The Remuneration Committee is authorised by the Board to establish a formal and transparent policy on the remuneration packages of individual Directors and Senior Management. The Board believes in a remuneration policy that fairly supports the Directors’ responsibilities and fiduciary duties in steering the Group. The policy sets out the remuneration principles for the Board of Directors (“Board”) and the Remuneration Committee to deliberate the remuneration of Directors and/or Senior Management of the Company, which take into account the demands, complexities and performance as well as skills and experience required.
The Policy is guided by the following key principles in remunerating the Directors of the Company: -
(i) fees payable to Directors who hold non-executive office in the Company shall be paid by a fixed sum and not by a commission on or percentage of profits or turnover;
(ii) fees and/or benefits (including meeting allowance) payable to Directors are subject to annual shareholders’ approval at a general meeting, where notice of the proposed fees and/or benefits has been given in the notice convening the meeting; and
(iii) salaries and other emoluments payable to Directors who hold an executive office in the Company pursuant to a contract of service need not be determined by the Company in general meeting but such salaries and emoluments may not include a commission on or percentage of turnover.
(i) The Board will review the Policy from time to time and make any necessary amendments to ensure that it remain consistent with the Board’s objective, current law and practice.
(ii) The board shall disclose the Policy in the annual report of the Company.
(iii) The Policy is made available for reference on the Company’s website.
Reviewed by Remuneration Committee and approved by Board of Directors on 11 September 2019.