Annual Report 2011 - QuamIR

Notes to the Consolidated Financial StatementsFor the year ended 31 March 201112. Employees’ EmolumentsOf the five individuals with the highest emoluments in the Group, two (2010: four) were directors ofthe Company whose emoluments are included in the disclosures in note 11 above. The emoluments ofthe remaining three individuals (2010: one individual) were as follows:2011 2010HK$’000HK$’000Salaries and other benefits 4,516 480Contributions to retirement benefits scheme 76 –Equity-settled share-based payments 1,209 –Discretionary bonus 900 –6,701 480Their emoluments fell within the following band:Number of employees2011 2010Nil – HK$1,000,000 – 1HK$1,500,001 – HK$2,000,000 2 –HK$3,000,001 – HK$3,500,000 1 –During the year ended 31 March 2011, saved for HK$400,000 was paid to Mr. Stein Garry Richard (2010:HK$5,000,000 was paid to Mr. Sung Kin Man) as an inducement to join or upon joining the Group, noother emoluments were paid by the Group to the other highest paid individuals, including directors, asan inducement to join or upon joining the Group or as compensation for loss of office (2010: Nil).13. Retirement Benefit SchemesThe Group operates a defined contribution Mandatory Provident Fund retirement benefits scheme (the“MPF Scheme”) under the Mandatory Provident Fund Schemes Ordinance, for those employees whoare eligible to participate in the MPF Scheme. Contributions are made based on a percentage of theemployees’ basic salaries and are charged to the consolidated statement of comprehensive income as theybecome payable in accordance with the rules of the MPF Scheme. The assets of the MPF Scheme areheld separately from those of the Group in an independently administered fund. The Group’s employercontributions vest fully with the employees when contributed into the MPF Scheme.The employees employed in the PRC subsidiaries are members of the state-managed retirement benefitsschemes operated by the PRC government. The PRC subsidiaries are required to contribute a certainpercentage of their payroll to the retirement benefits schemes to fund the benefits. The only obligationof the Group with respect to the retirement benefits schemes is to make the required contributionsunder the schemes.Sino Prosper State Gold Resources Holdings Limited82