Mil

2023

S$ Mil

2022

S$ Mil

1,386.3
100.2

1,486.5

359.0
116.9
112.2

-
-

396.8
119.3
18.5

588.1

534.6

-
-

7.2
74.2
2.5

83.9

-
-

20.0
73.3
-

93.3

During the year, the Group invested in 6-month Singapore Treasury bills maturing in 2023, averaging an effective
interest rate of 4.1% per annum.

As at 31 March 2023, the weighted average effective interest rate of the fixed deposits with original maturity more
than three months of the Group was 4.0% (31 March 2022: nil) per annum. The exposure of fixed deposits with original
maturity more than three months to interest rate risks is disclosed in Note 39.3.

The movements in capitalised contract costs (net) were as follows -

Group

Company

Balance as at 1 April
Contract costs incurred
Amortisation to operating expenses
Amortisation to mobile service revenue
Reclassification
Translation differences

2023

S$ Mil

396.8
248.0
(146.3)
(100.0)
(7.7)
(31.8)

2022

S$ Mil

372.6
278.9
(142.4)
(104.3)
(5.3)
(2.7)

Balance as at 31 March

359.0

396.8

”*” denotes amount of less than S$0.05 million.

2023

S$ Mil

20.0
0.2
(13.0)
-
-
-

7.2

2022

S$ Mil

*
20.1
(0.1)
-
-
-

20.0

188

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

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N

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

21.

PROPERTY, PLANT AND EQUIPMENT (Cont’d)

Property, plant and equipment included the following -

Group

Company

31 March

2023

S$ Mil

2022

S$ Mil

2023

S$ Mil

2022

S$ Mil

Net book value of property, plant and equipment

Staff costs capitalised

237.9

229.1

50.5

40.6

Property, plant and equipment balances represent a significant component of the Group’s assets. Property, plant
and equipment are recorded at cost and depreciated on a straight-line basis over the estimated useful lives of the
assets. The Group reviews the estimated useful lives of property, plant and equipment on an annual basis based on
factors such as business plans and strategies, expected level of usage and future technological developments. It is
possible that future results of operations could be materially affected by changes in these estimates brought about
by changes in the factors mentioned above. A reduction in the estimated useful lives would increase the recorded
depreciation and decrease the carrying value of property, plant and equipment.

22.

RIGHT-OF-USE ASSETS

Group - 2023

Cost
Balance as at 1 April 2022
Additions (net of rebates)
Disposals/ Write-offs
Acquisition of subsidiaries
Disposal of subsidiary
Reclassifications/ Adjustments
Translation differences

Mobile base
stations/
Central offices

S$ Mil

Other
properties

S$ Mil

Equipment

S$ Mil

Others

S$ Mil

Total

S$ Mil

3,370.2
255.3
(49.9)
-
-
-
(400.6)

879.8
109.9
(79.9)
12.8
(0.1)
(1.4)
(24.2)

507.4
11.9
(5.6)
-
-
-
(0.9)

15.0
4.3
(2.3)
-
-
-
(1.8)

4,772.4
381.4
(137.7)
12.8
(0.1)
(1.4)
(427.5)

Balance as at 31 March 2023

3,175.0

896.9

512.8

15.2

4,599.9

Accumulated depreciation
Balance as at 1 April 2022
Depreciation charge for the year
Disposals/ Write-offs
Disposal of subsidiary
Reclassifications/ Adjustments
Translation differences

663.1
284.4
(40.1)
-
-
(90.0)

494.6
103.4
(78.4)
(0.1)
(4.5)
(14.3)

244.3
29.6
(5.5)
-
3.3
(0.6)

12.4
1.9
(2.3)
-
-
(1.4)

1,414.4
419.3
(126.3)
(0.1)
(1.2)
(106.3)

Balance as at 31 March 2023

817.4

500.7

271.1

10.6

1,599.8

Net Book Value as at 31 March 2023

2,357.6

396.2

241.7

4.6

3,000.1

193

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

22.

RIGHT-OF-USE ASSETS (Cont’d)

Group - 2022

Cost
Balance as at 1 April 2021
Additions (net of rebates)
Disposals/ Write-offs
Disposal of subsidiary
Reclassfied to subsidiary held for sale
Reclassifications/ Adjustments
Translation differences

Mobile base
stations/
Central offices

S$ Mil

Other
properties

S$ Mil

Equipment

S$ Mil

Others

S$ Mil

Total

S$ Mil

1,850.2
1,922.2
(95.0)
(240.0)
-
-
(67.2)

904.9
66.8
(7.4)
(1.8)
(80.8)
0.3
(2.2)

535.8
12.1
(0.3)
-
(47.3)
7.2
(0.1)

14.1
1.9
(0.6)
-
-
(0.3)
(0.1)

3,305.0
2,003.0
(103.3)
(241.8)
(128.1)
7.2
(69.6)

Balance as at 31 March 2022

3,370.2

879.8

507.4

15.0

4,772.4

Accumulated depreciation
Balance as at 1 April 2021
Depreciation charge for the year
Disposals/ Write-offs
Disposal of subsidiary
Reclassfied to subsidiary held for sale
Reclassifications/ Adjustments
Translation differences

563.9
285.7
(95.0)
(85.7)
-
4.8
(10.6)

446.7
104.3
(6.3)
(1.5)
(48.6)
0.1
(0.1)

229.6
39.2
(0.3)
-
(23.6)
(0.7)
0.1

9.1
4.0
(0.6)
-
-
(0.1)
*

1,249.3
433.2
(102.2)
(87.2)
(72.2)
4.1
(10.6)

Balance as at 31 March 2022

663.1

494.6

244.3

12.4

1,414.4

Net Book Value as at 31 March 2022

2,707.1

385.2

263.1

2.6

3,358.0

“*” denotes amount of less than S$0.05 million.

194

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

22.

RIGHT-OF-USE ASSETS (Cont’d)

Company - 2023

Cost
Balance as at 1 April 2022
Additions (net of rebates)
Disposals/ Write-offs

Central
offices

S$ Mil

Other
properties

S$ Mil

Equipment

S$ Mil

Others

S$ Mil

Total

S$ Mil

101.2
-
(18.4)

377.9
3.4
(0.1)

470.4
7.9
(3.9)

0.7
-
(0.7)

950.2
11.3
(23.1)

Balance as at 31 March 2023

82.8

381.2

474.4

- 938.4

Accumulated depreciation
Balance as at 1 April 2022
Depreciation charge for the year
Adjustments
Disposals/ Write-offs

26.8
7.6
-
(16.7)

194.4
25.1
(3.6)
(0.1)

221.3
22.3
3.2
(3.9)

Balance as at 31 March 2023

17.7

215.8

242.9

Net book value as at 31 March 2023

65.1

165.4

231.5

0.4
0.1
0.2
(0.7)

442.9
55.1
(0.2)
(21.4)

476.4

462.0

Company - 2022

Cost

Balance as at 1 April 2021
Additions (net of rebates)
Disposals/ Write-offs

Central
offices

S$ Mil

Other
properties

S$ Mil

Equipment

S$ Mil

Others

S$ Mil

Total

S$ Mil

22.7
78.5
-

571.5
12.3
(205.9)

466.4
4.0
-

Balance as at 31 March 2022

101.2

377.9

470.4

Accumulated depreciation
Balance as at 1 April 2021
Depreciation charge for the year
Adjustments
Disposals/ Write-offs

15.8
6.2
4.8
-

276.2
34.2
-
(116.0)

199.7
21.6
-
-

Balance as at 31 March 2022

26.8

194.4

221.3

Net book value as at 31 March 2022

74.4

183.5

249.1

0.5
0.2
-

0.7

0.3
0.1
-
-

0.4

0.3

1,061.1
95.0
(205.9)

950.2

492.0
62.1
4.8
(116.0)

442.9

507.3

195

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

23.

INTANGIBLE ASSETS

Goodwill on acquisition of subsidiaries
Telecommunications and spectrum licences
Technology and brand
Customer relationships and others

23.1

Goodwill on Acquisition of Subsidiaries

Balance as at 1 April
Acquisition of subsidiaries
Adjustment to goodwill (1)
Impairment charge for the year
Reclassified to subsidiary held for sale
Disposal of a subsidiary/ business
Translation differences

Balance as at 31 March

Cost
Accumulated impairment

Net book value as at 31 March

Group

31 March

2023

S$ Mil

9,021.9
1,797.7
23.2
146.7

2022

S$ Mil

9,660.7
2,188.6
28.3
99.6

10,989.5

11,977.2

Group

2023

S$ Mil

2022

S$ Mil

9,660.7
482.3
(0.3)
(1,003.7)
-
-
(117.1)

10,767.2
50.3
(42.3)
-
(411.0)
(707.2)
3.7

9,021.9

9,660.7

10,336.7
(1,314.8)

9,971.8
(311.1)

9,021.9

9,660.7

Note:
(1)

The adjustment in the previous financial year arose from the finalisation of the purchase price allocation from acquisition of the mobile business
of amaysim Australia Limited.

196

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

23.

INTANGIBLE ASSETS (Cont’d)

23.2

Telecommunications and Spectrum Licences

Balance as at 1 April
Additions
Amortisation for the year
Disposal of a subsidiary
Translation differences

Balance as at 31 March

Cost
Accumulated amortisation
Accumulated impairment

Net book value as at 31 March

23.3

Technology and Brand

Balance as at 1 April
Acquisition of subsidiaries
Amortisation for the year
Adjustment (1)
Translation differences

Balance as at 31 March

Cost
Accumulated amortisation
Accumulated impairment

2023

S$ Mil

2,188.6
63.3
(235.0)
-
(219.2)

Group

2022

S$ Mil

2,220.0
392.7
(251.9)
(149.2)
(23.0)

1,797.7

2,188.6

4,066.0
(2,262.1)
(6.2)

4,483.5
(2,288.7)
(6.2)

1,797.7

2,188.6

2023

S$ Mil

28.3
7.9
(9.4)
-
(3.6)

23.2

215.1
(157.1)
(34.8)

Group

2022

S$ Mil

3.4
3.3
(1.4)
22.6
0.4

28.3

212.1
(148.6)
(35.2)

Net book value as at 31 March

23.2

28.3

Note:
(1)

The adjustment in the previous financial year arose from the finalisation of the purchase price allocation from acquisition of the mobile business
of amaysim Australia Limited.

197

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS23.

INTANGIBLE ASSETS (Cont’d)

23.4

Customer Relationships and Others

Balance as at 1 April
Acquisition of subsidiaries
Additions
Amortisation for the year
Reclassified to subsidiary held for sale
Disposals
Reclassifications/ Adjustments (1)
Translation differences

Balance as at 31 March

Cost
Accumulated amortisation
Accumulated impairment

2023

S$ Mil

99.6
117.9
17.8
(67.7)
-
-
(2.7)
(18.2)

146.7

401.9
(253.3)
(1.9)

Group

2022

S$ Mil

138.5
14.0
71.1
(91.1)
(63.2)
(5.5)
34.1
1.7

99.6

297.4
(195.9)
(1.9)

Net book value as at 31 March

146.7

99.6

Note:
(1)

The adjustment in the previous financial year arose from the finalisation of the purchase price allocation from acquisition of the mobile business
of amaysim Australia Limited.

24.

SUBSIDIARIES

Unquoted equity shares, at cost
Shareholders’ advances
Deemed investment in a subsidiary

Less: Allowance for impairment losses

Company

31 March

2023

S$ Mil

2022

S$ Mil

18,489.5
5,733.0
32.5
24,255.0
(4,153.4)

16,820.2
5,733.0
32.5
22,585.7
(2,954.4)

20,101.6

19,631.3

The advances given to subsidiaries were interest-free and unsecured with settlement neither planned nor likely to
occur in the foreseeable future.

The deemed investment in a subsidiary, Singtel Group Treasury Pte. Ltd. (“SGT”), arose from financial guarantees
provided by the Company for loans drawn down by SGT prior to 1 April 2010.

The significant subsidiaries of the Group are set out in Note 47.1 to Note 47.3.

198

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

25.

JOINT VENTURES

Group

Company

31 March

Quoted equity shares, at cost
Unquoted equity shares, at cost

Goodwill on consolidation adjusted
against shareholders’ equity
Share of post-acquisition reserves
(net of dividends, and accumulated
amortisation of goodwill)
Translation differences

2023

S$ Mil

3,465.7
5,824.5
9,290.2

2022

S$ Mil

3,671.8
5,833.5
9,505.3

(1,225.9)

6,798.4
(5,417.3)
155.2

7,455.0
(4,796.6)
1,432.5

Less: Allowance for impairment losses

(30.0)

2023

S$ Mil

-
1.1
1.1

-
-
-

2022

S$ Mil

-
22.8
22.8

-
-
-

9,415.4

10,907.8

1.1

22.8

As at 31 March 2023,

(i)

(ii)

The market value of the quoted equity shares in joint ventures held by the Group was S$29.35 billion
(31 March 2022: S$35.94 billion).

The Group’s proportionate interest in the capital commitments of joint ventures was S$3.11 billion (31 March
2022: S$3.27 billion).

The details of joint ventures are set out in Note 47.5.

Optus has an interest in an unincorporated joint operation to share certain 4G network sites and radio infrastructure
across Australia whereby it holds an interest of 50% (31 March 2022: 50%) in the assets, with access to the shared
network and shares 50% (31 March 2022: 50%) of the cost of building and operating the network.

The Group’s property, plant and equipment included the Group’s interest in the property, plant and equipment
employed in the unincorporated joint operation amounting to S$0.73 billion (31 March 2022: S$0.97 billion).

199

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

25.

JOINT VENTURES (Cont’d)

The summarised financial information of the Group’s significant joint ventures namely Airtel, PT Telekomunikasi Selular
(“Telkomsel”), Globe Telecom, Inc. (“Globe”) and Advanced Info Service Public Company Limited (“AIS”), based on
their financial statements and a reconciliation with the carrying amounts of the investments in the consolidated
financial statements were as follows –

Group - 2023

Statement of comprehensive income
Revenue
Depreciation and amortisation
Interest income
Interest expense
Income tax expense

Profit after tax from continuing operations
Other comprehensive (loss)/ income
Total comprehensive income

Statement of financial position
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets
Less: Non-controlling interests

Airtel

S$ Mil

Telkomsel

S$ Mil

Globe

S$ Mil

AIS

S$ Mil

23,793.8
(6,229.8)
95.0
(3,325.6)
(771.1)

1,551.3
(480.9)
1,070.4

9,298.7
63,031.5
(19,828.9)
(35,523.4)
16,977.9
(4,669.0)

8,147.7
(1,925.7)
18.0
(215.7)
(564.3)

2,214.3
(451.5)
1,762.8

1,403.5
7,521.0
(2,606.6)
(3,232.3)
3,085.6
(2.7)

4,395.2
(1,139.4)
10.0
(261.7)
(217.3)

701.5
69.5
771.0

2,446.7
11,774.3
(4,121.7)
(6,264.8)
3,834.5
(9.0)

7,283.5
(2,054.1)
4.0
(201.3)
(242.4)

1,031.0
25.0
1,056.0

1,457.4
11,397.9
(3,864.2)
(5,880.0)
3,111.1
(5.0)

Net assets attributable to equity holders

12,308.9

3,082.9

3,825.5

3,106.1

Proportion of the Group’s ownership
Group’s share of net assets
Goodwill capitalised
Others (2)

29.4%
3,622.5
983.6
(513.4)

35.0%
1,079.0
1,352.4
-

46.8%
1,789.2
336.7
(350.5)

23.3% (1)
724.0
281.1
(15.9)

Carrying amount of the investment

4,092.7

2,431.4

1,775.4

989.2

Other items
Cash and cash equivalents
Non-current financial liabilities excluding
trade and other payables
Current financial liabilities excluding
trade and other payables
Group’s share of market value
Dividends received during the year

‘‘NA’’ denotes Not Applicable.

2,169.9

529.6

397.2

520.3

(34,594.6)

(2,576.7)

(5,940.5)

(3,683.8)

(3,838.1)
20,557.9
40.9

(827.5)
NA
904.9

(1,356.8)
3,071.4
169.9

(1,137.9)
5,718.6
212.2

Notes:
(1)
(2)

The above is based on the Group’s direct equity interest in AIS.
‘Others’ include adjustments to align the respective local accounting standards to SFRS(I).

200

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

25.

JOINT VENTURES (Cont’d)

Group - 2022

Statement of comprehensive income
Revenue
Depreciation and amortisation
Interest income
Interest expense
Income tax expense

Profit after tax from continuing operations
Other comprehensive (loss)/ income
Total comprehensive income

Statement of financial position
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets
Less: Non-controlling interests

Airtel

S$ Mil

Telkomsel

S$ Mil

Globe

S$ Mil

AIS

S$ Mil

21,095.0
(5,989.4)
59.9
(3,035.9)
(651.3)

460.2
(82.4)
377.8

9,305.9
55,901.1
(20,474.2)
(28,722.7)
16,010.1
(4,534.4)

8,237.9
(1,928.2)
13.4
(195.0)
(593.5)

2,138.7
112.5
2,251.2

1,345.2
8,141.2
(3,231.0)
(2,157.4)
4,098.0
(4.2)

4,531.5
(1,156.9)
4.9
(249.9)
(217.8)

806.8
18.4
825.2

1,761.1
10,845.7
(3,099.5)
(6,253.0)
3,254.3
(8.1)

7,456.1
(2,218.3)
8.6
(229.6)
(249.3)

1,098.2
14.6
1,112.8

1,667.2
12,794.1
(4,149.5)
(7,233.4)
3,078.4
(5.1)

Net assets attributable to equity holders

11,475.7

4,093.8

3,246.2

3,073.3

Proportion of the Group’s ownership
Group’s share of net assets
Goodwill capitalised
Others (2)

31.7%
3,641.2
1,120.8
677.2

35.0%
1,432.8
1,386.1
-

46.9%
1,521.8
374.7
(375.6)

23.3% (1)
716.7
293.5
(16.7)

Carrying amount of the investment

5,439.2

2,818.9

1,520.9

993.5

‘‘NA’’ denotes Not Applicable.

