Remuneration Committee ("RC")
The RC is made up of non-executive Directors, the majority of whom, including its Chairman, are independent Directors.
The RC comprises the following members:
- Mr Timothy Chia Chee Ming (Chairman)
- Mrs Siripen Sitasuwan
- Mr Thapana Sirivadhanabhakdi
The RC is guided by written Terms of Reference, which are approved by the Board. The Terms of Reference clearly set out the authority and duties of the RC. The RC’s main responsibility is to assist the Board in establishing a formal and transparent process for developing policies on executive remuneration and for fixing the remuneration packages of individual directors. The RC reviews and recommends to the Board, remuneration packages and service terms of individual Directors and each of the CEOs of the Group’s business divisions. When carrying out its duties, the RC also reviews and makes recommendations, for endorsement by the Board, on the remuneration framework which covers all other aspects of remuneration including salaries, allowances, performance bonuses, grant of share awards and incentives.
Remuneration Action Framework
The RC reviews on an annual basis, the level and mix of remuneration and benefits policies and practices of the Company, including long-term incentives. When conducting such reviews, the RC takes into account the performance of the Company and employees. It also reviews and approves the framework for salary reviews, performance bonus and incentives for key management of the Group.
The RC also aligns the CEOs’ leadership, through appropriate remuneration and benefits policies and long-term incentives, with the Company’s strategic objectives and key challenges. Performance targets are also set for the CEOs and their performances evaluated yearly.
The RC may from time to time, and where necessary or required, engage external consultants in framing the remuneration policy and determining the level and mix of remuneration for Directors and management. Among other things, this helps the Company to stay competitive in its remuneration packages. During the financial year ended 30 September 2018, Carrots Consulting Pte Ltd, Mercer (Singapore) Pte Ltd and Korn Ferry Hay Group Pte Ltd were appointed as remuneration consultants. The Company does not have any relationship with these remuneration consultants which would affect their independence and objectivity.