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Food Empire Holdings Limited Annual Report 2014
CORPORATE GOVERNANCE
G) REMUNERATION MATTERS (cont’d)
- Principle 7: Formal and transparent procedure for fixing remuneration packages of Directors (cont’d)
- Principle 8: Remuneration of Directors should be adequate but not excessive (cont’d)
- Principle 9: Remuneration policy, level and mix of remuneration and procedure for setting
remuneration (cont’d)
The Non-executive Directors receive directors’ fees, in accordance with their contributions, taking into account
factors such as responsibilities, effort and time spent for serving on the Board and Board Committees.
The directors’ fees are subject to final approval by the shareholders at the Annual General Meeting.
There is no change in the existing remuneration package for the Executive and Non-executive Directors compared
to the previous year. All Directors, including Non-executive Directors, who are not the controlling shareholders of
the Group or are not appointed by the controlling shareholders of the Group, were eligible for share options under
the current share option scheme. Additional information on the previous and current share option schemes can
be found on pages 41 to 45 and 115 to 119 of the annual report.
Although the Code recommends the disclosure of the name of the individual Directors and at least the top five
key executives (who are not the Directors of the Group) within the bands of S$250,000 and a breakdown (in
percentage terms) of each Directors remuneration, the Board has decided not to adopt this practice because
it is of the view that such disclosure may be detrimental to the Group’s interest as it may lead to poaching of
executives within a highly competitive industry.
The remuneration for the financial year ended 31 December 2014 is shown below:-
Remuneration Bands
No. of Directors in Remuneration Bands
S$500,000 to S$699,999
1
S$250,000 to S$499,999
1
Below S$250,000
6
Remuneration Bands
Remuneration of top 5 executives
S$250,000 to S$499,999
3
Below S$250,000
2
To maintain confidentiality of remuneration, the names of the Directors and the top executives are not stated.
There are no employees who are immediate family members of a Director or the CEO.
H)
ACCOUNTABILITY AND AUDIT
- Principle 10: Accountability of the Board and management
The Board is accountable to the shareholders while the management of the Group is accountable to the Board.
The management presents to the Board the Group’s quarterly and full year accounts and the AC reports on the
results for review and approval. The Board approves the results and authorises the release of the results to SGX-
ST and the public via SGXNET.
The Board is committed to providing timely information to the shareholders and the public on a quarterly basis.
