The RC may from time to time, when necessary or required, seek advice from external consultants in framing the remuneration policy and determining the level and mix of remuneration for Directors and Management, so that the Group remains competitive in this regard. During FY2024, the Company did not engage any independent remuneration consultant. Performance-linked Remuneration The Company adopts a remuneration policy for Executive Directors and key management personnel comprising a fixed component and a variable component. The fixed component is in the form of a base salary. The variable component is in the form of a variable bonus that is linked to the performance of the Company and the individual’s performance, the latter of which is assessed based on their respective key performance indicators allocated to them. Staff appraisals are conducted once a year. The Executive Directors do not receive Directors’ fees. The corporate and individual performance-related elements of remuneration are designed to align the interests of Executive Directors with those of shareholders in order to promote the long-term success of the Company. The Executive Directors and key management personnel had met their respective key performance indicators in respect of FY2024. Provisions 7.1 and 7.3 Mr Leo had entered into a service agreement with the Company in which the terms of his employment are stipulated. His current term of employment is for a period of two years from 1 July 2023 and on such terms as may be agreed between the Company and Mr Leo. In accordance to the service agreement, Mr Leo will be paid performance bonus based on the audited consolidated profit before taxation of the Group, when it exceeds S$5.0 million for the financial year. Directors’ Fees for Non-Executive Directors Director’s fees for the Independent Directors and Non-Executive Director are set in accordance with the remuneration framework comprising basic fees and committee fees, taking into account their effort, time spent and responsibilities. These are subject to the approval of the Company’s shareholders during the Company’s AGM. Provision 7.2 Remuneration Report for Directors and Key Management Personnel The remuneration components paid to each of the Executive Directors and Independent Directors for FY2024 are as follows: Remuneration Bands and Name Fees % Salary % Bonus % Benefits in kind % Total Remuneration % Executive Directors S$250,000 to below $500,000 Leo Ting Ping Ronald – 85 6 9 100 Er Ang Hooa – 91 3 6 100 Below S$250,000 Xu Quanqiang – 96 4 – 100 Independent Directors Below S$250,000 Chong Wai Siak 100 – – – 100 Koh Tee Huck Kenneth 100 – – – 100 Fong Heng Boo 100 – – – 100 Wong Ee Kean(1) 100 – – – 100 (1) Ms Wong was appointed as an Independent Director on 31 January 2024. Provisions 8.1 and 8.3 37 ANNUAL REPORT 2024 CORPORATE GOVERNANCE REPORT
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