2,413.6

528.2

388.9

661.1

(27,636.1)

(1,681.0)

(5,786.1)

(4,541.5)

(4,862.6)
25,212.0
-

(1,130.8)
NA
1,080.8

(539.6)
4,165.7
183.2

(980.2)
6,566.6
210.2

Notes:
(1)
(2)

The above is based on the Group’s direct equity interest in AIS.
‘Others’ include adjustments to align the respective local accounting standards to SFRS(I).

201

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
25.

JOINT VENTURES (Cont’d)

The aggregate information of the Group’s investments in joint ventures which are not individually significant were as
follows –

Share of profit after tax
Share of other comprehensive (loss)/ income

Share of total comprehensive income

Group

2022

S$ Mil

7.0
0.6

7.6

2023

S$ Mil

6.1
(0.1)

6.0

Aggregate carrying value

126.7

135.3

26.

ASSOCIATES

Group

Company

31 March

Quoted equity shares, at cost
Unquoted equity shares, at cost

Goodwill on consolidation adjusted
against shareholders’ equity
Share of post-acquisition reserves
(net of dividends, and accumulated
amortisation of goodwill)
Unamortised deferred gain (1)
Translation differences

2023

S$ Mil

2,080.0
609.3
2,689.3

2022

S$ Mil

1,750.4
472.6
2,223.0

29.4

(144.1)
(114.5)
(77.8)
(307.0)

61.2
(233.7)
64.8
(78.3)

Less: Allowance for impairment losses

(12.9)

(7.0)

Reclassification to ‘Net deferred gain’
(see Note 33)

3.3

(6.0)

2023

S$ Mil

24.7
-
24.7

2022

S$ Mil

24.7
-
24.7

-
-
-
-

2,372.7

2,131.7

24.7

Note:
(1) Comprised the Group’s 18% (31 March 2022: 30%) retained interest on gain arising from disposal of network assets from the Group to Indara

Corporation Pty Ltd.

202

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023
26.

ASSOCIATES (Cont’d)

As at 31 March 2023,

(i)

(ii)

The market values of the quoted equity shares in associates held by the Group and the Company were S$3.41
billion (31 March 2022: S$3.43 billion) and S$247.0 million (31 March 2022: S$321.1 million) respectively.

The Group’s proportionate interest in the capital commitments of the associates was S$164.4 million (31 March
2022: S$150.3 million).

The details of associates are set out in Note 47.4.

The summarised financial information of the Group’s significant associate namely Intouch Holdings Public Company
Limited (“Intouch”), based on its financial statements and a reconciliation with the carrying amount of the investment
in the consolidated financial statements was as follows –

Group

Statement of comprehensive income
Revenue

Profit after tax
Other comprehensive income
Total comprehensive income

Statement of financial position
Current assets
Non-current assets
Current liabilities
Non-current liabilities
Net assets
Less: Non-controlling interests

Net assets attributable to equity holders

Proportion of the Group’s ownership
Group’s share of net assets
Goodwill and other identifiable intangible assets
Others (1)

Carrying amount of the investment

Other items
Group’s share of market value
Dividends received during the year

Note:
(1) Others include adjustments to align the respective local accounting standards to SFRS(I).

2023

S$ Mil

2022

S$ Mil

86.9

133.7

416.0
5.5
421.5

293.1
1,310.8
(308.1)
(2.5)
1,293.3
29.7

439.6
3.4
443.0

687.1
1,598.0
(395.0)
(101.9)
1,788.2
(236.7)

1,323.0

1,551.5

24.99%
330.6
1,326.9
150.2

21.2%
329.1
1,386.3
(106.6)

1,807.7

1,608.8

2,307.0
142.6

2,149.5
74.2

203

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

26.

ASSOCIATES (Cont’d)

The aggregate information of the Group’s investments in associates which are not individually significant were as
follows –

Share of (loss)/ profit after tax
Share of other comprehensive (loss)/ income

Share of total comprehensive (loss)/ income

27.

IMPAIRMENT REVIEWS

Goodwill on acquisition of subsidiaries

Group

2022

S$ Mil

30.7
12.3

43.0

2023

S$ Mil

(17.4)
(40.6)

(58.0)

The carrying values of the Group’s goodwill on acquisition of subsidiaries as at 31 March 2023 were assessed for
impairment during the financial year.

Goodwill is allocated for impairment testing purposes based on cash-generating unit (“CGU”).

The recoverable values of CGUs including goodwill are assessed based on discounted cash flow models using cash
flow projections from financial budgets and forecasts approved by management. The Group has used cash flow
projections of seven years for Optus to better reflect the longer time period for investment returns, five years for NCS
Group and ten years for the Global Cyber Security Business. Cash flows beyond the terminal year are extrapolated
using the estimated growth rates stated in the table below. Key assumptions used in the discounted cash flow models
are growth rates, operating margins, capital expenditure and discount rates.

The terminal growth rates used do not exceed the long term average growth rates of the respective industry and
country in which the entity operates and are consistent with forecasts included in industry reports.

The discount rates applied to the cash flow projections are based on Weighted Average Cost of Capital (WACC) where
the cost of a company’s debt and equity capital are weighted to reflect its capital structure.

204

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

27.

IMPAIRMENT REVIEWS (Cont’d)

The details are shown in the table below:

31 March

Terminal growth rate (1)

Pre-tax discount rate

2023

S$ Mil

2022

S$ Mil

31 March

2023

2022

2023

2022

Group

Carrying value of goodwill in -

Optus Group

7,857.4

8,903.2

2.75%

9.1%

8.0%

Global Cyber Security
Business (2)

NCS (Australia) (3)

NCS (Asia)

610.6

623.3

456.7

97.2

36.7

97.5

3.5%

2.0%

3.5%

2.0%

11.8%

12.4%

12.9%

9.8%

9.4%

8.0%

Notes:
(1) Weighted average growth rate used to extrapolate cash flows beyond the terminal year.
(2) Comprised cyber businesses mainly in Asia Pacific.
(3) Comprised NCS’s businesses in Australia including Dialog Pty Ltd and Row TopCo Pty Ltd (the group holding company of ARQ Group).

During the financial year, the recoverable value of Optus Group was assessed to be below its carrying value on
account of higher discount rate mainly due to a succession of steep interest rate hikes, as well as a weaker Australian
Dollar against the Singapore Dollar. The estimates for future cashflows have also been revised to reflect a weaker
consumer and business outlook due to slower economic growth. Consequently, the Group recorded a non-cash
impairment charge of S$1.0 billion to the goodwill of Optus Group. Following the impairment charge, the recoverable
amount of goodwill was equal to the carrying amount. As at 31 March 2023, the Group has undertaken another
review of Optus’ carrying value and assessed that no further impairment charge was required for the goodwill of
Optus.

The recovery values of the goodwill of the other CGUs are above their carrying values as at 31 March 2023.

205

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

28.

FAIR VALUE THROUGH OTHER COMPREHENSIVE INCOME (“FVOCI”) INVESTMENTS

Group

Company

Balance as at 1 April
Additions
Disposals/ Write-offs
Net fair value (losses)/ gains included in
‘Other Comprehensive Income’
Translation differences

2023

S$ Mil

807.9
80.2
(29.4)

(116.9)
(8.1)

2022

S$ Mil

650.9
70.5
(196.5)

278.5
4.5

Balance as at 31 March

733.7

807.9

2023

S$ Mil

5.1
-
(5.1)

-
-

2022

S$ Mil

3.3
-
-

1.8
-

5.1

Group

Company

31 March

2023

S$ Mil

698.6
35.1

2022

S$ Mil

638.0
169.9

733.7

807.9

2023

S$ Mil

-
-

2022

S$ Mil

3.3
1.8

5.1

Group

Company

31 March

2023

S$ Mil

2022

S$ Mil

2023

S$ Mil

2022

S$ Mil

259.2
-
2.1
5.1
0.1
266.5

448.4
18.8
467.2

367.2
5.1
9.1
2.6
0.7
384.7

402.7
20.5
423.2

733.7

807.9

-
-
-
-
-
-

-
-
-

-
5.1
-
-
-
5.1

-
-
-

5.1

Cost
Cumulative fair value changes

FVOCI investments included the following –

Quoted equity securities
- Africa
- Singapore
- United States of America
- Australia
- Israel

Unquoted
Equity securities
Others

206

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

29.

TRADE AND OTHER PAYABLES

Trade payables
Accruals
Interest payable on borrowings and swaps
Contract liabilities (handset sales)
Deferred income
Customers’ deposits
Due to associates and joint ventures
- trade
- non-trade

Due to subsidiaries
- trade
- non-trade

Other payables

”*” denotes amount of less than S$0.05 million.

Group

Company

31 March

2023

S$ Mil

4,012.5
850.0
97.3
28.2
20.8
20.4

25.3
*
25.3

-
-
-
255.4

2022

S$ Mil

4,389.5
856.9
93.2
37.3
36.3
21.0

32.9
*
32.9

-
-
-
128.7

2023

S$ Mil

681.7
142.3
30.1
-
-
12.4

18.7
-
18.7

2022

S$ Mil

710.3
143.5
28.5
-
1.2
12.5

27.4
-
27.4

886.7
1,086.8
1,973.5
42.1

119.7
1,199.0
1,318.7
40.1

5,309.9

5,595.8

2,900.8

2,282.2

The trade payables are non-interest bearing and are generally settled on 30 or 60 days terms, with some payables
relating to handset and network investments having payment terms of up to 364 days and suppliers have in place
facilities from third parties so as to extend such longer credit terms to the Group.

The interest payable on borrowings and swaps are mainly settled on a quarterly or half-yearly basis.

The amounts due to subsidiaries are unsecured, repayable on demand and interest-free.

207

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

30.

BORROWINGS (UNSECURED)

Group

Company

31 March

2022

S$ Mil

2023

S$ Mil

2022

S$ Mil

Current
Bonds
Bank loans
Other borrowings

Non-current
Bonds
Bank loans
Other borrowings

30.1

Bonds

Principal amount

US$3,000 million (1)
US$500 million (1)
US$100 million

€500 million (1)(2)

S$250 million
S$150 million (2)

HK$750 million

Classified as -
Current
Non-current

Total unsecured borrowings

7,613.5

8,276.1

A$1,650 million (2) (31 March 2022: A$2,300 million)

1,461.1

2,319.1

2023

S$ Mil

444.1
7.2
19.8

1,057.4
-
14.4

471.1

1,071.8

6,583.6
535.7
23.1

7,187.9
-
16.4

7,142.4

7,204.3

2023

S$ Mil

3,971.0
668.7
133.0

2022

S$ Mil

4,039.4
757.6
-

666.9

729.2

-
-

250.0
150.0

127.0

-
-
-

668.7
-
-

668.7

-
-
-

757.6
-
-

757.6

2023

S$ Mil

-
668.7
-

-
-

2022

S$ Mil

-
757.6
-

-
-

Group

Company

31 March

7,027.7

8,245.3

668.7

757.6

444.1
6,583.6

1,057.4
7,187.9

-
668.7

-
757.6

7,027.7

8,245.3

668.7

757.6

Notes:
(1)
(2) The bonds, issued by Optus Group, are subject to a negative pledge that limits the amount of secured indebtedness of certain subsidiaries of

The bonds are listed on the Singapore Exchange Limited.

Optus.

208

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023
30.

BORROWINGS (UNSECURED) (Cont’d)

30.2

Bank Loans

Current
Non-current

30.3

Other borrowings

Current
Non-current

Group

31 March

2023

S$ Mil

7.2
535.7

542.9

2022

S$ Mil

-
-

Group

31 March

2023

S$ Mil

19.8
23.1

42.9

2022

S$ Mil

14.4
16.4

30.8

Other borrowings of the Group comprised capital financing from vendors.

30.4

Maturity

The maturity periods of the non-current unsecured borrowings at the end of the reporting period were as follows -

Between 1 and 5 years
Over 5 years

Group

Company

31 March

2023

S$ Mil

2022

S$ Mil

2,327.9
4,814.5

2,222.8
4,981.5

2023

S$ Mil

-
668.7

2022

S$ Mil

-
757.6

7,142.4

7,204.3

668.7

757.6

209

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

30.

BORROWINGS (UNSECURED) (Cont’d)

30.5

Interest Rates

The weighted average effective interest rates at the end of the reporting period were as follows -

Bonds (fixed rate)
Bank loans (floating rate)
Other borrowings (fixed rate)

Group

Company

31 March

2023

3.0
4.2
1.5

2022

3.0
-
-

2023

7.4
-
-

2022

7.4
-
-

30.6

The tables below set out the maturity profile of borrowings and related swaps based on expected contractual
undiscounted cash flows.

Group

As at 31 March 2023
Net-settled interest rate swaps
Cross currency interest rate swaps (gross-settled)
- Inflow
- Outflow

Borrowings

As at 31 March 2022
Net-settled interest rate swaps
Cross currency interest rate swaps (gross-settled)
- Inflow
- Outflow

Borrowings

Less than

Between

1 year

S$ Mil

1 and 5 years

S$ Mil

Over

5 years

S$ Mil

(36.3)

(139.6)

(68.9)

(149.7)
199.9
13.9
673.2

(580.6)
774.9
54.7
3,070.7

(1,050.9)
1,114.7
(5.1)
6,328.1

687.1

3,125.4

6,323.0

20.4

46.3

28.2

(145.4)
121.3
(3.7)
1,301.6

(571.7)
524.0
(1.4)
2,964.8

(438.5)
337.2
(73.1)
5,789.6

1,297.9

2,963.4

5,716.5

210

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023
30.

BORROWINGS (UNSECURED) (Cont’d)

Company

As at 31 March 2023
Net-settled interest rate swaps
Cross currency interest rate swaps (gross-settled)
- Inflow
- Outflow

Borrowings

As at 31 March 2022
Net-settled interest rate swaps
Cross currency interest rate swaps (gross-settled)
- Inflow
- Outflow

Borrowings

Less than

Between

1 year

S$ Mil

1 and 5 years

S$ Mil

Over

5 years

S$ Mil

(6.4)

(25.5)

(49.0)
48.1
(7.3)
49.0

(196.1)
192.5
(29.1)
196.1

(196.1)
192.5
(29.1)
1,077.4

41.7

167.0

1,048.3

6.8

(49.9)
24.0
(19.1)
49.9

7.1

8.9

(199.7)
96.0
(96.6)
199.7

(249.6)
119.9
(120.8)
1,130.9

30.8

103.1

1,010.1

31.

BORROWINGS (SECURED)

Current
Lease liabilities

Non-current
Lease liabilities

Group

Company

31 March

2023

S$ Mil

2022

S$ Mil

2023

S$ Mil

2022

S$ Mil

511.6

542.4

58.7

55.8

2,768.2

3,050.1

372.8

426.0

Total secured borrowings

3,279.8

3,592.5

431.5

481.8

Secured borrowings were lease liabilities in respect of right-of-use assets.

The application of SFRS(I) 16 requires the Group to exercise judgement and estimates in the determination of key
assumptions used in measuring the lease liabilities. Key assumptions include lease terms and discount rates on the
lease payments.

211

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

31.

BORROWINGS (SECURED) (Cont’d)

In determining the lease term, the Group considers all relevant facts and circumstances that create an economic
incentive for the Group to exercise an extension option, or not to exercise a termination option. Extension options (or
periods after termination options) are only included in the lease term if the Group is reasonably certain to exercise an
option to extend the lease, or not to exercise an option to terminate the lease.

The lease payments are discounted using the rate implicit in the lease or the Group’s incremental borrowing rate. This
requires the Group to estimate the rate of interest that it would have to pay to borrow the funds to obtain a similar
asset over a similar term.

Changes in these assumptions may impact the measurement of the lease liabilities.

The accounting policies for leases are stated in Note 2.25.

31.1

Maturity

The maturity periods of the non-current secured borrowings at the end of the reporting period were as follows –

Between 1 and 5 years
Over 5 years

Group

Company

31 March

2023

S$ Mil

2022

S$ Mil

1,335.9
1,432.3

1,243.8
1,806.3

2023

S$ Mil

139.3
233.5

2022

S$ Mil

163.6
262.4

2,768.2

3,050.1

372.8

426.0

31.2

The tables below set out the maturity profile of lease liabilities based on expected contractual undiscounted cash
flows -

Group

As at 31 March 2023
Lease liabilties

As at 31 March 2022
Lease liabilities

Company

As at 31 March 2023
Lease liabilties

As at 31 March 2022
Lease liabilities

212

Less than

Between

1 year

S$ Mil

1 and 5 years

S$ Mil

Over

5 years

S$ Mil

630.8

1,713.4

2,621.2

671.5

1,582.7

2,355.8

Less than

Between

1 year

S$ Mil

1 and 5 years

S$ Mil

Over

5 years

S$ Mil

73.8

184.8

272.9

72.5

214.1

311.6

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

32.

RECONCILIATION OF LIABILITIES FROM FINANCING ACTIVITIES

Group - 2023

Bonds

S$ Mil

Bank loans

borrowings

liabilities

payable

instruments

S$ Mil

As at 1 April 2022

8,245.3

30.8

3,592.5

93.2

333.7

Financing cash flows (1)

(766.6)

542.4

16.6

(433.7)

(389.6)

8.3

Other

Lease

Interest

financial

Derivative

Non-cash changes:

Fair value adjustments
Amortisation of bond discount
Foreign exchange movements
Additions of lease liabilities
Interest expense
Acquisition of subsidiaries
Disposals
Adjustments/ Reclassifications

(123.4)
6.2
(333.8)
-
-
-
-
-
(451.0)

-
-
(14.5)
-
-
15.0
-
-
0.5

-
-
(4.5)
-
-
-
-
-
(4.5)

-
-
(346.7)
457.4
-
13.0
(2.7)
-
121.0

-
-
4.0
-
389.7
-
-
-
393.7

201.5
-
(12.4)
-
-
2.5
-
16.7
208.3

As at 31 March 2023

7,027.7

542.9

42.9

3,279.8

97.3

550.3

Group - 2022

Bonds

S$ Mil

Bank loans

borrowings

liabilities

payable

instruments

S$ Mil

As at 1 April 2021

8,998.2

1,656.5

2,204.8

93.7

281.9

Financing cash flows (1)

(660.9)

(1,650.3)

11.8

(410.9)

(392.9)

43.5

Other

Lease

Interest

financial

Derivative

Non-cash changes:

Fair value adjustments
Amortisation of bond discount
Foreign exchange movements
Additions of lease liabilities
Interest expense
Acquisition of a subsidiary
Reclassfied to subsidiary
held for sale
Disposal of subsidiaries
Adjustments/ Reclassifications

(76.6)
5.8
(21.2)
-
-
-

-
-
-
(92.0)

-
-
(6.2)
-
-
-

-
-
-
(6.2)

-
-
(0.9)
-
-
-

-
-
19.9
19.0

-
-
(124.1)
2,128.7
-
-

(59.3)
(141.9)
(4.8)
1,798.6

-
-
(0.6)
-
393.0
-

-
-
-
392.4

(47.6)
-
(6.3)
-
-
(5.0)

-
27.2
40.0
8.3

As at 31 March 2022

8,245.3

30.8

3,592.5

93.2

333.7

Note:
(1)

The cash flows comprised the net amount of proceeds from borrowings and repayments of borrowings, net interest paid on borrowings and
settlement of swaps for bonds repaid in the statement of cash flows.

