Independent Directors are paid only Directors’ fees, subject to approval at the annual general meetings. The fees paid to Independent Directors comprise a basic fee, a fee for chairing a committee and a fee for being a member of the committee. The fees paid to the Independent Directors for FY 2024 are set out as follows:- Name of Independent Director Directors’ fees Mr Yeo Wee Kiong (#) S$56,000 Mr Sim Guan Seng (#) S$45,000 Mr Daniel Loh Hong Chye (#) S$40,000 Mr Lee Bon Leong (*) S$25,000 Mr Chan Kam Loon (*) S$19,000 Dr Tay Kin Bee (*) S$17,000 Total Directors’ fees S$202,000 (*) Mr Lee Bon Leong, Mr Chan Kam Loon and Dr Tay Kin Bee received directors’ fees for the period from 1 January 2024 to 19 April 2024. (#) Mr Yeo Wee Kiong, Mr Sim Guan Seng and Mr Daniel Loh Hong Chye received directors’ fees for the period from 20 April 2024 to 31 December 2024. Mr Yasutaka Kawamura, the Non Executive Non-Independent Director of the Company, did not receive any remuneration for FY 2024. The Board is of the view that full disclosure of specific remuneration of each individual key management personnel is not in the best interests of the Company, taking into account the sensitive nature of the subject, the competitive business environment the Group operates in and the potential negative impact such disclosure will have on the Group. The remuneration of top 5 executives of the Group (who are not also Directors) for FY 2024 is set out below:- Remuneration band No of Executives Below S$200,000 - S$200,000 – S$400,000 3 S$400,000 – S$600,000 2 Provision 8.2 of the Code: Remuneration disclosures of related employees Save for Mr Sidney Chew Choon Tee, the Managing Director of the Company, there is no employee who is a substantial shareholder of the Company in FY 2024. The remuneration of an employee who is the spouse of Mr Sidney Chew Choon Tee, for FY 2024 is set out as below:- % Breakdown of Remuneration Name of employee Remuneration band Base salary Bonus Benefits in kind Ms Liau Bin Bin S$400,000 – S$500,000 62% 36% 2% Save for Ms Liau Bin Bin, there is no other employee who is the immediate family members of a Director, the Managing Director or a substantial shareholder of the Company, and whose remuneration exceeded S$100,000 in FY 2024. ACCOUNTABILITY AND AUDIT Risk Management and Internal Controls Principle 9: The Board is responsible for the governance of risk and ensures that Management maintains a sound system of risk management and internal controls, to safeguard the interests of the company and its shareholders. Provision 9.1 of the Code: Board determines the nature and extent of risks The Board and Management acknowledge that it is responsible for the overall risk management and internal control framework, but recognise that no cost-effective control system will preclude all errors and irregularities, as a system is designed to manage rather than eliminate the risk of failure to achieve business objectives, and can provide only reasonable and not absolute assurance against material misstatement or loss, human error, fraud and lapse in judgement. 58 ANNUAL REPORT 2024 Corporate Governance Report
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