42
COSCO Corporation (Singapore) Limited
Fees
(%)
Salary
(%)
Bonus
(%)
Other
Benefits
(%)
Total
(%)
Executives in the Band of below S$500,000
Ma Hong Han
46
31
23
100
Li Man
46
31
23
100
Wong Meng Yun
55
33
12
100
The Company does not disclose the remuneration of each individual director to the nearest thousand dollars and the
aggregate remuneration of the top three key management personnel in accordance with the Principle 9.2 and 9.3 of
the 2012 CG Code respectively, as the Board of Directors believes that it is not in the best interest of the Company to
fully disclose such information given the highly competitive industry conditions for ship building and offshore marine
engineering sectors particularly in the Peoples’ Republic of China.
None of the employees of the Company and its subsidiary companies was an immediate family member of a Director
and whose remuneration exceeded S$50,000 during the financial year ended 31 December 2014.
EXECUTIVES’ REMUNERATION
The Company adopts a remuneration strategy that supports a pay-for-performance philosophy. The Company has
key performance indicator to link with Company’s performance and shareholders’ returns. Executives participate in an
annual performance review process that assesses the individual’s performance and contributions.
The remuneration structure for the President and other key management personnel consists of the following
components:
l
SALARY
Fixed pay comprises basic salary and the Company’s contribution towards the Singapore Central Provident Fund
where applicable.
l
BONUS
Bonus is paid based on the Company’s and individual’s performance.
l
OTHER BENEFITS
Other benefits comprise of usage of Company’s car and other benefits-in-kind.
l
STOCK OPTION
The COSCO Group Employees’ Share Option Scheme 2002, approved by members of the Company on 8 May 2002,
had expired on 8 May 2012. The share options have been granted to align the president and key management’s
interest with that of shareholders. The options granted to them are made reference to the desired remuneration
structure target and valued based on the Binomial Valuation Model. Details of the share option scheme can be found in
the “Directors’ Report” section of the Annual Report.
Corporate
Governance
Corporate Governance and Transparency