213

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS33.

NET DEFERRED GAIN

Unamortised deferred gain
Reclassification from ‘Associates’ (see Note 26)

Net deferred gain

Classified as -
Current
Non-current

Group

31 March

2023

S$ Mil

363.2
3.3

2022

S$ Mil

384.1
(6.0)

366.5

378.1

20.8
345.7

20.8
357.3

366.5

378.1

NetLink Trust (“NLT”) is a business trust established as part of the Infocomm Media Development Authority of
Singapore’s effective open access requirements under Singapore’s Next Generation Nationwide Broadband Network.

In prior years, Singtel had sold certain infrastructure assets, namely ducts, manholes and exchange buildings
(“Assets”) to NLT. At the consolidated level, the gain on disposal of Assets recognised by Singtel is deferred in the
Group’s statement of financial position and amortised over the useful lives of the Assets. The unamortised deferred
gain is released to the Group’s income statement when NLT is partially or fully sold, based on the proportionate equity
interest disposed.

Singtel sold its 100% interest in NLT to NetLink NBN Trust (the “Trust”) in July 2017 for cash as well as a 24.8% interest in
the Trust. With the divestment, Singtel ceased to own units in NLT but holds an interest of 24.8% in the Trust which owns
all the units in NLT.

34.

OTHER NON-CURRENT LIABILITIES

Group

Company

31 March

2023

S$ Mil

2022

S$ Mil

2023

S$ Mil

2022

S$ Mil

Other payables

263.1

308.1

36.2

34.5

Other payables mainly relate to spectrum investments, accruals of rental for certain network sites, long-term employee
entitlements and asset retirement obligations.

214

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

35.

SHARE CAPITAL

Group and Company

Balance as at 1 April
Others (1)

Number of shares

Share capital

2023

Mil

2022

Mil

2023

S$ Mil

2022

S$ Mil

16,514.6
-

4,573.1
-

4,573.5
(0.4)

Balance as at 31 March

16,514.6

4,573.1

Note:
(1) Others pertained to transaction costs from the issuance of shares under the Singtel Scrip Dividend Scheme.

All issued shares are fully paid and have no par value. The issued shares carry one vote per share and a right to
dividends as and when declared by the Company.

From time to time, the Group purchases its own shares from the market. The shares purchased are primarily for
delivery to employees upon vesting of performance shares awarded under Singtel performance share plans. The
Group can also cancel the shares which are repurchased from the market.

Dividend Policy and Capital Management

The Group assesses returns to shareholders in a holistic manner, with payouts funded by operating cashflow and any
excess proceeds from capital recycling after funding growth and repaying debt.

This policy will be reviewed regularly to reflect the progress of the Group’s transformation.

Singtel is also committed to an optimal capital structure, which enables investments for growth, while maintaining
financial flexibility and investment-grade credit ratings.

36.

PERPETUAL SECURITIES

On 14 April 2021, the Group issued fixed rate subordinated perpetual securities (the “perpetual securities”) with an
aggregate principal amount of S$1.0 billion. Incremental costs incurred of S$2.6 million were recognised in equity as
a deduction from the proceeds.

Such perpetual securities bear distribution at a rate of 3.3% per annum, payable semi-annually. Subject to relevant
terms and conditions in the offering memorandum, the Group may elect to defer making distributions on the perpetual
securities, and is not subject to any limit as to the number of times a distribution can be deferred.

As a result, the Group is considered to have no contractual obligations to repay its principal or to pay any distributions
and the perpetual securities do not meet the definition for classification as a financial liability under SFRS(I) 1-32
Financial Instruments: Presentation. The whole instrument is presented within equity, and distributions are treated as
dividends.

During the financial year, distributions to perpetual securities holders amounting to S$33.0 million (31 March 2022:
S$31.8 million) were accrued of which S$33.0 million (31 March 2022: S$16.6 million) has been paid.

215

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

37.

DIVIDENDS

Final dividend of 4.8 cents
(2022: 2.4 cents) per share

Interim dividend of 4.6 cents
(2022: 4.5 cents) per share

Special dividend of 5.0 cents
(2022: nil) per share

During the financial year,

Group

2023

S$ Mil

2022

S$ Mil

Company

2023

S$ Mil

2022

S$ Mil

792.5

396.2

792.5

396.3

759.2

742.9

759.2

743.0

825.2

2,376.9

1,139.1

2,376.9

1,139.3

(a)

(b)

(c)

a final one-tier tax exempt ordinary dividend of 4.8 cents per share, totalling S$793 million was paid in respect
of the previous financial year ended 31 March 2022.

an interim one-tier tax exempt ordinary dividend of 4.6 cents per share totalling S$759 million was paid in
respect of the current financial year ended 31 March 2023.

a special one-tier tax exempt dividend of 5.0 cents per share totalling S$825 million was approved in respect
of the current financial year ended 31 March 2023. The first tranche of 2.5 cents per share was paid along with
the interim dividend while the second tranche of 2.5 cents per share will be paid along with the final ordinary
dividend.

The amount paid by the Group differed from that paid by the Company due to dividends on performance shares held
by the Trust that were eliminated on consolidation of the Trust.

The Directors have proposed a final one-tier tax exempt ordinary dividend of 5.3 cents per share, totalling approximately
S$875 million in respect of the current financial year ended 31 March 2023 for approval at the forthcoming Annual
General Meeting. The Singtel Scrip Dividend Scheme will not be applied to the final dividend.

These financial statements do not reflect the above final dividend payable which will be accounted for in the
‘Shareholders’ Equity’ as an appropriation of ‘Retained Earnings’ in the next financial year ending 31 March 2024.

38.

FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES

The Group classifies fair value measurements using a fair value hierarchy which reflects the significance of the inputs
used in determining the measurements. The fair value hierarchy has the following levels -

(a)

quoted prices (unadjusted) in active markets for identical assets or liabilities (Level 1);

(b)

inputs other than quoted prices included within Level 1 which are observable for the asset or liability, either
directly (i.e. as prices) or indirectly (i.e. derived from prices) (Level 2); and

(c)

inputs for the asset or liability which are not based on observable market data (unobservable inputs) (Level 3).

216

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

38.

FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES (Cont’d)

38.1

Financial assets and liabilities measured at fair value

Group

31 March 2023

Financial assets

FVOCI investments (Note 28)
- Quoted equity securities
- Unquoted investments

Level 1

S$ Mil

Level 2

S$ Mil

Level 3

S$ Mil

Total

S$ Mil

266.5
-
266.5

-
-
-

-
467.2
467.2

266.5
467.2
733.7

Derivative financial instruments (Note 18)

227.1

Financial liabilities

Derivative financial instruments (Note 18)

Group

31 March 2022

Financial assets

FVOCI investments (Note 28)
- Quoted equity securities
- Unquoted investments

Subsidiary held for sale (Note 19)
Derivative financial instruments (Note 18)

Financial liabilities

Subsidiary held for sale (Note 19)
Derivative financial instruments (Note 18)

266.5

227.1

467.2

960.8

777.4

Level 1

S$ Mil

Level 2

S$ Mil

Level 3

S$ Mil

384.7
-
384.7

-
-

-
-
-

449.8
117.2

-
423.2
423.2

-
-

777.4

Total

S$ Mil

384.7
423.2
807.9

449.8
117.2

384.7

567.0

423.2

1,374.9

-
-

233.2
450.9

684.1

-
-

233.2
450.9

684.1

217

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS38.

FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES (Cont’d)

38.1

Financial assets and liabilities measured at fair value (Cont’d)

Company

31 March 2023

Financial assets

Derivative financial instruments (Note 18)

Financial liabilities

Derivative financial instruments (Note 18)

Company

31 March 2022

Financial assets

FVOCI investments (Note 28)
- Quoted equity securities

Derivative financial instruments (Note 18)

Financial liabilities

Derivative financial instruments (Note 18)

Level 1

S$ Mil

Level 2

S$ Mil

Level 3

S$ Mil

Total

S$ Mil

Level 1

S$ Mil

5.1

23.5

199.8

Level 2

S$ Mil

3.7

104.5

Level 3

S$ Mil

23.5

199.8

Total

S$ Mil

5.1

3.7

8.8

104.5

See Note 2.16 for the policies on fair value estimation of the financial assets and liabilities.

218

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

38.

FAIR VALUES OF FINANCIAL ASSETS AND LIABILITIES (Cont’d)

38.1

Financial assets and liabilities measured at fair value (Cont’d)

The following table presents the reconciliation for the unquoted FVOCI investments measured at fair value based on
unobservable inputs (Level 3) -

FVOCI investments - unquoted

Balance as at 1 April
Total gains included in ‘Fair Value Reserve’
Additions
Disposals
Transfer out from Level 3
Translation differences

2023

S$ Mil

423.2
0.5
72.0
(20.4)
-
(8.1)

Group

2022

S$ Mil

341.6
63.1
66.3
(47.5)
(4.8)
4.5

Balance as at 31 March

467.2

423.2

38.2

Financial assets and liabilities not measured at fair value (but with fair value disclosed)

Carrying Value

S$ Mil

Level 1

S$ Mil

Fair value

Level 2

S$ Mil

Level 3

S$ Mil

Total

S$ Mil

As at 31 March 2023

Financial liabilities

Group
Bonds (Note 30.1)

Company
Bonds (Note 30.1)

As at 31 March 2022

Financial liabilities

Group
Bonds (Note 30.1)

Company
Bonds (Note 30.1)

7,027.7

5,030.0

1,597.5

668.7

792.1

8,245.3

5,559.4

2,599.7

757.6

911.0

6,627.5

792.1

8,159.1

911.0

See Note 2.16 on the basis of estimating the fair values and Note 18 for information on the derivative financial
instruments used for hedging the risks associated with the borrowings.

Except as disclosed in the above tables, the carrying values of other financial assets and liabilities approximate their
fair values.

219

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

39.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES

39.1

Financial Risk Factors

The Group’s activities are exposed to a variety of financial risks: foreign exchange risk, interest rate risk, credit risk,
liquidity risk and market risk. The Group’s overall risk management seeks to minimise the potential adverse effects of
these risks on the financial performance of the Group.

The Group uses financial instruments such as currency forwards, cross currency and interest rate swaps, and foreign
currency borrowings to hedge certain financial risk exposures. No financial derivatives are held or sold for speculative
purposes.

The Directors assume responsibility for the overall financial risk management of the Group. For the financial year
ended 31 March 2023, the Risk Committee, and Finance and Investment Committee (“FIC”), which are committees
of the Board, assisted the Directors in reviewing and establishing policies relating to financial risk management in
accordance with the policies and directives of the Group.

39.2

Foreign Exchange Risk

The foreign exchange risk of the Group arises from subsidiaries, associates and joint ventures operating in foreign
countries, mainly Australia, India, Indonesia, the Philippines, Thailand and the United States of America. Additionally,
the Group’s joint venture in India, Airtel, is primarily exposed to foreign exchange risks from its operations in Sri Lanka
and across Africa. Translation risks of overseas net investments are not hedged unless approved by the FIC.

The Group has borrowings denominated in foreign currencies that have primarily been hedged into the functional
currency of the respective borrowing entities using cross currency swaps in order to reduce the foreign currency
exposure on these borrowings. As the hedges are intended to be perfect, any change in the fair value of the cross
currency swaps has minimal impact on profit and equity.

The Group Treasury Policy, as approved by the FIC, is to substantially hedge all known transactional currency
exposures. The Group generates revenue, receives foreign dividends and incurs costs in currencies which are other
than the functional currencies of the operating units, thus giving rise to foreign exchange risk. The currency exposures
are primarily from the Australian Dollar, Euro, Hong Kong Dollar, Indian Rupee, Indonesian Rupiah, Philippine Peso,
Pound Sterling, Thai Baht, United States Dollar and Japanese Yen.

Foreign currency purchases and forward currency contracts are used to reduce the Group’s transactional exposure to
foreign currency exchange rate fluctuations. The foreign exchange difference on trade balances is disclosed in Note
6 and the foreign exchange difference on non-trade balances is disclosed in Note 10.

The critical terms (i.e. the notional amount, maturity and underlying) of the derivative financial instruments and their
corresponding hedged items are the same. The Group performs a qualitative assessment of effectiveness and it is
expected that derivative financial instruments and the value of the corresponding hedged items will systematically
change in opposite direction in response to movements in the underlying exchange rates.

The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the
Group’s own credit risk on the fair value of the derivative financial instruments, which is not reflected in the fair value
of the hedged items attributable to changes in foreign currency rates. No other source of ineffectiveness emerged
from these hedging relationships.

All hedge relationships remain effective and there is no hedge relationship in which hedge accounting is no longer
applied.

220

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

39.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Cont’d)

39.3

Interest Rate Risk

The Group has cash balances placed with reputable banks and financial institutions which generate interest income
for the Group. Other than cash placed with banks and financial institutions, the Group also invests in Singapore
Treasury bills. The Group manages its interest rate risks by placing its cash balances and investing in Singapore
Treasury bills on varying maturities and interest rate terms.

The Group’s borrowings include bank borrowings and bonds. The borrowings expose the Group to interest rate risk.
The Group seeks to minimise its exposure to these risks by entering into interest rate swaps over the duration of its
borrowings. Interest rate swaps entail the Group agreeing to exchange, at specified intervals, the difference between
fixed and variable rate interest amounts calculated by reference to an agreed-upon notional principal amount. As at
31 March 2023, after taking into account the effect of interest rate swaps, approximately 89% (31 March 2022: 95%)
of the Group’s borrowings were at fixed rates of interest.

As at 31 March 2023, assuming that the market interest rate is 50 basis points higher or lower and with no change to
the other variables, the annualised interest expense on borrowings would be higher or lower by S$3.1 million (2022:
S$4.0 million).

The main source of hedge ineffectiveness in these hedging relationships is the effect of the counterparty and the
Group’s own credit risk on the fair value of the interest rate swaps, which is not reflected in the fair value of the
hedge items attributable to changes in interest rates. No other source of ineffectiveness emerged from these hedging
relationships.

Interest rate swap contracts paying fixed rate interest amounts are designated and effective as cash flow hedges
in reducing the Group’s cash flow exposure resulting from variable interest rates on borrowings. The interest rate
swaps and the interest payments on the borrowings occur simultaneously and the amount accumulated in equity is
reclassified to the income statement over the period that the floating rate interest payments on borrowings affect the
income statement.

Interest rate swap contracts paying floating rate interest amounts are designated and effective as fair value hedges
of interest rate movements. During the year, the hedge was fully effective in hedging the fair value exposure to
interest rate movements. The carrying amount of the bond decreased by S$213.5 million (31 March 2022: S$87.3
million) which was included in the income statement at the same time that the fair value of the interest rate swap was
included in the income statement.

As at 31 March 2023, S$1.3 billion (31 March 2022: S$1.5 billion) of borrowings were designated in fair value hedge
relationships. All hedge relationships remained effective and there was no hedge relationship in which hedge
accounting could no longer be applied.

221

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

39.

FINANCIAL RISK MANAGEMENT OBJECTIVES AND POLICIES (Cont’d)

39.4

Credit Risk

Financial assets that potentially subject the Group to concentrations of credit risk consist primarily of trade receivables,
contract assets, cash and cash equivalents, Singapore Treasury bills and financial instruments used in hedging
activities.

The Group has no significant concentration of credit risk from trade receivables and contract assets due to its diverse
customer base. Credit risk is managed through the application of credit assessment and approvals, credit limits
and monitoring procedures. Where appropriate, the Group obtains deposits or bank guarantees from customers or
enters into credit insurance arrangements. The Group’s exposure to credit risk and the measurement bases used to
determine expected credit losses is disclosed in Note 16.

The Group places its cash and cash equivalents with a number of major commercial banks and other financial
institutions with high credit ratings. The Group also invests in Singapore Treasury bills which has been accorded the
strongest credit rating by international credit rating agencies.

Derivative counterparties are limited to high credit rating commercial banks and other financial institutions. The
Group has policies that limit the financial exposure to any one financial institution.

39.5

Liquidity Risk

To manage liquidity risk, the Group monitors and maintains a level of cash and cash equivalents, as well as its
investment in Singapore Treasury bills, deemed adequate by the management to finance the Group’s operations
and to mitigate the effects of fluctuations in cash flows. Due to the dynamic nature of the underlying business, the
Group maintains funding flexibility with adequate committed and uncommitted credit lines available to ensure that
the Group is able to meet the short-term obligations of the Group as they fall due.

The maturity profile of the Group’s borrowings and related swaps based on expected contractual undiscounted cash
flows is disclosed in Note 30.6.

39.6

Market Risk

The Group has investments in quoted equity shares. The market value of these investments will fluctuate with market
conditions.

40.

SEGMENT INFORMATION

Segment information is presented based on the information reviewed by senior management for performance
measurement and resource allocation.

From 1 April 2022, the Group’s segment reporting has been changed to reflect the Group’s new organisation structure.
The results for the comparative periods have been restated on the same basis.

