37
ANNUAL REPORT 2015
In the furtherance of their duties and if the Management’s explanations are not satisfactory, the Directors may seek independent
professional advice at the Company’s expense.
PROCEDURES FOR DEVELOPING REMUNERATION POLICIES
(Principle 7)
LEVEL AND MIX OF REMUNERATION
(Principle 8)
The Board has an RC comprising three non-executive Directors, the majority of whom, including the RC Chairman, are
independent. For FY2015, Mr Razman bin Ariffin chaired the RC and Ms Chew Gek Hiang and Mr Tham Kui Seng were the other
two members. Following the resignation of Mr Razman bin Ariffin on 18 March 2016, the Board appointed Mr Tham Kui Seng and
Mr Tan Tiong Cheng as the Chairman and member of the RC respectively on 18 March 2016.
The functions of the RC include the recommendation of a framework of remuneration for the Board and key management
personnel, and the recommendation of specific remuneration packages for the Executive Chairman and key management
personnel for the Board’s approval. The role and functions of the RC are set out in the Terms of Reference of the RC.
TheCompany has adopted a performance-based approach to compensationwhere employees’ remuneration is linked to individual
and corporate performances. The RC sees the importance of a market competitive remuneration strategy to attract, retain and
motivate employees to high performance that creates value for the shareholders. Remuneration is determined according to the
following general components: salary, contractual bonus and performance bonus. Presently, the Company does not have any
share option scheme.
Taking into account the performance of the Group and the responsibilities and performance of the Directors, Directors’ fees (for
the Board and the various Board committees) were set in accordance with a remuneration framework comprising responsibility
fees and attendance fees. The Executive Chairman does not receive any Director’s fees. Non-executive Directors are paid
Director’s fees, subject to approval at the annual general meeting. The non-executive Directors have no service contracts. No
individual Director fixes his or her own remuneration.
DISCLOSURE ON REMUNERATION
(Principle 9)
The summary compensation table for the Directors of the Company in all capacities for FY2015 is as follows:
Name of Director
Salary
Bonus
Benefits in kind
Directors’ fees
Total
S$750,000 – S$999,999
Ms Chew Gek Khim
100%
–
–
–
100%
Below S$250,000
Mr Razman bin Ariffin
–
–
–
100%
100%
Mrs Elizabeth Sam
–
–
–
100%
100%
Ms Chew Gek Hiang
–
–
–
100%
100%
Mr Goh Kay Yong David
–
–
–
100%
100%
Mr Yap Chee Keong
–
–
–
100%
100%
Mr Tham Kui Seng
–
–
–
100%
100%
Mr Tan Tiong Cheng
–
–
–
100%
100%
Dr Gary Hilton Weiss
–
–
–
100%
100%
Mr Chia Chee Ming, Timothy
–
–
–
100%
100%
There are no employees of the Group who are immediate family members of a Director, and whose remuneration exceeds
S$50,000 a year.
REPORT ON CORPORATE GOVERNANCE
