Ecowise Annual Report 2007 - ecoWise Holdings Limited

CORPORATEGOVERNANCEFor the period under review, the Remuneration Committee had recommended to the Board total Directors fees of $80,000 forthe independent Directors, which will be tabled by the Board at the forthcoming Annual General Meeting for the shareholders’approval.The Board is of the opinion that details of remuneration for individual Directors and key executives are confidential, anddisclosure of such information would not be in the interest of the Company.There is no employee who is related to a Director whose remuneration exceeds $150,000 in the Group’s employment for thefinancial year ended 31 October 2007.There is no material contracts and loan of the Company or its subsidiary companies involving the interest of any Director orcontrolling shareholder, either still subsisting at the end of the financial year or if not then subsisting, entered into since theend of the previous financial year.During the year, no option to take up unissued shares of the Company of any corporation in the Group was granted. The ecoWiseEmployee Share Option Plan was terminated by resolution held on 23 March 2007.ParticipantOptions grantedduring financial year2007Options granted fromstart of Scheme to31.10.2007Options exercisedfrom start of Schemeto 31.10.2007Options outstandingas at31.10.2007DirectorsTeoh Teik Kee-200,000200,000-Other Staff-1,550,0001,550,000-- 1,750,000 1,750,000 -The ecoWise Performance Share Plan was approved by the shareholders on 23 March 2007. During the year, a total of 5,450,000performance shares were granted under the ecoWise Performance Share Plan.ParticipantDirectorsLee Thiam SengTeoh Teik KeeSunny Ong Keng HuaNg Cher YanAng Mong SengOng Teck GheePerformances Sharesgranted duringfinancial year 20071,500,0001,000,0001,000,000150,000100,000100,000Performance Sharesgranted from start ofPlan to 31.10.20071,500,0001,000,0001,000,000150,000100,000100,000Performance Sharesgranted from start ofPlan to 31.10.2007750,000500,000500,00075,00050,00050,000Performance Sharesgranted outstandingas at 31.10.2007750,000500,000500,00075,00050,00050,0003,850,000 3,850,000 1,925,000 1,925,000Other Staff 1,600,000 1,600,000 625,000 975,0005,450,000 5,450,000 2,550,000 2,900,000Note: The performance shares granted are subjected to adjustments for rights cum warrants issues.As at 31.10.2007 2,550,000 performance shares were vested but not issued.26 • ecoWise Holdings Limited • Annual Report 2007