Notes to Financial Statements

More documents

Recommendations

Info

22Middle East Development Singapore Ltd.Annual Report 2008Corporate Governance ReportDisclosure on RemunerationPrinciple 9: Each company should provide clear disclosure of its remuneration policy, level and mix ofremuneration, and the procedure for setting remuneration in the company’s annual report. It shouldprovide disclosure in relation to its remuneration policies to enable investors to understand the linkbetween remuneration paid to directors and key executives, and performance.a) Details of the remuneration of the Company’s Directors and of the Group’s fi ve key executives for the fi nancialyear ended 30 June 2008 are as follows:Remuneration Band andName of DirectorsSalary(%)Bonus(%)Fees(%)Benefits(%)Total(%)$250,000 to $499,999Dr Oussama Al-Dimashki 89 11 – – 100Below $250,000Mr. Huang Wooi Teik (1) 88 9 – 3 100Mr. Wong Seong Khuen (2) 85 7 – 8 100Mr. Kim Leng Choon 87 7 – 6 100Mr. Ng Tian Huat (3) 73 9 – 18 100Mr. Toh Wing Yew (4) 87 8 2 3 100Mr. Ong Soon Teik (5) – – – – –Mr. Issam Farid Halabi (6) – – 100 – 100Mr. Hoon Tai Meng – – 100 – 100Mr. Tan Song Koon – – 100 – 100Mr. Tee Tua Ba – – 100 – 100(1) Resigned on 24 September 2007(2) Resigned on 29 August 2008(3) Resigned as an Executive Director and re-designated as a Non-Executive Director on 1 June 2008(4) Resigned on 1 September 2008(5) Appointed on 2 September 2008(6) Appointed on 24 August 2007Remuneration Band andName of Key Executives Salary Bonus Fees Benefits Total% % % % %Below $250,000Mr. Ong Soon Teik 92 – – 8 100Mr. Liew Bo Chuan John 96 – – 4 100Mr. Khoo Koh Seong 92 4 – 4 100Mr. Yeo Hoon Seng 84 7 – 9 100Mr. Ng Kim Khuan 82 7 – 11 100b) Details of share options granted are to key executive as follows:Number of share options to subscribe for theCompany’s Ordinary Shares of $0.08 eachAt date of grant At 30 June 2008Mr. Liew Bo Chuan John 905,000 –Summarised details of the Hitchins Employees’ Share Option Scheme are included in paragraph 5 of theDirectors’ Report.
Middle East Development Singapore Ltd.Annual Report 2008 23Corporate Governance Reportc) Summarised details of the Middle East Development Singapore Share Plan are included in paragraph 5 of theDirectors’ Report.d) There are no employees who are related to the Chief Executive Offi cer or a Director whose remunerationexceeds $150,000 in the Group’s employment during the fi nancial year.(C)ACCOUNTABILITY AND AUDITAccountabilityPrinciple 10: The Board should present a balanced and understandable assessment of the company’sperformance, position and prospects.In presenting the annual fi nancial statements and announcement on half yearly results to the shareholders, it isthe aim of the Board to provide the shareholders with a balanced and comprehensive assessment of the Group’sperformance, position and prospects. Management provides the Audit Committee and the Board with balanced andunderstandable management accounts of the Company’s and of the Group’s performance, position and prospectson a regular basis.Audit CommitteePrinciple 11: The Board should establish an Audit Committee with written terms of reference whichclearly set out its authority and duties.The Audit Committee comprises the following members:Mr. Tan Song KoonMr. Hoon Tai MengMr. Tee Tua BaChairman (Independent Director)Member (Independent Director)Member (Independent Director)The Company has adopted and has complied with the principles of corporate governance under the Code in relationto the roles and responsibilities of the Audit Committee.The Board is of the view that the members of the Audit Committee are appropriately qualifi ed, having the necessaryaccounting or related fi nancial management expertise to discharge their responsibilities.The Audit Committee meets at least half-yearly, and when circumstances require.The Audit Committee, which has written terms of reference, performs the following delegated functions:(i)To review with the external auditors:-(a)(b)(c)(d)(e)(f)(g)the audit plan, including the nature and scope of the audit before the audit commences,their evaluation of the system of internal accounting controls,their audit report,the assistance given to them by the Company’s offi cers,the scope and results of the internal audit procedures,the balance sheet and profi t and loss account of the Company,their management letter and Management’s response, and
Page 2: Mission & VisionThe Building Proble
Page 8 and 9: 0Middle Middle East East Developmen
Page 10 and 11: 0Middle East Development Singapore
Page 74 and 75:
72Middle East Development Singapore
Page 76 and 77:
Page 78 and 79:
Page 80 and 81:
Page 82 and 83:
Page 84 and 85:
Notes :1. A Shareholder entitled to
Page 86 and 87:
This page has been intentionally le
show all

Notes to Financial Statements

You also want an ePaper? Increase the reach of your titles

Delete template?

Save as template?