Optus offers mobile, equipment sales, fixed voice and data, satellite, managed services, ICT, cloud computing and
cybersecurity in Australia.

Singapore Consumer offers mobile, fixed broadband, voice, pay television, content and digital services, as well as
equipment sales in Singapore.

222

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

40.

SEGMENT INFORMATION (Cont’d)

Group Enterprise provides ICT, mobile, equipment sales, fixed voice and data, satellite, managed services, cloud
computing and cyber security. Australia Enterprise, which was previously under Group Enterprise, is reported under
Optus from 1 April 2022.

NCS offers ICT (including cybersecurity) and IT services, as well as professional consulting in Singapore, Australia and
in the region.

Trustwave provides cybersecurity services in the U.S.

Corporate comprises the other costs or assets not allocated to the business segments. It also includes the Group’s
regional investments in AIS and Intouch (which has an equity interest of 40.4% in AIS in Thailand), Airtel in India, Africa
and Sri Lanka, Globe in the Philippines, and Telkomsel in Indonesia.

The segment results which are before exceptional items, are in line with the basis of information presented to
management for internal management reporting purposes.

The costs of shared and common infrastructure are allocated to the business segments using established
methodologies.

223

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

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224

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

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225

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

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226

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

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227

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

40.

SEGMENT INFORMATION (Cont’d)

A reconciliation of the total reportable segments’ EBIT to the Group’s profit before tax was as follows –

EBIT

Share of exceptional items of associates and joint ventures (post-tax)
Share of tax expense of associates and joint ventures
Exceptional items

Profit before interest, investment income (net) and tax
Interest and investment income (net)
Finance costs

Profit before tax

Group

2023

S$ Mil

2022

S$ Mil

3,398.9

3,180.8

208.0
(668.3)
18.7

2,957.3
56.9
(415.8)

127.6
(610.8)
236.4

2,934.0
90.9
(403.7)

2,598.4

2,621.2

The Group’s revenue from its major products and services are disclosed in Note 4.

The Group’s revenue is mainly derived from Singapore and Australia which respectively accounted for approximately
43% (2022: 40%) and 52% (2022: 51%) of the consolidated revenue for the financial year ended 31 March 2023, with
the remaining 5% (2022: 9%) from the United States of America and other countries where the Group operates in. The
geographical information on the Group’s non-current assets is not presented as it is not used for segmental reporting
purposes.

The Group has a large and diversified customer base which consists of individuals and corporations. There was no
single customer that contributed 10% or more of the Group’s revenue for the financial years ended 31 March 2023
and 31 March 2022.

41.

OPERATING LEASE COMMITMENTS (AS A LESSOR)

The following table sets out the maturity analysis of the undiscounted lease payments to be received after the
reporting date -

Less than 1 year
Between 1 and 2 years
Between 2 and 3 years
Between 3 and 4 years
Between 4 and 5 years
Over 5 years

228

Group

Company

31 March

2023

S$ Mil

135.3
108.6
83.9
78.2
69.6
215.1

2022

S$ Mil

143.2
113.6
91.5
76.8
74.3
220.4

2023

S$ Mil

134.7
105.2
80.6
77.5
69.5
215.1

2022

S$ Mil

140.4
110.2
88.1
74.1
74.3
220.4

690.7

719.8

682.6

707.5

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

42.

LEASE COMMITMENTS (AS A LESSEE)

The lease commitments for short term leases (excluding contracts of one month or less) was S$18.8 million as at 31
March 2023 (31 March 2022: S$17.5 million).

43.

COMMITMENTS

43.1

The commitments for capital expenditure, spectrum and equity investments which had not been recognised in the
financial statements, excluding the commitments shown under Note 43.2 to 43.4 were as follows -

Group

Company

31 March

2023

S$ Mil

2022

S$ Mil

2023

S$ Mil

2022

S$ Mil

43.2

43.3

43.4

Authorised and contracted for

2,665.1

2,745.3

228.4

179.0

As at 31 March 2023, the Group’s commitments for the purchase of broadcasting programme rights were S$605 million
(31 March 2022: S$822 million). The commitments included only the minimum guaranteed amounts payable under
the respective contracts and did not include amounts that may be payable based on revenue share arrangement
which cannot be reliably determined as at the end of the reporting period.

GXS Bank Pte. Ltd. (“GXS”), an associate in which the Group has an equity interest of 40%, holds a digital bank licence
in Singapore and is required to have a minimum paid up capital of S$1.5 billion when it achieves full bank status
within four to six years after its launch in 2022. The Group’s share of this capital is S$600 million, of which S$29 million
has been contributed by 31 March 2023.

In October 2021, the Group subscribed to Airtel’s rights issue for approximately S$552 million. This represents the
Group’s full rights entitlement for its direct stake and additional rights share beyond entitlement. An amount of
S$138 million has been paid in October 2021 while the remaining will be paid over a period of up to three years. No
additional payment was made in the current financial year.

44.

CONTINGENT LIABILITIES OF SINGTEL AND ITS SUBSIDIARIES

(a) Guarantees

As at 31 March 2023, the Group and Company provided the following:

(i)

(ii)

bankers’ and other guarantees, and insurance bonds of S$559.4 million and S$70.7 million (31 March
2022: S$592.4 million and S$40.4 million) respectively.

guarantees to Monetary Authority of Singapore in relation to 40% of all liabilities incurred by GXS for
deposits placed by customers (excluding other banks). This obligation only arises in the event GXS is
wound up or otherwise dissolved without satisfying these liabilities in full.

229

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

44.

CONTINGENT LIABILITIES OF SINGTEL AND ITS SUBSIDIARIES (Cont’d)

(a) Guarantees (Cont’d)

As at 31 March 2023, the Company provided the following guarantees to Singtel Group Treasury Pte. Ltd., a
wholly-owned subsidiary, in respect of the following:

(i)

notes issue of an aggregate equivalent amount of S$4.39 billion (31 March 2022: S$4.38 billion) due
between June 2025 and April 2032.

(ii)

subordinated perpetual securities issue of S$1.0 billion (31 March 2022: S$1.0 billion) due in April 2031.

(b)

In Australia, Optus has reported a cyber attack which accessed certain personal information but did not impact
the operation of Optus’ systems or its telecommunications network or services. The cyber attack was reported to
the relevant Australian authorities and is the subject of several ongoing regulatory investigations. Subsequent
to the financial year end, a class action was filed against Optus, which Optus will vigorously defend. These
investigations could give rise to regulatory actions, penalties, potential claims and/or litigation and the class
action could give rise to damages. At this stage, the outcomes of these matters are not determinable.

(c)

The Group is contingently liable for claims arising in the ordinary course of business and from certain tax
assessments which are being contested, the outcomes of which are not presently determinable. The Group is
vigorously defending all these claims.

45.

SIGNIFICANT CONTINGENT LIABILITIES OF ASSOCIATES AND JOINT VENTURES

(a)

Airtel, a joint venture of the Group, has disputes with various government authorities in the respective
jurisdictions where its operations are based, as well as with third parties regarding certain transactions entered
into in the ordinary course of business.

On 8 January 2013, Department of Telecommunications (“DOT”) issued a demand on Airtel Group for Rs. 52.01
billion (S$841 million) towards levy of one time spectrum charge, which was further revised on 27 June 2018 to
Rs. 84.14 billion (S$1.36 billion), excluding related interest. In the opinion of Airtel, the above demand amounts
to alteration of the terms of the licences issued in the past. Airtel had filed a petition with the Hon’ble High Court
of Bombay, which has directed DOT not to take any coercive action until the next date of hearing. The matter
is currently pending with the Hon’ble High Court of Bombay.

On 4 July 2019, the Telecom Disputes Settlement and Appellate Tribunal (“TDSAT”) in a similar matter of
another unrelated telecom service provider, passed an order providing partial relief and confirming the basis
for the balance of the one time spectrum charge. The said telecom service provider filed an appeal in the
Hon’ble Supreme Court of India which was dismissed on 16 March 2020. With the ruling, Airtel Group has
assessed and provided Rs. 18.08 billion (S$292 million) of the principal demand as well as the related interest.
Notwithstanding this, Airtel Group intends to continue to pursue its legal remedies.

Other taxes, custom duties and demands under adjudication, appeal or disputes and related interest for some
disputes as at 31 March 2023 amounted to approximately Rs. 153.1 billion (S$2.48 billion). In respect of some
of the tax issues, pending final decisions, Airtel had deposited amounts with statutory authorities.

230

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

45.

SIGNIFICANT CONTINGENT LIABILITIES OF ASSOCIATES AND JOINT VENTURES (Cont’d)

(b)

AIS, a joint venture of the Group, has various commercial disputes and significant litigations which are pending
adjudication.

National Telecom Public Company Limited (“NT”) has demanded that AIS pay the following:

(i)

(ii)

additional charges for porting of subscribers from 900MHz to 2100MHz network of THB 41.1 billion
(S$1.60 billion) plus interest.

additional revenue share of THB 62.8 billion (S$2.44 billion) arising from what NT claims to be an
illegality of two amendments made to the Concession Agreement, namely, Amendment 6 (regarding
reduction in prepaid revenue share rate) made in 2001 and Amendment 7 (regarding deduction of
roaming expense from revenue share) made in 2002, which have resulted in lower revenue share. In
January 2020, AIS received the award from the Arbitral Tribunal (“AT”) to pay THB 31.1 billion (S$1.21
billion) and 1.25% interest per month after 30 November 2015. In April 2020, AIS filed a motion to the
Central Administrative Court (“CAC”) to set aside the award which was followed by NT’s appeal to the
CAC to increase the award to THB 62.8 billion (S$2.44 billion). In July 2022, the CAC revoked the AT’s
resolution and AIS is not required to pay the additional revenue share of THB 62.8 billion (S$2.44 billion).
In August 2022, NT appealed to the Supreme Administrative Court.

(iii)

additional revenue share from disputes on roaming rates from 2013 to 2015 of THB 16.3 billion (S$632
million).

As at 31 March 2023, other claims against AIS and its subsidiaries which are pending adjudication amounted
to THB 11.3 billion (S$440 million).

The above claims have not included potential interest and penalty.

AIS believes that the above claims will be settled in favour of AIS and will have no material impact to its financial
statements.

(c)

In October 2017, Intouch and its former subsidiary, Thaicom Public Company Limited (“Thaicom”), received
letters from the Ministry of Digital Economy and Society (the “Ministry”) stating that Thaicom 7 and Thaicom
8 satellites (the “Satellites”) are governed under the terms of a 1991 satellite operating agreement between
Intouch and the Ministry (“Agreement”) which entails the transfer of asset ownership, procurement of backup
satellites, payment of revenue share, and procurement of property insurance. Intouch and Thaicom have
obtained legal advice and are of the opinion that the Satellites are not covered under the Agreement but
instead under the licence from the National Broadcasting and Telecommunications Commission (“NBTC”).
In September 2022, the arbitrators ruled against the Ministry and stated that Intouch is not obligated to
comply with the Ministry’s claim under this dispute. In December 2022, the Ministry appealed to the Central
Administrative Court (“CAC”).

In November 2020, Intouch and Thaicom received notices from the Ministry requesting for replacement of the
de-orbited Thaicom 5 satellite, or compensation equivalent to the value of satellite at THB 7.8 billion (S$303
million) plus fines and interest. This case is pending arbitration.

In June 2021, Intouch and Thaicom received letters from NBTC stating that Thaicom’s rights to use the orbital
slots of Thaicom 7 and Thaicom 8 satellites were up to 10 September 2021 only. Thaicom filed a complaint
to the CAC and the CAC has granted an injunction on 9 August 2021 protecting Thaicom’s rights to use these
orbital slots until the CAC issues the order. In June 2022, the Supreme Administrative Court upheld the CAC’s
decision.

231

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

45.

SIGNIFICANT CONTINGENT LIABILITIES OF ASSOCIATES AND JOINT VENTURES (Cont’d)

(d) Globe, a joint venture of the Group, is contingently liable for various claims arising in the ordinary conduct of
business and certain tax assessments which are either pending decision by the Courts or are being contested,
the outcome of which are not presently determinable. In the opinion of Globe’s management and legal counsel,
the eventual liability under these claims, if any, will not have a material or adverse effect on Globe’s financial
position and results of operations.

In June 2016, the Philippine Competition Commission (“PCC”) claimed that the Joint Notice of Acquisition filed by
Globe, PLDT Inc. (“PLDT”) and San Miguel Corporation (“SMC”) on the acquisition of SMC’s telecommunications
business was deficient and cannot be claimed to be deemed approved. In July 2016, Globe filed a petition with
the Court of Appeals of the Philippines (“CA”) to stop the PCC from reviewing the acquisition. In October 2017,
the CA ruled in favour of Globe and PLDT, and declared the acquisition as valid and deemed approved. PCC
subsequently elevated the case to the Supreme Court to review the CA’s rulings.

(e)

As at 31 March 2023, Telkomsel, a joint venture of the Group, has filed appeals and cross-appeals amounting
to approximately IDR 463 billion (S$41 million) for various tax claims arising in certain tax assessments which
are pending final decisions, the outcome of which is not presently determinable.

46.

EFFECTS OF SFRS(I) AND INT SFRS(I) ISSUED BUT NOT YET ADOPTED

Certain new or revised SFRS(I) and INT SFRS(I) are mandatory for adoption by the Group for the financial year
beginning on or after 1 April 2023. The new or revised SFRS(I) and INT SFRS(I) are not expected to have a significant
impact on the financial statements of the Group and the Company in the period of initial application.

232

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

47.

COMPANIES IN THE GROUP

The Company’s immediate and ultimate holding company is Temasek Holdings (Private) Limited, a company
incorporated in Singapore. The following were the significant subsidiaries as well as associates and joint ventures as
at 31 March 2023 and 31 March 2022.

47.1

Significant subsidiaries incorporated in Singapore

Name of subsidiary

Principal activities

Amobee Asia Pte. Ltd. (1)

Provision of internet advertising solutions

Consumer Journeys Pte. Ltd.

Provision of lifestyle services to end users

DataSpark Pte Ltd

To develop and market analytics and insights
products and services

DCKC Pte. Ltd.

Data centre development and operations

DCW Pte. Ltd.

Data centre development and operations

Group Enterprise Pte. Ltd.

Telecommunications resellers and third party
telecommunications providers

Percentage of effective
equity interest held by
the Group

2023

100

2022

100

NCS Communications
Engineering Pte. Ltd.

Provision of facilities management and
consultancy services, and distributor of specialised
telecommunications and data communication
products

100

NCS Pte. Ltd.

Provision of information technology and
consultancy services

100

NCSI Solutions Pte. Ltd.

Provision of information technology services

100

10.

Sembawang Cable Depot
Pte Ltd

Provision of storage facilities for submarine
telecommunication cables and related equipment

11.

SingCash Pte Ltd

Provision of money remittance and mobile financial
services

100

12.

SingNet Pte Ltd

Provision of internet access and pay television
services

100

13.

Singtel Digital Media Pte Ltd

Provision of digital content services and digital
marketing solutions

100

233

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
47.

COMPANIES IN THE GROUP (Cont’d)

47.1

Significant subsidiaries incorporated in Singapore (Cont’d)

Name of subsidiary

Principal activities

14.

15.

Singtel Innov8 Ventures Pte. Ltd.

Provision of fund management services

Singtel Mobile Singapore Pte. Ltd. Operation and provision of cellular mobile
telecommunications systems and services,
and sale of telecommunications equipment

Percentage of effective
equity interest held by
the Group

2023

100

2022

100

16.

SingtelSat Pte Ltd

Provision of satellite capacity for
telecommunications and video broadcasting
services

100

17.

ST-2 Satellite Ventures
Private Limited

Provision of satellite capacity for
telecommunications and video broadcasting
services

61.9

18.

Telecom Equipment Pte Ltd

Engaged in the sale and maintenance of
telecommunications equipment, and mobile
finance services

100

19.

Trustwave Pte. Ltd.

Provision of information security services and
products

100

Note:
(1)

The company has been disposed during the year.

All companies are audited by KPMG LLP.

234

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023
47.

COMPANIES IN THE GROUP (Cont’d)

47.2

Significant subsidiaries incorporated in Australia

Name of subsidiary

Principal activities

10.

11.

Access Testing Pty Ltd (*)

Provision of information technology services,
software and hardware products

Alphawest Services Pty Ltd (1)

Provision of information technology services

amaysim Mobile Pty Ltd (1)

Provision of mobile phone services

Amobee ANZ Pty Ltd (2)

Provision of internet advertising solutions

Arq Group Enterprise Pty Ltd (1)

Provision of information technology, cloud and
data services

Catapult BI Pty Ltd (*)

Provision of information technology services,
software and hardware products

Dialog Pty Ltd

Diaxion Pty Ltd (*) (1)

DSpark Pty Limited

Provision of information technology services,
software and hardware products

Provision of information technology, cloud and
data services

To develop and market analytics and insights
products and services

100

Ensyst Pty Limited (1)

Provision of cloud services

Hivint Pty Limited

Provision of information security services and
products

12.

Ice Media Pty Ltd (*)

13.

Innovdev Pty Ltd (*)

Provision of information technology services,
software and hardware products

100

14.

15.

NCSI (Australia) Pty Limited

Provision of information technology services

100

Optus Administration Pty Limited (1) Provision of management services to the Optus

100

Group

Percentage of effective
equity interest held by
the Group

2023

100

2022

100

235

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS47.

COMPANIES IN THE GROUP (Cont’d)

47.2

Significant subsidiaries incorporated in Australia (Cont’d)

Name of subsidiary

Principal activities

16.

17.

Optus ADSL Pty Limited (1)

Provision of carriage services

Optus Billing Services Pty
Limited (1)

Provision of billing services to the Optus Group

18.

Optus C1 Satellite Pty Limited (1)

C1 Satellite contracting party

19.

20.

21.

Optus Content Pty Limited (1)

Provision of digital content acquisition

Optus Data Centres Pty Limited (1) Provision of data communication services

Optus Fixed Infrastructure Pty
Limited (1)

Provision of telecommunications services

Percentage of effective
equity interest held by
the Group

2023

100

2022

100

22.

Optus Internet Pty Limited (1)

Provision of services over Hybrid Fibre Co-Axial
network and National Broadband Network

100

23.

