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REMUNERATION POLICY

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1. OBJECTIVES

The Board of Directors of Tek Seng Holdings Berhad (“the Board”) has adopted this Remuneration Policy (“Policy”) to assist Tek Seng Holdings Berhad (“theCompany”) in providing a fair and competitive remuneration to Directors to attract, motivate and retain calibre directors with competitive remuneration package.

The Policy is subject to periodic review to ensure their relevance and compliance.


2. ELEMENTS OF REMUNERATION OF EXECUTIVE DIRECTORS

Component

Approach of the Company

Base Salary

Executive directors will be remunerated with a base salary, taking into account the level of accountability & responsibilities, skills & experiences, complexity of the work, similar industry benchmark, market condition and the overall performance of the Group in which the salary of each executive director will be determined by the Board upon recommendation of the Remuneration Committee (RC) annually.

Director’s Fee

The fees payable to executive directors shall be decided by the Board as a whole upon the recommendation of the RC and are subject to annual shareholders’ approval at the Annual General Meeting (AGM).

Annual Bonus

The annual bonus payable to executive directors will be based on the director’s performance and Group’s financial results. The annual bonus will be determined by the Board upon recommendation of the RC annually.

Benefits

Executive directors are entitled to a range of competitive benefits, taking into account the position & seniority, level of responsibilities, comparable roles, individual circumstances and overall cost to the Group:

(a) a fully expensed car with driver

(b) medical & life insurance for director & family

(c) medical expenses

(d) training & development courses

(e) mobile phones and expenses

(f) petrol & travelling allowances

(g)reimbursements relating to business expenses

Other benefits

Other benefits which are not in the service contract shall be determined by the Board as a whole upon the recommendation of the RC and are subject to annual shareholders’ approval at the AGM.


3. ELEMENTS OF REMUNERATION OF NON-EXECUTIVE DIRECTORS

Component

Approach of the Company

Director’s Fee

Non-executive directors will be remunerated by way of a fixed fee. The fees payable to non-executive directors shall be decided by the Board as a whole upon the recommendation of the RC and are subject to annual shareholders’ approval at the AGM.

Committee’s Fee

The RC also recommends to the Board additional fees payable for membership and/or chairmanship of a Board Committee, taking into account the expected time commitment, level of responsibilities and contribution of the role. Such fees payable to non-executive directors are subject to annual shareholders’ approval at the AGM.

Benefits

Non-executive directors are entitled to the following benefits:

(a) meeting allowance

(b) travelling & accommodation

(c) training & development courses

(d) other benefits if required for business purposes

The benefits payable to non-executive directors shall be decided by the Board as a whole upon the recommendation of the RC and are subject to annual shareholders’ approval at the AGM.