Download

(b) Top Senior ManagersBase/ Annual ShareFixed Performance Director’s Carried OptionsRemuneration band and name of senior manager Salary Incentive Fees Interest Granted*Above $1,250,000 to $1,500,000Loh Chin Hua 45% 27% – 28% –Above $750,000 to $1,000,000Ang Wee Gee 40% 43% – – 17%Above $500,000 to $750,000Choo Chin Teck 47% 32% – – 21%Tan Swee Yiow 43% 35% – – 22%Augustine Tan Wee Kiong 46% 34% – – 20%*The value of the share options granted is based on the Black-Scholes model with a 5-year maturity.Details of the KLL Share Option Scheme can be found onPages 168 to 169.Internal control and auditAudit CommitteePrinciple 11 : Establishment of Audit Committee with writtenterms of referenceThe Audit Committee consists of three independentmembers. These members bring along with them invaluableexperience and professional expertise relating to accounting,financial management and legal knowledge.The role of the Committee includes, inter-alia, reviewing theannual audit plan, internal audit process, adequacy of internalcontrols, interested person transactions, audit and other feesof external auditors. The Committee also reviews thequarterly and full-year results prior to their submission to theBoard for approval, and meets with the external and internalauditors at least once a year without the presence ofManagement. In addition, the Audit Committee Chairman willreview and investigate, as appropriate, any protected reportraised under the Company’s whistle-blower protection policy.The Committee has full access to and co-operation byManagement and full discretion to invite any Director orexecutive officer to attend its meetings, and reasonableresources to enable it to discharge its functions properly.The Committee held five meetings during the year. Themembers’ attendances at these meetings are disclosed onPage 46. The external and internal auditors, the Director(Corporate Services) and the Managing Director wereinvited to attend the meetings of the Committee. TheCompany’s internal auditors and external auditors reporttheir audit findings and recommendations independentlyto the Committee.During the year, the Committee performed independentreviews of the financial statements of the Company beforethe announcements of the results. The reviews included anassessment of the quality of key accounting principlesapplied and management judgements which have majorimpact on the financial statements. On a quarterly basis,Management reported to the Committee all interestedperson transactions (“IPTs”) in accordance with theCorporate governanceKeppel Land LimitedReport to Shareholders 200651