The Remuneration and Nomination Committee of the Board, whose membership is set out below, consists solely of Non-Executive Directors of whom majority are independent
Mr Rohan Fernando, Chairman of the Board was appointed to the Committee as a member with effect from 7 February 2020.
The Company Secretary functions as the Secretary of the Committee.
The Committee function as the Group Remuneration and Nomination Committee. The Group Chief Executive Officer (GCEO), Chief Executive Officer (CEO), Group Chief Financial Officer (GCFO), Chief People’s Officer and external advisers are invited to attend for all or any part of the meeting as required.
The principal tasks of the Committee include;
The GCEO and the CEO of respective companies are fully consulted on remuneration proposals.
The Committee operates within agreed Terms of Reference and is committed to ensure that remuneration arrangements align – reward with performance.
The remuneration policy is designed to reward, motivate and retain the Company’s executive team, with market competitive remuneration and benefits, to support the continued success of the business and creation of shareholder value.
The remuneration packages which are linked to individual performances are aligned with the Company’s short-term and long-term strategy. The Committee makes every endeavour to maintain remuneration levels that are sufficient to attract and retain members of the Senior Management team.
All Non-Executive Directors receive a fee for serving on the Board and serving on Board committees based on their attendance at meeting. They do not receive any performance related incentive payments.
The Chairman has declined the fee approved for the Chairman by the Board previously.
The main elements of the remuneration package for the GCEO, CEO and Senior Management are basic salary, benefits, and performance related annual bonus. Payment of an annual bonus depends on achievement of operating profit targets and personal goals. The salary of the GCEO, CEO and the Senior Management are reviewed annually in January having regard to the year-on-year inflation of the country, the organisational performance and the individual performance.
Details of the overall Directors’ remuneration charged to the Group Income Statement is shown in Note 7 of the Financial Statements.
The Directors have no beneficial interests in any of the Group’s subsidiary undertakings.
The Committee met on two occasions during the year 2020 and the activities carried out are summasized below.
On behalf of the
Remuneration and Nomination Committee
Chan Chee Beng
9 March 2021