Corporate Governance Statement page
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Executives’ Remuneration Rather than setting out the names of the top five key executives who are not also directors of the Company, we have shown a Group-wide cross-section of executive remuneration by number of employees earning $100,000 upwards in bands of $250,000 below. This should give a macro view of the remuneration pattern in the Group, while maintaining confidentiality of staff remuneration matters. NO. OF EXECUTIVES IN REMUNERATION BANDS Total Compensation No. of Employees (S$) (Note 1) $100,000 to $249,999 10 $250,000 to $499,999 13 $500,000 to $749,999 - $750,000 to $1,000,000 1 Total 24
Total Fixed Compensation (Note 2) $ 835,222 $ 2,409,116 - $195,306 $3,439,644
Total Variable Compensation (Note 3) $511,867 $2,076,454 - $637,716 $3,226,038
Total Remuneration $1,347,090 $4,485,570 $833,022 $6,665,682
Notes : 1. Including employees in local and overseas subsidiaries 2. Inclusive salaries, AWS, related CPF and other statutory contributions, allowances and fringe-benefits 3. Sales commission, bonus and other statutory contributions. There are no employees in the Group who are immediate family members of a director or the Group CEO.
(C) ACCOUNTABILITY AND AUDIT Accountability Principle 10 :
The Board should present a balanced and understandable assessment of the company’s performance, position and prospects.
In presenting the annual financial statements and quarterly announcements to shareholders, it is the aim of the Board to provide the shareholders with a detailed analysis, explanation and assessment of the Group’s financial position and prospects. On a quarterly basis, Board members are provided with business and financial reports comparing actual performance with budget and with prior year comparisons with highlights on key business indicators and any significant business development. In addition, the Group CEO communicates regularly with Board members through informal meetings and phone calls with appropriate updates on Company developments. Audit Committee Principle 11 :
The Board should establish an Audit Committee with written terms of reference which clearly set out its authority and duties.