24.

25.

26.

27.

28.

29.

30.

31.

Optus Mobile Migrations Pty
Limited (1)

Provision of mobile phone services

100

Optus Mobile Pty Limited (1)

Provision of mobile phone services

Optus Networks Pty Limited (1)

Provision of telecommunications services

Optus Satellite Pty Limited (1)

Provision of satellite services

Optus Smart Spaces Pty Limited (1)

Provision of smart home devices

Optus Space Systems Pty Limited (1) Satellite owner and operator

Optus Systems Pty Limited (1)

Provision of information technology services
to the Optus Group

100

Optus Vision Media Pty Limited (*) (3) Provision of broadcasting related services

Optus Vision Pty Limited (1)

Provision of telecommunications services

100

236

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 202347.

COMPANIES IN THE GROUP (Cont’d)

47.2

Significant subsidiaries incorporated in Australia (Cont’d)

Name of subsidiary

Principal activities

Percentage of effective
equity interest held by
the Group

2023

100

2022

100

32.

33.

34.

35.

36.

37.

38.

39.

40.

41.

42.

Optus Wholesale Pty Limited (1)

Provision of services to wholesale customers

Prepaid Services Pty Limited (1)

Distribution of prepaid mobile products

Reef Networks Pty Ltd (1)

Operation and maintenance of fibre optic
network between Brisbane and Cairns

Singapore Telecom Australia
Investments Pty Limited

Investment holding company

100

Singtel Optus Pty Limited

Provision of telecommunications services

TWH Australia Pty. Limited

Provision of information security services and
products

TW Cyber Security Pty Ltd
(formerly known as Optus
Cyber Security Pty Limited)

Supply of cyber security hardware and software
services, professional consulting and managed
security services

Uecomm Operations Pty Limited (1)

Provision of data communication services

Vaya Communication Pty Ltd (1)

Provision of mobile phone services

Vaya Pty Ltd (1)

Provision of mobile phone services

Vividwireless Group Limited (1)

Provision of wireless broadband services

100

All companies are audited by KPMG, Australia, except for those companies denoted (*) or under Note (1), where no
statutory audit is required.

Notes:
(1)

These entities are relieved from the Australian Corporations Act 2001 requirements for preparation, audit and lodgement of financial reports
pursuant to ASIC Class Order 2016/785 (as amended) dated 30 March 2007.
The company has been disposed during the year.

(2)
(3) Optus Vision Media Pty Limited is deemed to be a subsidiary by virtue of control.

237

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
47.

COMPANIES IN THE GROUP (Cont’d)

47.3

Significant subsidiaries incorporated outside Singapore and Australia

Name of subsidiary

Principal activities

Country of
incorporation/
operation

Percentage of effective
equity interest held by
the Group

Amobee EMEA Limited (2)

Provision of internet advertising
solutions

United
Kingdom

Amobee. Inc. (2)

Provision of internet advertising
solutions

USA

Amobee Ltd (2)

Research and development centre

Israel

2023

2022

100

Lanka Communication
Services (Pvt) Limited

Provision of telecommunications
services

Sri Lanka

82.9

M86 Security International,
Ltd.

Provision of information security
services and products

United
Kingdom

100

NCS (China) Co., Ltd.
(formerly known as NCSI
(Shanghai), Co. Ltd.) (3)

Provision of system integration,
software research and
development and other information
technology related services

People’s
Republic of
China

100

NCS Information Technology
(Suzhou) Co., Ltd. (3)

Software development and
provision of information technology
services

People’s
Republic of
China

100

NCSI (Chengdu) Co., Ltd. (3)

Provision of information technology
research and development, and
other information technology
related services

People’s
Republic of
China

100

NCSI (HK) Limited

Provision of information technology
services

Hong Kong

100

10.

NCSI (Philippines) Inc.

Provision of information technology
and communication engineering
services

Philippines

100

11.

NCSI Technologies (India)
Pvt. Ltd.

Provision of information technology
services

India

100

238

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 202347.

COMPANIES IN THE GROUP (Cont’d)

47.3

Significant subsidiaries incorporated outside Singapore and Australia (Cont’d)

Name of subsidiary

Principal activities

Country of
incorporation/
operation

Percentage of effective
equity interest held by
the Group

2023

2022

12.

13.

14.

Singapore Telecom
Hong Kong Limited

Provision of telecommunications
services and all related activities

Hong Kong

100

Singapore Telecom Japan
Co Ltd

Provision of telecommunications
services and all related activities

Japan

100

Singapore Telecom Korea
Limited

Provision of telecommunications
services and all related activities

South Korea

100

15.

Singapore Telecom USA, Inc. Provision of telecommunications,

USA

100

engineering and marketing services

16.

Singtel Australia Investment
Ltd.

Investment holding company

British Virgin
Islands

100

17.

Singtel (Europe) Limited

Provision of telecommunications
services and all related activities

United
Kingdom

100

18.

19.

Singtel Global India Private
Limited

Provision of telecommunications
services and all related activities

India

100

Singtel Global Private
Limited

Provision of infotainment products
and services, and investment
holding

Mauritius

100

20.

Singtel Taiwan Limited

Provision of telecommunications
services and all related activities

Taiwan

100

21.

STI Solutions (Shanghai)
Co., Ltd.

22.

Sudong Sdn. Bhd.

Provision of technology
development, technical consultation
and technical services in the field of
information technology

People’s
Republic of
China

100

Management, provision and
operations of a call centre for
telecommunications services

Malaysia

100

239

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS47.

COMPANIES IN THE GROUP (Cont’d)

47.3

Significant subsidiaries incorporated outside Singapore and Australia (Cont’d)

Name of subsidiary

Principal activities

23.

Trustwave Canada, Inc.

24.

Trustwave Holdings, Inc.

Provision of information security
services and products

Country of
incorporation/
operation

Percentage of effective
equity interest held by
the Group

2023

2022

Canada

100

USA

100

25.

Trustwave Limited

Provision of information security
services and products

United
Kingdom

100

All companies are audited by a member firm of KPMG.

Notes:
(1)
(2)
(3)

The place of business of the subsidiaries are the same as their country of incorporation.
The company has been disposed during the year.
Subsidiary’s financial year-end is 31 December.

240

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023

47.

COMPANIES IN THE GROUP (Cont’d)

47.4

Associates of the Group

Name of associate

Principal activities

Country of
incorporation/
operation

Percentage of effective
equity interest held by
the Group

2023

2022

APT Satellite Holdings
Limited (2)

Investment holding

Bermuda

20.3

APT Satellite International
Company Limited (2)

Investment holding

British Virgin
Islands

28.6

GXS Bank Pte. Ltd.

Provision of financial services

Singapore

40.0

HOPE Technik Pte Ltd

Provision of high performance
unique engineering solutions

Singapore

21.3

Indara Corporation Pty Ltd
(formerly known as Australia
Tower Network Pty Ltd)

To own and operate the passive
mobile tower infrastructure assets

Australia

18.0

30.0

Intouch Holdings Public
Company Limited (3)

Investment holding

Thailand

24.99

21.2

MassiveImpact International
Ltd (4)

Provision of performance based
mobile advertising platform

British Virgin
Islands

48.9

8. NetLink NBN Trust (5)

Investment holding

Singapore

24.8

NetLink Trust (5)

10.

Singapore Post Limited (5)

To own, install, operate and
maintain the passive infrastructure
for Singapore’s Nationwide
Broadband Network

Operation and provision of postal
and parcel delivery services,
eCommerce logistics and property

Singapore

24.8

Singapore

22.0

Notes:
(1)
(2)

(3)
(4)
(5)

The place of business of the associates are the same as their country of incorporation.
The company has been equity accounted for in the consolidated financial statements based on results for the year ended, or as at, 31 December
2022, the financial year-end of the company.
Audited by KPMG Phoomchai Audit Ltd, Bangkok.
The company has been disposed during the year.
Audited by Deloitte & Touche LLP, Singapore.

241

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS47.

COMPANIES IN THE GROUP (Cont’d)

47.5

Joint ventures of the Group

Name of joint venture

Principal activities

Acasia Communications
Sdn Bhd (3)

Provision of networking services
to business customers operating
within and outside Malaysia

Advanced Info Service
Public Company Limited (4) (5)

Provision of mobile, broadband,
international telecommunications
services, call centre and data
transmission

Operation of cableships for
laying, repair and maintenance
of submarine telecommunication
cables

ASEAN Cableship Pte Ltd

Country of
incorporation/
operation

Percentage of effective
equity interest held by
the Group

2023

2022

Malaysia

14.3

Thailand

23.3

Singapore

16.7

ASEAN Telecom Holdings
Sdn Bhd (3)

Investment holding

Malaysia

14.3

Asiacom Philippines, Inc. (3)

Investment holding

Philippines

40.0

Bharti Airtel Limited (6)

Provision of mobile, fixed line
telecom services, national and
international long distance
connectivity, digital TV and
integrated enterprise solutions

India

29.4

31.7

Bharti Telecom Limited (6)

Investment holding

India

49.4

Bridge Mobile Pte. Ltd.

Provision of regional mobile
services

Singapore

33.5

33.7

Globe Telecom, Inc. (7) (8)

Provision of mobile, broadband,
international and fixed line
telecommunications services

Philippines

22.3

21.4

242

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 202347.

COMPANIES IN THE GROUP (Cont’d)

47.5

Joint ventures of the Group (Cont’d)

Name of joint venture

Principal activities

Country of
incorporation/
operation

Percentage of
effective equity interest
held by the Group

2023

2022

10.

11.

12.

13.

14.

15.

16.

Grid Communications
Pte. Ltd. (9)

Provision of public trunk radio
services

Singapore

50.0

GSA Data Center
Company Limited (10)

Data centre development and
operations

Thailand

35.0

Indian Ocean Cableship
Pte. Ltd.

Leasing, operating and managing
of maintenance-cum-laying
cableship

Singapore

50.0

International Cableship
Pte Ltd

Ownership and chartering of
cableships

Singapore

45.0

Main Event Television
Pty Limited

Provision of cable television
programmes

Australia

33.3

Pacific Bangladesh
Telecom Limited

Pacific Carriage Holdings
Limited Inc. (11) (12)

Provision of mobile
telecommunications, broadband
and data transmission services

Operation and provision of
telecommunications facilities and
services utilising a network of
submarine cable systems

Bangladesh

45.0

Delaware

32.4

32.5

17.

PT Telekomunikasi Selular (13) Provision of mobile

Indonesia

35.0

telecommunications and related
services

18.

19.

Radiance Communications
Pte Ltd (9)

Sale, distribution, installation
and maintenance of
telecommunications equipment

Singapore

50.0

Southern Cross Cables
Holdings Limited (11) (12)

Operation and provision of
telecommunications facilities and
services utilising a network of
submarine cable systems

Bermuda

32.4

32.5

243

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS47.

COMPANIES IN THE GROUP (Cont’d)

47.5

Joint ventures of the Group (Cont’d)

Name of joint venture

Principal activities

Country of
incorporation/
operation

Percentage of
effective equity interest
held by the Group

2023

2022

20.

VA Dynamics Sdn. Bhd. (3)

Distribution of networking cables
and related products

Malaysia

49.0

Notes:
(1)
(2)

The place of business of the joint ventures are the same as their country of incorporation, unless otherwise specified.
The Group holds substantive participating rights over the significant financial and operating decisions of the above joint ventures, which enables
the Group to exercise joint control with the other shareholders.
The company has been equity accounted for in the consolidated financial statements based on the results for the year ended, or as at, 31
December 2022, the financial year-end of the company.
Audited by KPMG Phoomchai Audit Ltd, Bangkok.
This represents the Group’s direct interest in AIS.
Audited by Deloitte Haskins & Sells LLP, New Delhi. Bharti Airtel Limited has business operations in 17 countries representing India, Sri Lanka, 14
countries in Africa, and a joint venture in Bangladesh.
Audited by Isla Lipana & Co./PwC Philippines.
The Group has a 46.8% effective economic interest in Globe.
The Company has been disposed during the year.
This represents the Group’s direct interest in GSA Data Center Company Limited.
The Southern Cross Cable Consortium operates through two separate companies. Southern Cross Cables Holdings Limited owns a cable
network between Australia and the USA, with operations outside the USA. Pacific Carriage Holdings Limited Inc. has operations within the USA.
Audited by KPMG, Bermuda.
Audited by Purwantono, Sungkoro & Surja (a member firm of Ernst & Young).

(3)

(4)
(5)
(6)

(7)
(8)
(9)
(10)
(11)

(12)
(13)

244

NOTES TO THEFINANCIAL STATEMENTSFor the financial year ended 31 March 2023
The aggregate value of all interested person transactions during the financial year ended 31 March 2023 (excluding transactions
less than S$100,000) were as follows -

Aggregate value of
all interested persons
transactions during the
financial year under review
(excluding transactions less
than S$100,000 and
transactions conducted
under shareholders’ mandate
pursuant to Rule 920)

S$ mil

0.5
0.9
0.8
0.7
0.2
0.4
0.6
0.2
0.8
18.1
0.4
119.0
1.6
1.1
0.2
0.1
5.0
3.4
0.1
8.1
7.9
2.7
1.7
0.3

174.8

Name of interested person

Nature of Relationship

Each interested person is
an associate of Singapore
Telecommunications
Limited’s controlling
shareholder, Temasek
Holdings (Private) Limited

Aetos Security Management Pte. Ltd.
Certis Integrated Facilities Management Pte. Ltd.
Ensign InfoSecurity (Systems) Pte Ltd
Ensign InfoSecurity (Smarttech) Pte Ltd
Fullerton Fund Management Company Ltd
Grid Communications Pte. Ltd.
Infosys Compaz Pte. Ltd.
Maritime Systems Pte. Ltd.
Nexwave Technologies Pte Ltd
PSA Corporation Ltd
Radiance Communications Pte Ltd
Sembcorp Power Pte Ltd
SMRT Trains Ltd.
Stellar Lifestyle Pte Ltd
SPTel Pte Ltd
ST Electronics (Info-Security) Pte. Ltd.
ST Engineering Electronics Pte. Ltd.
ST Engineering Mobility Services Pte. Ltd.
ST Synthesis Pte. Ltd.
Starhub Cable Vision Ltd.
StarHub Ltd
StarHub Mobile Pte Ltd
Surbana Jurong Consultants Pte. Ltd.
Temus Pte. Ltd.

Note:
(1) No shareholders’ mandate pursuant to Listing Rule 920 has been obtained.

Aggregate value of
all interested person
transactions conducted
under shareholders’
mandate pursuant to
Rule 920 (excluding
transactions less than
S$100,000) (1)

S$ mil

-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-
-

245

INTERESTED PERSONTRANSACTIONSOVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSLee Theng Kiat

Mr Lee Theng Kiat, 70, is the Chairman of Temasek
International Pte. Ltd. He is also a Director of Temasek
Holdings (Private) Limited and SPH Media Trust.

Theng Kiat was an Executive Director of Temasek
Holdings (Private) Limited between April 2019 and
September 2021. Before joining Temasek, Theng Kiat
was the President and Chief Executive Officer of
Singapore Technologies Telemedia Pte Ltd and STT
Communications Ltd. Prior to that, he held several senior
level positions in the Singapore Technologies Group.
Theng Kiat served in the Singapore Legal Service for
over eight years before joining the Singapore
Technologies Group.

Theng Kiat holds a Bachelor of Laws (Honours) from the
National University of Singapore.

Yuen Kuan Moon

Mr Yuen Kuan Moon, 56, has been Group CEO of Singtel
since 1 January 2021. That same year, he embarked
on a strategic reset of the Group’s businesses given the
accelerated pace of digitalisation, due in part to the
advent of the pandemic. Under his watch, Singtel has
established 5G leadership and reinvigorated its core
business while developing new growth engines by
turning NCS into a regional tech services provider and
forming a regional data centre business. He has also
unlocked the latent value of Singtel’s assets to recycle
capital into higher growth areas. While pursuing business
growth, Moon has championed people and sustainability
with renewed vigour to help build diverse and inclusive
communities.

Moon began his career at Singtel in 1993 and held
several leadership roles in Marketing, Business
Development and Sales. Prior to his appointment as
Group CEO, Moon was CEO, Consumer Singapore, a

post he has held since June 2012. He was also responsible
for driving the Group’s overall digital transformation as
Group Chief Digital Officer from August 2018 to
December 2020.

Moon sits on the boards of Singtel and its key subsidiaries
and has been serving on the Board of Commissioners
of Telkomsel since 2009. In addition, Moon is a Board
member of Groupe Speciale Mobile Association (GSMA)
and the Singapore Institute of Management. Moon is the
Council Chair of Ngee Ann Polytechnic Council. He is also
a member of Singapore’s Ministry of Communications and
Information’s Digital Readiness Council and the Monetary
Authority of Singapore’s Payments Council.

Moon holds a First-Class Honours degree in Engineering
from the University of Western Australia and a Master of
Science in Management from Stanford University.

John Arthur

Mr John Arthur, 68, joined the board of Sydney Metro in
January 2019 and became its Chairman in July 2019. He
has been a member of Singtel’s Optus Advisory Committee
since July 2019 and a Director of NCS Pte. Ltd., a subsidiary
of Singtel, since February 2022.

John is a lawyer by training, with experience as advisor,
executive and director across a broad range of industries.
He was a partner of the law firm Freehills, Group General
Counsel of Lendlease Corporation, Chairman of the law
firm Gilbert + Tobin, Chairman and CEO of Investa Property
Group, Group Executive Counsel & Secretariat and then
Chief Operating Officer of Westpac Banking Corporation,
before retiring in late 2016. He was a Consultant to the
Chief Executive of Westpac until late 2020. He is also
a former board member of CSR Limited, Rinker Group
Limited, Allianz Australia and ME Bank.

John holds a Bachelor of Laws (Honours) from the University
of Sydney.

246

Further Information on Board of DirectorsGautam Banerjee

Gail Kelly

Mr Gautam Banerjee, 68, is a Senior Director of Blackstone
Group and Chairman of Blackstone Singapore Pte Ltd.
Gautam spent over 30 years with PricewaterhouseCoopers
(PwC) and was a Senior Partner and Executive Chairman
of PwC Singapore until he retired on 31 December 2012.

