COMPOSITION OF REMUNERATION COMMITTEE

The members of the Remuneration Committee comprises:-

Director Designation
Mr Yeoh Chong Keat

(Chairman of RC)

Independent Non-Executive Director
Mr Cheong Marn Seng Independent Non-Executive Director
Mr Loi Heng Sewn Independent Non-Executive Director

 

TERMS OF REFERENCE OF REMUNERATION COMMITTEE

Constitution

The Board has established a Committee of the Board to be known as the Remuneration Committee.

Membership

  • The Committee shall be appointed by the Board from amongst the directors of the Company and shall consist mainly of non-executive directors. A quorum shall be two (2) members.
  • The members of the Committee shall elect a Chairman from among their members.
  • If a member of the Committee resigns or for any other reason ceases to be a member with the result that the number of members is reduced below three (3), the Board of Directors shall, within three (3) months of that event, appoint such number of new members as may be required to make up the minimum number of three (3) members.

Objective

Remuneration of directors should be determined so as to ensure that the Company attracts and retains the directors needed to run the Group successfully. The component parts of remuneration should be structured so as to link rewards to corporate and individual performance, in the case of executive directors.

Functions

The functions of the Committee shall be:-

  1. Recommend to the board the framework of executive remuneration and its cost, and the remuneration package for each executive director, taking into account the performance of the individual, the inflation price index and information from independent sources on the rates of salary for similar jobs in a selected group of comparable companies.
  1. To reimburse reasonable expenses incurred by the directors in the course of their duties.
  1. To review and determine the bonus scheme for the executive directors depending on various performance measurements of the Group.
  1. To review and determine the other benefits in kind for the executive directors.
  1. To review the executive directors’ service contracts (if any).

Reporting Procedures

  • The remuneration of directors shall be the ultimate responsibility of the full board after considering the recommendations of the Committee.
  • Directors do not participate in decisions on their own remuneration packages. 

ACTIVITIES OF THE REMUNERATION COMMITTEE

During the financial year, the Remuneration Committee reviewed the remuneration packages of the Executive Director of the Company and for the Non-Executive Directors, the Directors’ fees and meeting allowance.

Consistent with the adopted remuneration policy that inter-alia provides the principles and guidelines for remuneration offered to the members of the Board including the Executive and Non-Executive Directors of the Company, the Remuneration Committee ensures that remuneration of the Executive Director is linked to the financial performance which are aligned to the Company’s business objectives. The remuneration of Non-Executive Directors should be appropriate for their contribution to the Company, taking into account of factors such as effort and time spent, and responsibilities of the Directors including their appointment in Board Committees.

The individual Director concerned would abstain from discussion of his own remuneration as appropriate.

During the financial year, the Remuneration Committee, in discharging its duties also reviewed the Report of the Remuneration Committee for inclusion in the Annual Report 2017 of the Company.