Notwithstanding that it is a variation from Provision 8.1 of the Code, the Company wishes to disclose the remuneration of the Executive Directors in bands of $250,000 for FY2024. The Company is of the view that the intent of Principle 8 was met, as the remuneration policies and the procedure for setting remuneration applicable to the Executive Directors are described above, and the level and mix of remuneration is disclosed in the above table. The Board supports and is aware of the need for transparency. However, after deliberation and debate, the Board is of the view that as the remuneration packages are confidential and sensitive in nature, full disclosure of the specific remuneration of each individual Director and the Group’s key management personnel (who are not directors) is not in the best interest of the Company. Inter alia, the Board has taken into account the very sensitive nature of the matter, the relative size of the Group, the highly competitive business environment the Group operates in, the competitive pressures in the talent market and the irrevocable negative impact such disclosure may have on the Group and which would place the Group in a competitively disadvantageous position. A breakdown showing the level and mix of each key management personnel’s remuneration payable for FY2024 in bands of S$250,000 which provides sufficient overview of the remuneration of the key management personnel are as follows: Remuneration Bands and Name Salary (%) Bonus (%) Benefits in kind (%) Total (%) Key Management Personnel S$250,000 to S$500,000 Ng Siew Khim 96 4 – 100 Below S$250,000 Chiang Yi Shin(2) 100 – – 100 Loh Chye Aik(3) 100 – – 100 Heng Fook Chang(4) 94 6 – 100 (2) Mr Chiang Yi Shin resigned as a Chief Financial Officer of the Company on 12 April 2024. (3) Mr Loh Chye Aik resigned as a General Manager (Operators) of Keong Hong Construction Pte Ltd, a wholly-owned subsidiary of the Company on 18 October 2023. (4) Mr Heng Fook Chang was appointed as the Chief Financial Offer on 8 July 2024. Provisions 8.1 and 8.3 The annual aggregate remuneration paid to the key management personnel for FY2024 was S$0.4 million. There is no employee who is related to a Director, Chairman and CEO, or substantial shareholder, whose remuneration exceeds S$100,000 in the Group’s employment for FY2024. Provision 8.2 There is no termination, retirement, post-employment benefits that are granted to the Directors, Chairman and CEO, and top key management personnel. Share Option Scheme The Keong Hong Employee Share Option Scheme (the “Scheme”), which was approved by the shareholders at an extraordinary general meeting held on 21 November 2011 had expired on 21 November 2021. Provision 8.3 Notwithstanding the expiry of the Scheme, there are still options granted previously which have yet to be exercised/expired. Further details of the outstanding options are found in the Directors’ Statement. Rule 1207 (16) 38 KEONG HONG HOLDINGS LIMITED CORPORATE GOVERNANCE REPORT
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