Remuneration Policies and Procedures

DIRECTORS

The Remuneration Committee (“RC”) reviews the remuneration of the Directors annually and submits its recommendations to the Board on specific adjustments and/or reward payments that reflect their respective contributions throughout the year, and are also competitive and are in tandem with the Group’s corporate objectives, culture and strategy.

The RC and the Board would ensure that the remuneration policy for the Directors remains competitive to attract and retain Directors of such calibre to provide the necessary skills and experience and to commensurate with the responsibilities for the effective Board.

The remuneration packages for Executive Directors should involve a balance between fixed and performance-linked elements. The relative weightage of fixed and variable remuneration for target performance varies with level of responsibility, complexity of the role and typical market practice. The executive remuneration should be set at a competitive level for similar roles within comparable markets to recruit and retain high quality senior executives. Individual pay levels should reflect the performance, skills and experience of the Director as well as responsibility undertaken and is structured so as to link the short and long-term rewards to both corporate and individual performance.

For Non-Executive Directors (“NEDs”), the review of the Directors’ fees should take into account the trends for similar positions in the market and the time commitment required from the director.

The following criteria are to be considered by the RC in developing the remuneration package:

  1. Determine Company’s performance indicators via revenue, profit before tax, profit after tax, earnings per share, return on equity etc.;
  2. In reviewing the remuneration package, take into account the complexity of the Group’s business and the individual’s responsibilities and ensure the package should also be aligned with the business strategy and long-term objectives of the Company. The remuneration and incentives for Independent Directors should not conflict with their obligation to bring objectivity and independent judgment on matters discussed at Board meetings;
  3. To review the Nomination Committee’s annual assessment on each Director and develop the remuneration package taking into consideration the performance, achievement and time commitment of each director; and
  4. Propose the recommendation of the remuneration package to the Board for approval.

The policies and procedures will be reviewed every five (5) years.

EMPLOYEES

POLICY STATEMENT

The Policy shall enable the furtherance of the Group’s vision and missions. Remuneration to the employees of the Group shall reward and be used to align individual performances with the Group’s short and long-term goals. Employee remunerations shall be supported by a robust performance management system underpinned by the fundamentals of sound risk management, ethics and corporate responsibility.

STATEMENT

The policy applies to all levels and segments of employees within the Group including the senior management, business development, technical, control and support employees.

PRINCIPLES

Business Focused

Remunerations must be relevant and aligned towards the achievement of the Group’s business results. There must be no conflict of interests. Remunerations should drive employees’ diligence, dedication and competency level towards successful implementation of the Group’s goals and strategies.

Prudent

The remuneration structure and quantum must reinforce the importance of sustainability, encourage ethical behaviours and sound risk management, as opposed to short-term view on remuneration without consideration of consequences.

Informed

The performance assessor must have adequate quantitative and qualitative measurements of performance before any recommendation on remuneration is made. The assessments upon which remunerations are recommended must be practicable, measureable and objective.

Fair

Total remuneration packages must take into account of market environment factors including the dynamics and scale of the Group’s business, its financial position and the market condition, in addition to individual merits. There must be no discrimination, biased treatment or any form of exploitation. Proper, fair and logical justification must ensue.

Transparent

There must be clear and timely communication of remuneration linked to the specified job requirements. Employees should understand the expectations set out and seek for clarification where necessary.

MANAGEMENT RIGHTS

The Management reserves the right to alter, delete or add to any of the Group or Company policies, express or implied, at any time by means of a notice posted on the Notice Boards, a circular to employees or announcement via the employee network email facility.

 
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