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Terms of Reference Home > Investor Relation > Term of Reference > Remuneration Committee
 
 

Functions
  1. To review and recommend to the Board of Directors the remuneration packages of Executive Directors and senior management, taking into account the demands, complexities and performance of the Company as well as skills and experience required.

  2. To assist the Board in developing and administer a fair and transparent procedure for setting policy on remuneration of directors and senior management to ensure that remuneration packages are determined on the basis of the directorsí and senior managementís merit, qualification and competence, having regard to the Companyís operating results, individual performance and comparable market statistics.

  3. To recommend to the Board of Directors after reviewing managementís proposals:-
    1. overall annual salary increment guidelines/limits of all non-unionised staff;
    2. annual bonus limits/guidelines;
    3. ex-gratia payment for unionised staff;
    4. remuneration, benefits and other terms and conditions of employment, which have to be introduced as part of the Groupís overall human resource development plan. This would include matters such as pegging the Group salaries in line with industry standards and major changes in benefits package.


Membership
  1. The Committee shall have at least three (3) members consisting of non-executive directors and a majority of them must be Independent Directors.


Meetings & Procedures
  1. Meetings are to be held as and when necessary.

  2. The quorum for each meeting shall be two (2) members.

  3. The Remuneration Committee shall decide on its own procedures and administrative arrangements.

  4. The Chief Executive Officer shall attend and make representations at meetings, whenever business is not related to Executive Directorsí remuneration.

  5. Minutes of each meeting shall be kept by the Company Secretary as evidence that the Remuneration Committee has discharged its function.

  6. The Chairman of the Remuneration Committee will report to the Board after each Remuneration Committee Meeting.