41
Annual Report 2014
Non-Executive Independent Directors are paid a basic fee for their responsibilities as Independent Directors and
servicing various committees. Such fees are approved by the shareholders of the Company as a lump sum payment at
the AGM.
The Company currently adopts a remuneration policy for staff consisting of a fixed component and a variable
component. The fixed component is in the form of a base/fixed salary. The variable component is in the form of a
variable bonus that is linked to the Company and individual performance. Another element of the variable component is
the grant of share options under the COSCO Group Employees’ Share Option Scheme 2002 which was expired on 8
May 2012 .
Information on the COSCO Group Employees’ Share Option Scheme 2002 such as size of grants, exercise price of
options that were granted as well as outstanding and vesting period of options are set out on pages 75 and 76 of the
Annual Report.
During the financial year, the RC held one (1) meeting. The issues deliberated at the meeting and through the circular
resolutions in writing included reviewing the termination of options granted, extension of exercise period of options
granted, the bonus payments to key management personnel and the compensation programme for the Directors and
key management personnel.
DISCLOSURE ON REMUNERATION
Principle 9
DIRECTORS’ AND KEY MANAGEMENT PERSONNEL REMUNERATION
The Directors’ and the top three key management personnel’s remuneration table for the financial year ended 31
December 2014 is as follows:
Fees
(%)
Salary
(%)
Bonus
(%)
Other
Benefits
(%)
Total
(%)
Non-Independent Executive Directors in the Band of below S$500,000
Wu Zi Heng
45
31
24
100
Liu Lian An
49
31
20
100
Non-Independent and Non-Executive Directors in the Band of below S$500,000
Wang Yu Hang *
(1)
34
56
10
100
Liang Yan Feng *
(2)
34
56
10
100
Ma Zhi Hong *
34
56
10
100
Ouyang Chao Mei *
32
50
18
100
Independent Directors in the Band of below S$500,000
Tom Yee Lat Shing
100
100
Wang Kai Yuen
100
100
Er Kwong Wah
100
100
Ang Swee Tian
100
100
Note:
*
The salary, bonus and other benefits of the incumbent directors are paid by the subsidiaries.
(1)
Mr Wang Yu Hang resigned as Non-Independent and Non-Executive Director on 8 July 2014.
(2)
Mr Liang Yan Feng was appointed as Non-Independent and Non-Executive Director on 8 July 2014.
Corporate Governance and Transparency