Gautam sits on the boards of Singapore Airlines Limited
and GIC Private Limited. He is a former Chairman of the
Listings Advisory Committee of the Singapore Exchange and
Singapore Centre of Social Enterprise Ltd (raiSE), a former
Director of The Indian Hotels Company Limited, Piramal
Enterprises Limited and EDBI Pte Ltd, and a former member
of the Singapore Legal Service Commission, the Governing
Board of Yale-NUS College and the Defence Science and
Technology Agency.

Gautam holds a Bachelor of Science (Honours) and an
Honorary Doctor of Laws (LLD) from Warwick University.
He is a fellow member of the Institute of Chartered
Accountants in England and Wales, the Institute of
Singapore Chartered Accountants and the Singapore
Institute of Directors.

Mrs Gail Kelly, 67, is a Board Director of the Bretton Woods
Committee and Australian Philanthropic Services. She is also
a Senior Global Adviser to UBS, a member of the Group of
Thirty and a Senior Advisor to the McKinsey Centre for CEO
Excellence. She also serves on the Australian American
Leadership Dialogue Advisory Board.

Gail’s executive banking career spanned 35 years. She was
the Group CEO and Managing Director of two banks in
Australia – St.George Bank from 2002 to 2007 and Westpac
Banking Corporation from 2008 to 2015. She was previously
a Director of Woolworths Holdings Limited, Country Road
Group and David Jones.

Gail holds a Bachelor of Arts and Higher Diploma of
Education from the University of Cape Town and an MBA
(with Distinction) from the University of the Witwatersrand.
She has been awarded three Honorary Doctorates of
Business, by the University of New South Wales, Macquarie
University and Charles Sturt University. She has also been
conferred an Honorary Doctorate of Science in Economics by
the University of Sydney.

Bradley Horowitz

Lim Swee Say

Mr Bradley Horowitz, 58, is Vice President of Product
Management of, and an Advisor to, Google, Inc. Over the
past decade, Bradley has led product development for a
wide array of consumer products at Google including
Gmail, Google Drive & Docs, Blogger, Google Voice,
Google News and Google Photos. Prior to joining Google,
he was the Vice President of Advanced Development at
Yahoo, Inc.

Bradley is an independent Director of Issuu, Inc., Lyst Ltd
and NextSense, Inc. He is a former member of the Visiting
Committee of Media Lab at the Massachusetts Institute of
Technology.

Bradley holds a Bachelor in Computer Science from the
University of Michigan and a Masters in Media Science
from the Media Lab at the Massachusetts Institute of
Technology.

Mr Lim Swee Say, 68, is a Trustee and Adviser of the National
Trades Union Congress (NTUC), the Chairman of the NTUC
- Administration & Research Unit Board of Trustees, NTUC
LearningHub Pte. Ltd. and NTUC LearningHub Co-operative
Limited, a Director of and an Adviser to NTUC Enterprise
Co-operative Limited and the Deputy Chairman of
Singapore Labour Foundation. He is also a Director of
Ho Bee Land Limited, PSC Corporation Ltd., Tat Seng
Packaging Group Ltd, TF IPC Ltd. and Temasek Foundation Ltd.

Swee Say joined the public sector in 1976. He held
leadership positions in Singapore’s National Computer Board
and Economic Development Board. He joined the Labour
Movement in 1996 and entered politics in 1997. He served in
various ministries between 1999 and 2018. He also served
as the Secretary General of NTUC from 2007 to 2015 and
Minister for Manpower from 2015 to 2018. He retired from
politics as a Member of Parliament in 2020.

Swee Say holds a First Class Honours degree in Electronics,
Computer and Systems Engineering from Loughborough
University and a Master’s degree in Management from
Stanford University.

247

Further Information on Board of DirectorsOVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSChristina Ong

Mrs Christina Ong, 71, is Chairman and Senior Partner
of Allen & Gledhill LLP as well as Co-Head of its Financial
Services Department. She is a Director of Hongkong Land
Holdings Limited, Oversea-Chinese Banking Corporation
Limited and Epimetheus Ltd. Christina is a member of
the Catalist Advisory Panel, the Civil Aviation Authority
of Singapore and the Corporate Governance Advisory
Committee, a trustee of The Stephen A. Schwarzman
Scholars Trust and a member of the Supervisory
Committee of the ABF Singapore Bond Index Fund.

She also sits on the boards of companies and entities
which are owned by Allen & Gledhill LLP. She is a former
Director of the Singapore Tourism Board, Trailblazer
Foundation Ltd and SIA Engineering Company Limited.

Rajeev was a member of the Chinese Premier’s Global
CEO Council from 2014 to 2020. He is a recipient of
China’s Marco Polo award, the highest honour given
to an international business person from the Chinese
government.

Rajeev holds a Bachelor of Engineering (Electronics and
Communications) from Manipal Institute of Technology and
an Honorary Doctorate from Manipal University.

Tan Tze Gay

Ms Tan Tze Gay, 58, is a partner and the head of the Equity
Capital Markets practice at Allen & Gledhill LLP. Her areas
of expertise span equity and debt capital markets and
corporate regulatory and compliance. Tze Gay is a Director
of SIA Engineering Company Limited.

Christina is a lawyer and she provides corporate and
corporate regulatory and compliance advice, particularly
to listed companies. Her areas of practice include banking
and securities.

Christina holds a Bachelor of Laws (Second Upper Class
Honours) from the University of Singapore. She is a
member of the Law Society of Singapore and the
International Bar Association.

She has extensive experience acting for issuers and
underwriters on a wide range of innovative, high value
and complex transactions, from initial public offerings and
listings on the Singapore Exchange as well as regional
and international exchanges to global debt offerings.
She continues to advise listed corporates and business
trusts after listing on their follow-on equity offerings,
debt offerings, acquisitions and disposals and corporate
regulatory and compliance advisory matters.

Rajeev Suri

Mr Rajeev Suri, 55, is a non-executive Director of Viasat,
Inc., a non-executive Director of Stryker Corporation and
a board member of X0PA AI Pte. Ltd. He is also the
Chairman of the Global Satellite Operators Association.

Rajeev was the CEO of Inmarsat and Director of Connect
Bidco Limited, the holding company for Inmarsat, before
stepping down on 31 May 2023. He was the President
and CEO of Nokia for six years until July 2020. Prior to
that, he was CEO of Nokia Siemens Networks for five
years. He was previously Senior Advisor to Warburg
Pincus, Operating Advisor to Apollo Global Management,
Co-Chair of the digitalisation task force of B20, a member
of several digital and healthcare committees of the World
Economic Forum, Industrial Advisor to Evli Growth
Partners and a Commissioner of the United
Nations Broadband Commission.

Tze Gay holds a Bachelor of Laws (Honours, Second Upper),
National University of Singapore.

Teo Swee Lian

Ms Teo Swee Lian, 63, is the Chairman of CapitaLand
Integrated Commercial Trust Management Limited
(manager of CapitaLand Integrated Commercial Trust), a
Director of AIA Group Ltd, Avanda Investment Management
Pte Ltd, Clifford Capital Holdings Pte. Ltd. and Dubai
Financial Services Authority, a member of the Governing
Board of the Duke-NUS Medical School and a council
member of the Asian Bureau of Finance & Economic
Research of NUS Business School.

Swee Lian was Special Advisor in the Managing Director’s
Office at the Monetary Authority of Singapore (MAS)
until she stepped down in early June 2015. Prior to that,
she was the Deputy Managing Director in charge of

248

Further Information on Board of DirectorsFinancial Supervision at the MAS, where she oversaw
macroeconomic surveillance, regulation and supervision
of the banking, insurance and capital markets industries.
Swee Lian holds a Bachelor of Science (First Class Honours)
in Mathematics from Imperial College, London University
and a Master of Science in Applied Statistics from Oxford
University.

Hsin Yue also sits on the board of 65 Equity Partners
Pte. Ltd., and is a council member of the Singapore
Business Federation. She was formerly a non-executive
Director of PACC Offshore Services Holdings Ltd.

Hsin Yue holds an MA in Politics, Philosophy and Economics
from Worcester College, Oxford, and an MBA from INSEAD.

Wee Siew Kim

Yong Ying-I

Ms Yong Ying-I, 59, is the Chairman of the Central
Provident Fund Board and Senior Adviser, Ministry of
Communications and Information. She is also Chairman of
SG Innovate.

Ying-I was the Permanent Secretary (Communications and
Information) and Permanent Secretary (Cybersecurity)
prior to her retirement from the Singapore Public Service on
1 April 2022. Starting her public service career in 1985, she
has served in various appointments across many Ministries,
over a span of 36 years. Ying-I’s leadership positions within
the Singapore Public Service included Permanent Secretary
appointments at the Ministry of Manpower, Ministry of
Health, Ministry of Communications and Information, and in
3 departments in the Prime Minister’s Office (Public Service
Division; National Research Foundation; and Cybersecurity).
She has also chaired the Infocomm Development Authority,
Workforce Development Agency, Civil Service College and
Ministry of Health Holdings.

Ying-I holds a Master of Economics from the University of
Cambridge and a Master of Business Administration from
Harvard Graduate School of Business. She was awarded
the Public Administration Medal (Silver) in 1997 and the
Public Administration Medal (Gold) in 2005.

Mr Wee Siew Kim, 62, is Director and Group Chief
Executive Officer of Nipsea Management Company
Pte. Ltd. (Nipsea Group). He is concurrently a Director
of Nippon Paint Holdings Co., Ltd. and its Representative
Executive Officer & Co-President. He is also the Board
Chairman of Jurong Port Pte Ltd, a board member
of Jurong Town Corporation and a Director of SIA
Engineering Company Limited. He is a former Chairman
of ES Group (Holdings) Limited and a former Director of
Mapletree Logistics Trust Management Ltd and SBS
Transit Ltd.

Before joining Nipsea Group, Siew Kim was the Deputy
CEO and President (Defence Business) of Singapore
Technologies Engineering Ltd.

Siew Kim holds a Bachelor of Science (First Class Honours)
in Aeronautical Engineering from the Imperial College
of Science, Technology and Medicine and a Master of
Business Administration from the Graduate School of
Business, Stanford University. He is a Fellow of the City
and Guilds Institute.

Yong Hsin Yue

Ms Yong Hsin Yue, 51, is the Managing Director of Kuok
(Singapore) Limited (KSL), a member of the Kuok Group.
Prior to joining KSL, Hsin Yue was the General Manager
of Special Projects focusing on business development for
Wilmar International Limited. Hsin Yue started her career
in investment banking where she spent 19 years working
at Goldman Sachs in Singapore and in London and her
last role was as head of the Investment Banking Division
for South East Asia.

Notes:
(1) Information as at 8 June 2023.
(2) Mr Venky Ganesan stepped down from the Singtel Board following the conclusion of the Annual General Meeting on 29 July 2022.

249

Further Information on Board of DirectorsOVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSNAME OF DIRECTOR

LEE THENG KIAT

Date of appointment

15 January 2020 (as Director)
30 July 2020 (as Chairman)

Date of last re-appointment
(if applicable)

30 July 2020

Age

Country of principal residence

Singapore

The Board’s comments on this
appointment (including rationale,
selection criteria, board diversity
considerations, and the search and
nomination process)

After reviewing the recommendation of the Corporate Governance and
Nominations Committee and Mr Lee’s qualifications and experience
(as set out below), the Board has approved that Mr Lee stands for re-election
as a non-independent and non-executive Director.

Mr Lee will, upon re-election, continue to serve as Chairman of the Board,
Chairman of the Finance and Investment Committee, and a member of the
Corporate Governance and Nominations Committee, the Executive Resource
and Compensation Committee and the Optus Advisory Committee.

Whether appointment is executive,
and if so, the area of responsibility

Non-executive

Job title (e.g. Lead ID, AC Chairman,
AC Member etc.)

Non-independent and non-executive Director

Chairman of the Board

Chairman of the Finance and Investment Committee

Member of the Corporate Governance and Nominations Committee

Member of the Executive Resource and Compensation Committee

Member of the Optus Advisory Committee

Professional qualifications

Bachelor of Laws (Honours) from the National University of Singapore

250

Additional Information on Directors Seeking Re-election
NAME OF DIRECTOR

LEE THENG KIAT

Working experience and
occupation(s) during the
past 10 years

SPH Media Trust
2021 to present
Director

Temasek Holdings (Private) Limited
2019 to 2021
Executive Director
2016 to present
Director

Temasek International Pte. Ltd.
2019 to present
Chairman
2017 to 2019
Deputy Chairman
2012 to 2015
President
2012 to 2013
General Counsel
2012 to 2013
Head, South East Asia, Co-Head India

Shareholding interest in the listed
issuer and its subsidiaries

Yes
122,048 ordinary shares in Singapore Telecommunications Limited
(Direct interest)

Any relationship (including immediate
family relationships) with any existing
director, existing executive officer, the
issuer and/or substantial shareholder
of the listed issuer or of any of its
principal subsidiaries

Mr Lee is a Director of Temasek Holdings (Private) Limited (Temasek) and
Chairman of Temasek International Pte. Ltd. Temasek is a substantial shareholder
of Singtel.

251

Additional Information on Directors Seeking Re-electionOVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS
NAME OF DIRECTOR

LEE THENG KIAT

Conflict of interests (including any
competing business)

Note: Under the Board’s Code of
Business Conduct and Ethics, Directors
must avoid situations in which their
own personal or business interests
directly or indirectly conflict, or
appear to conflict, with the interests
of Singtel. The Code of Business
Conduct and Ethics provides that
where a Director has a conflict of
interest, or it appears that he might
have a conflict of interest, in relation
to any matter, he should immediately
declare his interest at a meeting of the
Directors or send a written notice to
the Company containing details of his
interest and the conflict, and recuse
himself from participating in any
discussion and decision on the matter.
Where relevant, the Directors have
complied with the provisions of the
Code of Business Conduct and Ethics,
and such compliance has been duly
recorded in the minutes of meeting

Undertaking (in the format set out in
Appendix 7.7) under Rule 720(1) has
been submitted to the listed issuer

Yes

Other Principal Commitments* Including Directorships
* “Principal Commitments” has the same meaning as defined in the Code of Corporate Governance 2018.

Past (for the last 5 years)

Nil

Other principal commitments:
• Liquidity Pte Ltd, Director
• NCS Pte. Ltd., Chairman
• Sygnum AG, Zurich, Investor/Shareholder
• Xi Yan Pte Ltd, Director

Present

252

Additional Information on Directors Seeking Re-electionNAME OF DIRECTOR

TAN TZE GAY

Date of appointment

Date of last re-appointment
(if applicable)

6 February 2023

Not applicable

Age

Country of principal residence

Singapore

The Board’s comments on this
appointment (including rationale,
selection criteria, board diversity
considerations, and the search and
nomination process)

After reviewing the recommendation of the Corporate Governance and
Nominations Committee and Ms Tan’s qualifications and experience (as set out
below), the Board has confirmed Ms Tan’s independence and approved that
Ms Tan stands for re-election as an independent non-executive Director.

Ms Tan will, upon re-election, continue to serve as a member of the Audit
Committee and the Executive Resource and Compensation Committee.

Whether appointment is executive,
and if so, the area of responsibility

Non-executive

Job title (e.g. Lead ID, AC Chairman,
AC Member etc.)

Independent non-executive Director

Member of the Audit Committee

Professional qualifications

Working experience and
occupation(s) during the
past 10 years

Shareholding interest in the listed
issuer and its subsidiaries

Member of the Executive Resource and Compensation Committee

Bachelor of Laws (Honours, Second Upper) from the National University of
Singapore

Allen & Gledhill LLP
2004 to present
Head of Equity Capital Markets
1993 to present
Partner

Yes
13,755 ordinary shares in Singapore Telecommunications Limited
(Direct interest)
61,360 ordinary shares in Singapore Telecommunications Limited
(Deemed interest)

253

Additional Information on Directors Seeking Re-electionOVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSNAME OF DIRECTOR

TAN TZE GAY

Conflict of interests (including any
competing business)

Undertaking (in the format set out in
Appendix 7.7) under Rule 720(1) has
been submitted to the listed issuer

Yes

Other Principal Commitments* Including Directorships
* “Principal Commitments” has the same meaning as defined in the Code of Corporate Governance 2018.

Past (for the last 5 years)

Nil

Present

Other listed company:
• SIA Engineering Company Limited, Director

254

Additional Information on Directors Seeking Re-electionNAME OF DIRECTOR

YONG YING-I

Date of appointment

15 November 2022

Date of last re-appointment
(if applicable)

Not applicable

Age

Country of principal residence

Singapore

The Board’s comments on this
appointment (including rationale,
selection criteria, board diversity
considerations, and the search and
nomination process)

After reviewing the recommendation of the Corporate Governance and
Nominations Committee and Ms Yong’s qualifications and experience (as set out
below), the Board has confirmed Ms Yong’s independence and approved that
Ms Yong stands for re-election as an independent non-executive Director.

Ms Yong will, upon re-election, continue to serve as a member of the Risk
Committee.

Whether appointment is executive,
and if so, the area of responsibility

Non-executive

Job title (e.g. Lead ID, AC Chairman,
AC Member etc.)

Independent non-executive Director

Member of the Risk Committee

Professional qualifications

Master of Economics from the University of Cambridge

Master of Business Administration from Harvard Graduate School of Business

Working experience and
occupation(s) during the
past 10 years

Central Provident Fund Board
2021 to present
Chairman

Ministry of Communications & Information
2022 to present
Senior Adviser

SG Innovate
2016 to present
Chairman

Ministry of Communications & Information
2019 to 2022
Permanent Secretary

Cybersecurity Agency, Prime Minister’s Office
2019 to 2022
Permanent Secretary

Public Service Division, Prime Minister’s Office
2012 to 2019
Permanent Secretary (Public Service Division)

National Research Foundation
2011 to 2019
Permanent Secretary (National Research & Development)

Infocomm Development Authority
2007 to 2015
Chairman

255

Additional Information on Directors Seeking Re-electionOVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSNAME OF DIRECTOR

YONG YING-I

Shareholding interest in the listed
issuer and its subsidiaries

Conflict of interests (including any
competing business)

Undertaking (in the format set out in
Appendix 7.7) under Rule 720(1) has
been submitted to the listed issuer

Yes

Other Principal Commitments* Including Directorships
* “Principal Commitments” has the same meaning as defined in the Code of Corporate Governance 2018.

