Page 85 - S P Setia Annual Report 2016

 

 

 

 

 

Page 85 - S P Setia Annual Report 2016
P. 85

S P Setia Berhad Group                                 Our Business | Our Performance Review | Our Leadership and People   83
          Annual Report 2016                                        | Our Achievements and Accolades | Our Sustainability Statement
                                                                   | Our Governance | Our Financial Statements | Other Information




                                                                                            Additional Compliance


          Recurrent Related Party Transactions
          At the 41st AGM of the Company held on 18 May 2016, the Company had obtained the approval from its shareholders for the renewal of the
          shareholders’ mandate to enter into recurrent related party transactions of a revenue or trading nature, which are necessary for its day-to-
          day operations and in the ordinary course of its business, with related parties.

          The said mandate took effect on 18 May 2016 and will continue until the conclusion of the forthcoming AGM of the Company.

          At the forthcoming AGM to be held on 18 May 2017, the Company intends to seek its shareholders’ approval to renew the existing mandate
          for recurrent related party transactions of a revenue or trading nature. The details of the shareholders’ mandate to be sought will be furnished
          in the Circular to Shareholders dated 26 April 2017 attached to this Annual Report.

          Employee Share Scheme

          During FY2016, the Company issued ordinary shares of RM0.75 each (“Shares”) and options under the Employee Share Grant Plan (“ESGP”)
          and Employee Share Option Scheme (“ESOS”), respectively, pursuant to the Long Term Incentive Plan (“LTIP”). Further information on the
          ESGP and ESOS is set out in the Directors’ Report and Note 19 of the Annual Audited Financial Statements for FY2016 in this Annual Report.

          Brief details on the number of Shares and options granted, vested and outstanding since the commencement of the LTIP on 10 April 2013
          and during FY2013, FY2014, FY2015 and FY2016 are set out in the table below:

                                                                                Executive        Senior   Other Entitled
                                                                      Total   Director/CEO  Management     Employees
          For the period from 10 April 2013 to 31 October 2013

          ESGP
          Number of Shares granted (‘000)                            17,035          896          3,354        12,785
          Number of Shares vested (‘000)                                 -             -             -             -
          Number of Shares lapsed (‘000)                              (521)            -             -           (521)
          Number of Shares outstanding as at 31 October 2013 (‘000)  16,514          896         3,354         12,264


          ESOS
          Number of Options granted (‘000)                          80,864        25,600         55,264            -
          Number of Options exercised (‘000)                             -             -             -             -
          Number of Options lapsed (‘000)                                -             -             -             -
          Number of Options outstanding as at 31 October 2013 (‘000)  80,864      25,600        55,264             -

          For the period from 1 November 2013 to 31 October 2014

          ESGP
          As at 1 November 2013 (‘000)                               16,514          896          3,354        12,264
          Number of Shares granted (‘000)                            13,110          300         2,608         10,202
          Number of Shares vested (‘000)                             (4,064)        (203)          (759)       (3,102)
          Number of Shares lapsed (‘000)                             (5,145)        (505)        (1,166)       (3,474)
          Number of Shares outstanding as at 31 October 2014 (‘000)  20,415          488         4,037         15,890

          ESOS
          As at 1 November 2013 (‘000)                              80,864        25,600         55,264            -
          Number of Options granted (‘000)                           3,312             -          3,312            -
          Number of Options exercised (‘000)                         (9,311)       (4,800)       (4,511)           -
          Number of Options lapsed (‘000)                           (27,193)      (12,800)      (14,393)           -
          Number of Options outstanding as at 31 October 2014 (‘000)  47,672       8,000         39,672            -
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