Annual Report 2014 | S P SETIA BERHAD GROUP | 83
2.1 Remuneration Procedures
The Remuneration Committee, consisting wholly of Independent Non-Executive Directors, recommends to the Board the
remuneration package for the Executive Directors. The remuneration package for Executive Directors is structured on the basis
of linking rewards to corporate and individual performance. Performance is measured against the results achieved by the Group
and individual achievement against targets set at the beginning of each year. It is the ultimate responsibility of the entire Board to
approve the remuneration of these Directors with the Executive Directors concerned abstaining from deliberations and voting on
their own remuneration.
In the case of Non-Executive Directors, the remuneration package is determined by the Board as a whole, based on the experience
and level of expertise and responsibilities undertaken by the Non-Executive Directors concerned. The respective Non-Executive
Directors will abstain from discussing their own remuneration.
2.2 Remuneration Package
The remuneration package of Directors is as follows:-
(a) Basic Salary
The basic salary (inclusive of statutory employer’s contributions to the Employees Provident Fund) for each Executive Director
is recommended by the Remuneration Committee, taking into account the individual responsibility, contribution, performance,
and additional responsibilities of the Directors, as well as the market-rate for similar positions in comparable companies.
(b) Bonus Scheme
The Group operates a bonus scheme for all employees, including the Executive Directors. The criteria for the scheme include
the level of profit achieved by the Group from its business activities against targets, together with an assessment of each
individual’s performance during the period. Bonuses payable to the Executive Directors are reviewed by the Remuneration
Committee and approved by the Board.
(c) Fees and Other Emoluments
Non-Executive Directors are remunerated by way of Fees and Other Emoluments based on the experience and level of
responsibilities undertaken by the particular Non-Executive Director concerned. Fees payable to Non-Executive Directors are
subject to shareholders’ approval at the AGM.
Other benefits (such as chauffeur, security services and travelling allowance) are made available as appropriate.
The details of the remuneration of each Director of the Company who served during the financial year ended 31 October 2014 are
Tan Sri Dato’ Sri Liew Kee Sin
(resigned on 30 April 2014)
Dato’ Teow Leong Seng
(resigned on 15 June 2014)
Dato’ Khor Chap Jen
corporate Governance Statement
IV. Corporate Governance