Past (for the last 5 years)

Nil

Present

Other principal commitment:
• Singapore Symphonia Company Limited, Deputy Chairman

256

Additional Information on Directors Seeking Re-electionNAME OF DIRECTOR

LEE THENG KIAT

TAN TZE GAY

YONG YING-I

Information required
Disclose the following matters concerning an appointment of director.

(a)

(b)

(c)

(d)

(e)

Whether at any time during the last 10 years, an
application or a petition under any bankruptcy law
of any jurisdiction was filed against him or against
a partnership of which he was a partner at the time
when he was a partner or at any time within 2 years
from the date he ceased to be a partner?

Whether at any time during the last 10 years, an
application or a petition under any law of any
jurisdiction was filed against an entity (not being
a partnership) of which he was a director or an
equivalent person or a key executive, at the time
when he was a director or an equivalent person
or a key executive of that entity or at any time
within 2 years from the date he ceased to be a
director or an equivalent person or a key executive
of that entity, for the winding up or dissolution of
that entity or, where that entity is the trustee of a
business trust, that business trust, on the ground of
insolvency?

Whether there is any unsatisfied judgment against
him?

Whether he has ever been convicted of any offence,
in Singapore or elsewhere, involving fraud or
dishonesty which is punishable with imprisonment,
or has been the subject of any criminal proceedings
(including any pending criminal proceedings of
which he is aware) for such purpose?

Whether he has ever been convicted of any offence,
in Singapore or elsewhere, involving a breach of
any law or regulatory requirement that relates to
the securities or futures industry in Singapore or
elsewhere, or has been the subject of any criminal
proceedings (including any pending criminal
proceedings of which he is aware) for such breach?

257

Additional Information on Directors Seeking Re-electionOVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSNAME OF DIRECTOR

LEE THENG KIAT

TAN TZE GAY

YONG YING-I

Information required
Disclose the following matters concerning an appointment of director.

Whether at any time during the last 10 years,
judgment has been entered against him in any civil
proceedings in Singapore or elsewhere involving
a breach of any law or regulatory requirement
that relates to the securities or futures industry
in Singapore or elsewhere, or a finding of fraud,
misrepresentation or dishonesty on his part, or
he has been the subject of any civil proceedings
(including any pending civil proceedings of which
he is aware) involving an allegation of fraud,
misrepresentation or dishonesty on his part?

Whether he has ever been convicted in Singapore
or elsewhere of any offence in connection with the
formation or management of any entity or business
trust?

Whether he has ever been disqualified from acting
as a director or an equivalent person of any entity
(including the trustee of a business trust), or from
taking part directly or indirectly in the management
of any entity or business trust?

Whether he has ever been the subject of any
order, judgment or ruling of any court, tribunal or
governmental body, permanently or temporarily
enjoining him from engaging in any type of
business practice or activity?

(f)

(g)

(h)

(i)

258

Additional Information on Directors Seeking Re-electionNAME OF DIRECTOR

LEE THENG KIAT

TAN TZE GAY

YONG YING-I

Information required
Disclose the following matters concerning an appointment of director.

(j)

Whether he has ever, to his knowledge, been
concerned with the management or conduct, in
Singapore or elsewhere, of the affairs of:–

(i)

(ii)

(iii)

(iv)

any corporation which has been
investigated for a breach of any law
or regulatory requirement governing
corporations in Singapore or elsewhere; or

any entity (not being a corporation) which
has been investigated for a breach of any
law or regulatory requirement governing
such entities in Singapore or elsewhere; or

any business trust which has been
investigated for a breach of any law
or regulatory requirement governing
business trusts in Singapore or elsewhere;
or

any entity or business trust which has been
investigated for a breach of any law or
regulatory requirement that relates to the
securities or futures industry in Singapore
or elsewhere,

(k)

in connection with any matter occurring or arising
during that period when he was so concerned with
the entity or business trust?

Whether he has been the subject of any current or
past investigation or disciplinary proceedings, or
has been reprimanded or issued any warning, by
the Monetary Authority of Singapore or any other
regulatory authority, exchange, professional body
or government agency, whether in Singapore or
elsewhere?

Note:

Information as at 8 June 2023.

259

Additional Information on Directors Seeking Re-electionOVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSYuen Kuan Moon

Moon began his career at Singtel in 1993 and held
several leadership roles in Marketing, Business
Development and Sales. Prior to his appointment as
Group CEO, Moon was CEO, Consumer Singapore, a
post he has held since June 2012. He was also
responsible for driving the Group’s overall digital
transformation as Group Chief Digital Officer from
August 2018 to December 2020.

Moon sits on the boards of Singtel and its key
subsidiaries and has been serving on the Board of
Commissioners of Telkomsel since 2009. In addition,
Moon is a Board member of Groupe Speciale Mobile
Association (GSMA) and the Singapore Institute of
Management. Moon is the Council Chair of Ngee Ann
Polytechnic Council. He is also a member of Singapore’s
Ministry of Communications and Information’s Digital
Readiness Council and the Monetary Authority of
Singapore’s Payments Council.

Moon holds a First-Class Honours degree in Engineering
from the University of Western Australia and a Master of
Science in Management from Stanford University.

Kelly Bayer Rosmarin

Ms Kelly Bayer Rosmarin, 46, was appointed CEO of Optus
on 1 April 2020. Kelly joined Optus in March 2019, serving
as Deputy CEO. Kelly also has direct oversight of Optus
Enterprise from 1 July 2022.

Prior to joining Optus, Kelly held a variety of executive roles
at the Commonwealth Bank of Australia, including Group

260

Executive, Institutional Banking and Markets. She has also
worked at Boston Consulting Group and Silicon Valley tech
and start-up companies.

Kelly is currently a non-executive director of Airtel Africa
plc, and REA Group and a member of Chief Executive
Women. Kelly was previously a board member of Openpay,
JCA, Football Australia and has served on the University of
New South Wales Engineering Faculty Advisory Board, the
Australian Government’s FinTech Advisory Group and NSW
Government Digital Advisory Panel.

Kelly obtained a Bachelor of Science in Industrial
Engineering and a Master of Science in Management
Science from Stanford University. She is a Fellow of
Australian Academy of Technology and Engineering (ATSE).

Bill Chang

Mr Bill Chang, 56, was appointed CEO, Digital InfraCo,
Singtel’s new standalone infrastructure unit, on 1 June 2023.
Prior to that, Bill was CEO, Group Enterprise since 16 July
2012 and assumed the role of CEO, Regional Data Centre
Business on 1 July 2022.

Bill joined Singtel in November 2005 as Executive Vice
President of Corporate Business and subsequently became
Managing Director, Business Group.

Bill is the Chairman of the Singapore Institute of Technology’s
Board of Trustees and a board member of the Urban
Redevelopment Authority of Singapore. He is also a
member of the Australian Institute of Company Directors’
International Advisory Technology Governance and
Innovations Panel. He co-chaired the Future Jobs and Skills
Sub-committee of the Committee on the Future Economy of
Singapore from 2016 to 2017.

For his contributions to Singapore, Bill was awarded the
Public Service Star in 2017 and the Public Service Medal in
2007. He also received the Singapore Computer Society’s IT
Leader of the Year award in 2017 and the honorary Fellow
of the Society in 2014.

Bill graduated with a Bachelor of Engineering (Honours) in
Electrical and Computer Systems Engineering from Monash
University, Australia and attended the Harvard Business
School’s Advanced Management Program.

Further Information on Management CommitteeJorge Fernandes

Mr Jorge Fernandes, 51, was appointed Group Chief
Technology on 1 June 2023. He leads the Group’s
technology strategy and transformation of its networks
and businesses across Singapore and Australia.

Jorge has more than 25 years of experience in the tech
industry. He started his career as an engineer working in
South Africa, before joining Cisco. Most recently, Jorge
served as Chief Technology Information Officer at
Rogers, Canada’s largest wireless company, where he
led the deployment of Canada’s first and largest 5G
network. He also oversaw Rogers’ IT and digital strategy.
Prior to joining Rogers, Jorge had a 15-year career at
Vodafone, with his last role there as Chief Technology
Officer at Vodafone UK.

Jorge served on the University of Waterloo Stratford
School Advisory Board and was active on several
boards and organisations including the Toronto
Metropolitan University’s Cybersecure Catalyst,
AMDOCS and Salesforce Customer Advisory Boards.
He was also the Chair of the Board of CTIL, a tower
company joint venture between Vodafone and
Telefonica (O2).

Jorge holds a Licentiate degree in Economics and
Business Management from Autonomous University
of Lisbon and he completed the Católica Lisbon/
Kellogg School of Management Advanced
Management Program.

Arthur Lang

Mr Arthur Lang, 51, was appointed Group Chief
Financial Officer on 1 April 2021. He is responsible for
Singtel Group’s finance-related functions, including
treasury, tax and investor relations and he also oversees
the management of the Group’s regional associates and
its portfolio of strategic telecom investments. He also
spearheads Singtel’s efforts in GXS, the regional digital
bank joint venture with Grab.

Arthur joined Singtel in January 2017 as CEO,
International. Before joining Singtel, he was Group
CFO of CapitaLand, where he also ran CapitaLand’s
real estate investment management business. He was
awarded the Best CFO (Large Cap) at the 2015 Singapore

Corporate Awards. Prior to CapitaLand, Arthur was at
Morgan Stanley where he was Co-head of the Southeast
Asia investment banking division and Chief Operating
Officer of the Asia Pacific investment banking division.

Arthur was named Chairman of the National Kidney
Foundation in November 2020. He is also a board
member of Bharti Airtel, Intouch Holdings, AIS, GXS Bank,
the Straits Times School Pocket Money Fund and
Singapore Tourism Board. In 2018, Arthur was awarded
the Public Service Medal for his contributions.

Arthur has an MBA from the Harvard Business School
and a BA in Economics (magna cum laude) from Harvard
University.

Lim Cheng Cheng

Ms Lim Cheng Cheng, 51, was appointed Group Chief
Corporate Officer on 1 April 2021. She is responsible
for the Group’s corporate functions including corporate
transformation and shared services, group property,
group legal, group strategic investments, group
procurement, and group risk management and Innov8,
Singtel’s corporate venture capital fund.

Cheng Cheng joined Singtel in 2012 as Vice President,
Group Strategic Investment and was appointed Deputy
Group Chief Finance Officer in October 2014 and Group
Chief Financial Officer in April 2015.

Before joining Singtel, Cheng Cheng was Executive Vice
President and Chief Financial Officer at SMRT Corporation.
She also worked at Singapore Power for 10 years in various
corporate planning, investments and finance roles, the last
being Head and Vice President (Financial Planning and
Analysis).

Cheng Cheng is a non-executive, non-independent
director, at SingPost and Indara Digital Infrastructure,
and was the winner of the Best CFO (Big Cap) title at
the 2018 Singapore Corporate Awards.

Cheng Cheng holds an MBA from the University of
Chicago Booth School of Business and a Bachelor of
Accountancy from the Nanyang Technological University.
She is a Chartered Accountant (Singapore) of the Institute
of Singapore Chartered Accountants.

261

Further Information on Management CommitteeOVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSNg Kuo Pin

Mr Ng Kuo Pin, 53, was named CEO of NCS in August
2019. In January 2021, he was appointed to Singtel’s
Management Committee. Together with his team, he
leads NCS in executing its new vision, one that is
committed to advancing communities by partnering
with governments and enterprises to harness technology
and bringing people together to make the extraordinary
happen. As a leading technology services firm, NCS aims
to accelerate growth and build up a strategic presence in
the Asia Pacific region.

Prior to joining NCS, he had a 25-year career at
Accenture and spent nine years living and working in
Beijing and Sydney. He started as an analyst in 1994
and was made partner in 2006. Between 2006 and
2018, he held several senior leadership roles within the
global Communications, Media and Technology (CMT)
operating group as Head of CMT Singapore, Head of
CMT Greater China, and finally as Head of Consulting
for CMT Asia Pacific, Africa and the Middle East.

Kuo Pin is a board member at the National University
of Singapore Institute of Systems Science (NUS-ISS). He
was elected as Globe Telcom’s non-executive director in
October 2021 and serves as Member of the Globe
Board Executive and Finance Committees. He is also
a council member of the Singapore-Guangdong
Collaboration Council.

Kuo Pin holds an Honours Degree in Engineering
(Electrical and Electronics) from the Nanyang
Technological University.

Ng Tian Chong

Mr Ng Tian Chong, 58, was appointed CEO of Singtel
Singapore on 1 June 2023.

Prior to joining Singtel, Tian Chong spent more than
30 years at HP, where he held key positions in sales,
finance, product management, service and support as
well as marketing, across regional and country portfolios.
His most recent role was Managing Director, Greater
Asia, where he was responsible for business in the region,
including go-to-market strategy, sales and marketing

across PCs, printers, digital press, 3D printing and
managed services for both commercial and consumer
segments. His other roles included leadership of HP’s Asia
Pacific and Japan operations; Personal Systems Group
business in the high-growth South East Asian, Taiwanese
and Korean markets; and Channel business where he built
HP into a best-in-class channel player in the region.

Tian Chong is a non-executive director and board member
at Dyson and he recently retired from the Singapore Army
as Colonel after 32 years of National Service in various
Command and Staff roles.

Tian Chong holds a Bachelor of Science in International
Business from Menlo College in California and a Masters
in Business Administration from Haas School of Business,
University of California at Berkeley

Aileen Tan

Ms Aileen Tan, 56, Group Chief People and Sustainability
Officer is responsible for Singtel Group’s overall strategic
people and sustainability agenda. She has over 30 years
of experience in various leadership roles spanning multiple
industries and geographies.

Aileen joined Singtel in 2008 as Group Director, Human
Resources. In 2009, she built and spearheaded the group’s
sustainability function. In her current role, she focuses
on developing a purpose-led organisation, championing
sustainability, creating an inspiring culture, and making
Singtel Group a place for amazing people to deliver
extraordinary impact. Under her leadership, Singtel has
won numerous global and regional accolades for its
leading people and sustainability practices.

She is a member of the Institute for Human Resource
Professionals (IHRP) Board, Singapore University of Social
Sciences Board of Trustees, Globe Telecom Board, Health
Sciences Authority Board, NTUC-U Care Fund Board of
Trustees, Ministry of Finance’s VITAL’s Advisory Panel and
MOM’s Workplace Safety & Health Council in Singapore.

Aileen holds a Bachelor of Arts from the National University
of Singapore and a Master of Science in Organisational
Behaviour from the California School of Professional
Psychology, Alliant International University, USA. She is

262

Further Information on Management Committee
a pioneer IHRP Master Professional, for being a role model
for the HR profession. She is also a Certified Professional
Corporate Coach. Aileen received the Medal of
Commendation (Gold) at the NTUC May Day Awards 2022
and the Public Service Medal in 2018 for her significant
contributions to Singapore’s workforce and human
resources sector.

William Woo

Mr William Woo, 59, was appointed Group Chief
Information Officer on 1 August 2017. He also assumed
the role of Group Chief Digital Officer on 1 January 2021.

William joined Singtel in May 2011 and held several
leadership roles including Managing Director of
Enterprise Data and Managed Services and Managing
Director of Cyber Security at Group Enterprise. Prior to
joining Singtel, William was Managing Director for the
Southeast Asia region for Xchanging. He was also with
EDS for 20 years and was in various senior management
roles including Managing Director of Southeast Asia
& India and Vice President, Global Service Delivery of
Asia, responsible for leading the Information Technology
Outsourcing, Business Process Outsourcing and
Applications service delivery across the Asia region.
He started his career with the National Computer Board.

William graduated with a Bachelor of Applied Science in
Computing (Distinction) from the Queensland University
of Technology, Australia, and holds an Executive MBA
from the National University of Singapore.

Anna Yip

Ms Anna Yip, 53, was appointed Deputy CEO, Singtel
Singapore on 1 June 2023. In addition, Anna also assumed
the new role of CEO, Business Development on 1 June 2023.

Prior to this, Anna was CEO, Consumer Singapore since
1 April 2021. She joined Singtel as Deputy CEO, Consumer
Singapore on 7 December 2020.

Before joining Singtel, Anna was CEO and Executive
Director of Smartone Telecommunications, driving its
operations in Hong Kong and Macau since 2016. Under
her leadership, Smartone was named Best Mobile Carrier
by the Communication Association of Hong Kong in 2019.
Prior to Smartone, Anna headed up Mastercard’s
operations in Hong Kong and Macau. She was previously
a partner with McKinsey & Company in Greater China
where she led both the Financial Institutional Group
and payments practice.

Anna was appointed to the Board of Commissioners of
Telkomsel on 1 June 2021. She also sits on the Board of
Advisors of Singapore Management University’s Institute
of Service Excellence and is an independent non-executive
director of BUPA (Asia) Limited, as well as a Council
member of the Singapore Cancer Society.

Anna holds a Doctor of Philosophy and Master of
Philosophy in Management Studies from Oxford
University and a First Class Honours degree in
Business Administration from the Chinese University
of Hong Kong.

263

Further Information on Management CommitteeOVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSBUSINESS EXCELLENCE

Singtel

Asia Communication Awards 2022
•

Best Enterprise Business Service – Singtel Software-
Defined Network
Satellite Connectivity Initiative – Singtel Satellite iSHIP

•

Brand Finance Singapore 100 Study 2022
•

Named Singapore’s Strongest Brand

•

Opensignal Global Awards 2022
•
•

Global Leader for 5G Games Experience
Fastest 5G Download Speed in SEA and Oceania in H1
2022

World Communication Awards 2022
•

The Beyond Connectivity Award – Singtel’s 5G
Enterprise Initiatives in Singapore
The IoT Innovation Award – Singtel, Bridge Alliance and
Ericsson

Carrier Community Global Awards 2022
•

Best Cloud Innovative Operator – Singtel Software-
Defined Network

Optus

CX Asia Excellence Awards 2022
•
•

Best Use of Mobile, Dash: Gold
Best Brand Experience, Dash: Gold

Frost & Sullivan Best Practices Awards 2022
•

Asia-Pacific 5G Enterprise Customer Value Leadership
Award
Asia-Pacific 5G Enterprise Technology Innovation
Leadership Award
Singapore Cybersecurity Services Company of the Year
Award

•

Global Carrier Awards 2022
•
•

Best IoT Initiative – Singtel, Bridge Alliance and Ericsson
Best Mobile/5G Service Innovation – Singtel Paragon

Australian Financial Review BOSS 2022
•

3rd Most Innovative Technology Company

CX Awards 2022
•

Team of the Year

Mobile Virtual Network Operator (MVNO) Awards 2022
•

Host Operator of the Year

Opensignal Awards 2022
•
•

Australia’s Fastest 5G Network for Download Speed
Leader for 5G Video Experience and 5G Games
Experience

Global Telecom Awards 2022
•

Advancing 5G Standalone - Singtel and Ericsson,
Singtel 5G Standalone

AIS

Regional Associates

HWZ Tech Awards Readers’ Choice 2022
•
•

Best Fibre Broadband Service Provider (Singapore)
Best Telco Service Provider (Singapore)

Ookla Speedtest Awards 2022
•

Fastest 5G Mobile Network in Singapore

IDC Future Enterprise Awards 2022
•

Special Award for Sustainability

Most Innovative Knowledge Enterprise (MIKE) Awards 2022
•

Global MIKE Award

Stock Exchange of Thailand Awards 2022
Outstanding Investor Relations
•
Sustainability Excellence
•

264

Key Awards and AccoladesAirtel

Golden Peacock Global Awards 2022
•

Excellence in Corporate Governance

Opensignal Awards 2022
•
•

Global Rising Star
Excellent and Core Consistent Quality Awards

Global Tech Innovator (GTI) Awards 2023
•

Innovation Mobile Service and Application Award
(VISION)

Stevie Awards for Great Employers and Stevie International
Business Awards 2022
•
•

Company of the Year (Telecommunications): Gold
Employer of the Year: Gold

WOW Awards Asia 2022
•

Experiential Management – Audience Engagement
Technology & Event App: Gold

Telkomsel

Airtel Africa

Asia Pacific Stevie Awards 2022
•

Innovation in Human Resources Management,
Planning & Practice – Telecommunications Industries:
Gold

Connected Africa (Telecom Innovation & Excellence
Awards) 2022
•

Outstanding Contribution to Connect the Unconnected

CNBC Indonesia Awards 2022
•

Best Telco Provider Company

HerStory Women Empowerment Companies Awards
(WECA) 2022
•

Best Women Empowerment Companies with
Outstanding Gender Inclusive Workplace

HR Asia Best Companies to Work 2022 (Indonesia Edition)

Global Tech Innovator (GTI) Awards 2023
•

Innovation Mobile Service and Application Award
(Intelligent Urban Mobility)

East Capital Awards 2022
•

Best Corporate Governance

Globe

ASEAN Corporate Governance Scorecard Golden Arrow
Awards 2022
•
•
•
•

Five Golden Arrow Award
Top 3 Philippine Publicly Listed Companies
Part of the ASEAN Top 20
ASEAN Asset Class – Philippines from ACGS Award

Asia Corporate Excellence & Sustainability Awards 2022
•
•

Industry Champion of the Year
Top Workplaces in Asia

Ookla Speedtest 2022
•

Philippines’ Most Reliable Mobile Network

265

Key Awards and AccoladesOVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWSSUSTAINABILITY AND CORPORATE CITIZENSHIP

Singtel

Optus

Acomm Awards 2022
•

Commitment to Customer Service

Australian Financial Review and GradConnection 2022
Top 100 Most Popular Graduate Employers
•

GoodCompany Best Workplaces to Give Back in 2022
•

Ranked 5th

LinkedIn Top Companies in Australia 2022
•

Ranked 16th

NCS

Employee Experience Awards 2022
•
•

Best HR Communication Strategy: Silver
Best Career Development Programme: Silver

GradSingapore Singapore’s 100 Leading Graduate
Employers 2023

HR Excellence Awards 2022
•
•

Excellence in HR Communication Strategy: Gold
Excellence in Graduate Recruitment and Development:
Silver

LinkedIn Talent Awards 2022
•

Talent Insights Pioneer

2023 Bloomberg Gender-Equality Index

Asia Sustainability Reporting Awards 2022
•
•
•

Asia’s Best Community Impact Reporting: Gold
Asia’s Best Diversity Reporting: Gold
Asia’s Best Climate Reporting: Silver

CDP Leadership Score 2022
•
•

Climate Change: A-
Supplier Engagement Rating: A

Community Chest Awards 2022
•
•

Charity Platinum Award
Volunteer Partner Award

Company of Good
•

Champion of Good 2022

Corporate Knights and As You Sow Clean200 2022
•

Ranked 97th

Employee Experience Awards 2022
•
•
•

Employee Experience Champion of the Year
Best Graduate Training Programme: Gold
Best Organisational Upskilling and Reskilling Strategy:
Gold
Best Response to COVID-19: Gold

•

HR Excellence Awards 2022
•
•
•

Excellence in CSR Strategy: Gold
Women Empowerment Strategy: Gold
Excellence in Learning and Development: Gold

Workplace Safety and Health Awards 2022
•

Excellence in Workplace Safety and Health: Silver

World Benchmarking Alliance’s Digital Inclusion Benchmark
2023
•

Ranked 14th, the top-ranked Southeast Asian company

266

Key Awards and AccoladesORDINARY SHARES

Number of ordinary shareholders

336,142

Voting rights:
On a show of hands – every member present in person and each proxy shall have one vote
On a poll – every member present in person or by proxy shall have one vote for every share he holds or represents
(The Company cannot exercise any voting rights in respect of shares held by it as treasury shares or subsidiary holdings (1))

Note:
(1)

“Subsidiary holdings” is defined in the SGX Listing Manual to mean shares referred to in Sections 21(4), 21(4B), 21(6A) and 21(6C) of the Companies Act 1967.

SUBSTANTIAL SHAREHOLDERS

Temasek Holdings (Private) Limited

8,304,071,181

277,171,369 (2)

No. of shares (1)

Direct interest

Deemed interest

Notes:
(1) As shown in the Company’s Register of Substantial Shareholders.
(2) Deemed through interests of subsidiaries and associated companies.

MAJOR SHAREHOLDERS LIST – TOP 20

No.

Name

1
2
3
4
5
6
7
8
9
10
11
12
13
14
15
16
17
18
19
20

Temasek Holdings (Private) Limited
Citibank Nominees Singapore Pte Ltd
DBSN Services Pte Ltd
Raffles Nominees (Pte) Limited
HSBC (Singapore) Nominees Pte Ltd
Central Provident Fund Board
DBS Nominees (Private) Limited
Atrium Investments Pte Ltd
United Overseas Bank Nominees (Private) Limited
BPSS Nominees Singapore (Pte.) Ltd.
OCBC Nominees Singapore Private Limited
Phillip Securities Pte Ltd
OCBC Securities Private Ltd
UOB Kay Hian Pte Ltd
BNP Paribas Nominees Singapore Pte Ltd
CGS-CIMB Securities (Singapore) Pte Ltd
iFast Financial Pte Ltd
DB Nominees (Singapore) Pte Ltd
Societe Generale Singapore Branch
Maybank Securities Pte Ltd

No. of
shares held

% of issued
share capital (1)

8,304,071,181
1,961,444,262
1,279,888,966
968,313,426
861,592,801
775,972,986
496,148,781 (2)
184,900,210
84,307,539
69,001,059
47,472,987
33,025,293
23,111,482
19,221,432
18,025,905
16,832,407
15,767,863
15,672,981
11,478,316
10,818,423
15,197,068,300

50.32
11.89
7.76
5.87
5.22
4.70
3.01
1.12
0.51
0.42
0.29
0.20
0.14
0.12
0.11
0.10
0.09
0.09
0.07
0.06
92.09

Notes:
(1) The percentage of issued ordinary shares is calculated based on the number of issued ordinary shares of the Company as at 31 May 2023, excluding

12,615,084 ordinary shares held as treasury shares as at that date.

(2) Excludes 12,615,084 ordinary shares held by DBS Nominees (Private) Limited as treasury shares for the account of the Company.

267

Shareholder InformationAs at 31 May 2023OVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

ANALYSIS OF SHAREHOLDERS

Range of holdings

1 – 99
100 – 1,000
1,001 – 10,000
10,001 – 1,000,000
1,000,001 and above

No. of
holders

4,928
230,636
78,880
21,619
79
336,142

% of
holders

1.47
68.61
23.47
6.43
0.02
100.00

No. of
shares

% of issued
share capital

208,554
60,237,369
292,865,629
814,359,248
15,346,963,955
16,514,634,755

0.00
0.37
1.77
4.93
92.93
100.00

Note:
As at 31 May 2023, the Company had 12,615,084 treasury shares and no subsidiary holdings. Based on information available to the Company as at 31 May 2023,
approximately 48% of the issued ordinary shares of the Company is held by the public and, therefore, Rule 723 of the Listing Manual issued by the Singapore
Exchange Securities Trading Limited is complied with. The percentage of issued ordinary shares held by the public is calculated based on the number of issued
ordinary shares of the Company as at 31 May 2023, excluding 12,615,084 ordinary shares held as treasury shares as at that date. The percentage of such treasury
shares against the total number of issued ordinary shares (excluding ordinary shares held as treasury shares) is 0.08%.

SHARE PURCHASE MANDATE

At the 30th Annual General Meeting of the Company held on 29 July 2022 (2022 AGM), the shareholders approved the renewal
of a mandate to enable the Company to purchase or otherwise acquire not more than 5% of the issued ordinary share capital of
the Company as at the date of the 2022 AGM. As at 31 May 2023, there is no current on-market buy-back of shares pursuant
to the mandate.

268

Shareholder InformationAs at 31 May 2023(1)

Board of Directors

Risk Committee

Share Registrar

Lee Theng Kiat (Chairman)
Yuen Kuan Moon (Group CEO)
John Arthur
Gautam Banerjee
Bradley Horowitz
Gail Kelly
Lim Swee Say
Christina Ong
Rajeev Suri
Tan Tze Gay
Teo Swee Lian
Wee Siew Kim
Yong Hsin Yue
Yong Ying-I

Audit Committee

Gautam Banerjee (Chairman)
John Arthur
Gail Kelly
Tan Tze Gay

Corporate Governance and
Nominations Committee

Gautam Banerjee (Chairman)
Lee Theng Kiat
Gail Kelly
Christina Ong
Teo Swee Lian

Executive Resource and
Compensation Committee

Gail Kelly (Chairman)
Lee Theng Kiat
Rajeev Suri
Tan Tze Gay
Teo Swee Lian

Finance and Investment
Committee

Lee Theng Kiat (Chairman)
Bradley Horowitz
Lim Swee Say
Wee Siew Kim
Yong Hsin Yue

Teo Swee Lian (Chairman)
John Arthur
Gautam Banerjee
Christina Ong
Yong Ying-I

Lead Independent Director

Gautam Banerjee
Email: gautam@singtel.com

Technology and Resilience
Committee

Lim Swee Say (Chairman)
Yuen Kuan Moon
John Arthur
Rajeev Suri
Teo Swee Lian

Optus Advisory Committee

M & C Services Private Limited
112 Robinson Road
#05-01
Singapore 068902
Tel: +65 6228 0544
Fax: +65 6225 1452
Email: GPE@mncsingapore.com
Website: www.mncsingapore.com

Singtel American
Depositary Receipts

Citibank Shareholder Services
PO Box 43077
Providence, Rhode Island 02940-3077
USA
Tel: 1 877 248 4237 (Toll free within USA)
Tel: +1 781 575 4555 (Outside USA)
Email: citibank@shareholders-online.com
Website: www.citi.com/dr

Gail Kelly (Chairman)
Lee Theng Kiat
Yuen Kuan Moon
John Arthur
Chua Sock Koong
David Gonski AC (2)
John Morschel
Paul O’Sullivan

Assistant Company
Secretary

Lim Li Ching

Registered Office

31 Exeter Road
Comcentre
Singapore 239732
Tel: +65 6838 3388
Fax: +65 6732 8428
Website: www.singtel.com

Auditors

KPMG LLP
(appointed on 24 July 2018)
12 Marina View
#15-01
Asia Square Tower 2
Singapore 018961
Tel: +65 6213 3388
Fax: +65 6225 0984

Audit Partner: Malcolm Ramsay

Investor Relations

31 Exeter Road
#22-00 Comcentre
Singapore 239732
Tel: +65 6838 2123
Email: investor@singtel.com

Notes:
(1)
(2) Companion of the Order of Australia.

The information in this section is as at 8 June 2023.

269

Corporate InformationOVERVIEWGOVERNANCE AND SUSTAINABILITYPERFORMANCEFINANCIALSADDITIONAL INFORMATIONBUSINESS REVIEWS

SINGAPORE

Singtel Headquarters
31 Exeter Road, Comcentre
Singapore 239732
Tel: +65 6838 3388
Fax: +65 6732 8428
Website: www.singtel.com

NCS Pte Ltd
5 Ang Mo Kio Street 62
NCS Hub, Singapore 569141
Republic of Singapore
Tel: +65 6556 8000
Fax: +65 6556 7000
Email: reachus@ncs.com.sg

AUSTRALIA

Singtel Optus Pty Limited
Sydney (Head Office)
Optus Centre Sydney
1 Lyonpark Road, Macquarie Park
NSW 2113, Australia
Tel: +61 2 8082 7800
Fax: +61 2 8082 7100
Website: www.optus.com.au

Adelaide
Optus Centre Adelaide
Level 9, 108 North Terrace
Adelaide, SA 5000, Australia
Tel: +61 8 7328 5114
Fax: +61 1800 500 261

Brisbane
Optus Centre Brisbane
Level 9, 15 Green Squareclose
Fortitude Valley, QLD 4006
Australia
Tel: +61 7 3304 7000
Fax: +61 7 3174 7087

Canberra
Optus Centre Canberra
Level 3, 10 Moore Street
Canberra, ACT 2601, Australia
Tel: +61 2 6222 3800
Fax: +61 2 6222 3838

270

Melbourne
Optus Centre Melbourne
367 Collins Street
Melbourne, VIC 3000, Australia
Tel: +61 3 9033 3500
Fax: +61 3 9233 4900

Perth
Optus Centre Perth
Level 3, 2 Victoria Avenue
Perth, WA 6000, Australia
Tel: +61 8 9288 3000
Fax: +61 8 9288 3030

CHINA

Beijing
Unit 1503, Beijing Silver Tower
No 2 Dongsanhuanbei Road
Chaoyang District
Beijing 100027
People’s Republic of China
Tel: +86 10 6410 6193 / 4 / 5
Fax: +86 10 6410 6196
Email: singtel-beij@singtel.com

Guangzhou
Room 3615,36F, BLK B
China Shine, No.9
Lin He Xi Road
Tian He District
Guangzhou, 510610
People’s Republic of China
Tel: +86 20 3886 3887
Fax: +86 20 3882 5545

Shanghai
10F, No.2 Building of Real Power
Innovation Centre
51 Zhengxue Road
Yangpu District
Shanghai 200433
People’s Republic of China
Tel: +86 21 3362 0388
Fax: +86 21 3362 0389
Email: singtel-sha@singtel.com

Shenzhen
7F, Tower A SCC
No. 88 First Haide Avenue
Nanshan District
Shenzhen 518000
People’s Republic of China
Email: singtel-sha@singtel.com

EUROPE

Germany
Business Centre Mannheim Q7
GmbH, Q7, 24
D-68161 Mannheim
Germany
Tel: +49 621-8455-320
Tel: +49 (0)621 8455 324
Email: europe@singtel.com

United Kingdom
Spaces
Suite 233
35 New Broad Street
London EC2M 1NH
United Kingdom
Email: europe@singtel.com

HONG KONG SAR

Quarry Bay
21/F, 1063 King’s Road
Quarry Bay
Hong Kong SAR
Tel: +852 2877 1500
Fax: +852 2802 1500

INDIA

Bangalore
Suite no. 304 DBS Business Centre
26 Cunningham Road
Bangalore 560052
India
Tel: +91 80 2226 7272
Email: singtel-ind@singtel.com

Contact PointsINDIA

KOREA

Chennai
20/30, Paras Plaza
3rd Floor, Cathedral Garden Road
Nungambakkam
Chennai 600 034
India
Tel: +91 44 4264 9410
Email: singtel-ind@singtel.com

Mumbai
301-303, 3rd Floor, Midas, Sahar
Plaza Complex
Mathuradas Vasanji Road
Andheri East
Mumbai 400059
India
Tel: +91 22 4075 7777
Email: singtel-ind@singtel.com

New Delhi
13th Floor, B Wing
Statesman House
148 Barakhamba Road
New Delhi 110001
India
Tel: +91 11 4362 1199
Email: singtel-ind@singtel.com

JAPAN

Tokyo
22F East Tower, Gate City Ohsaki
1-11-2 Osaki
Shinagawa Tokyo 141-0032
Japan
Tel: +81-3-4332-4500
Fax: +81-3-4332-4501

Seoul
06164, Room 3501, Trade Tower
511 Yeongdong-daero
Gangnam-gu
Seoul, Korea
Tel: +82 2 3287 7500
Email: singtel-kor@singtel.com

MALAYSIA

Kuala Lumpur
Level 27 Penthouse
Centerpoint North
Mid Valley City
Lingkaran Syed Putra
59200 Kuala Lumpur, Malaysia
Phone: +603-2280 6945

PHILIPPINES

Manila
Unit 7F, The Curve
32nd Street Corner, 3rd Avenue
Bonifacio Global City
Taguig City
Philippines
Tel: +63 2 7793 1400
Email: singtel-phil@singtel.com

USA

San Francisco
303 Twin Dolphin Drive
Suite 600, Redwood City
CA 94065, USA
Tel: +1 650 508 6800
Fax: +1 650 508 1578
Email: singtel-usa@singtel.com

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