11.0 REMUNERATION OF DIRECTORS
  1. The Company aims to set remuneration at levels which are sufficient to attract and retain the Directors needed to run the Company successfully, taking into consideration all relevant factors including the function, workload and responsibilities involved, but without paying more than is necessary to achieve this goal.
  1. The level of remuneration for the executive directors is determined by the Remuneration Committee after giving due consideration to the compensation levels for comparable positions among other similar industry.
  1. Non-executive directors are normally remunerated by way of fees that are approved by shareholders on an annual basis. However, non-executive directors should not receive share options or bonus payments, participate in schemes designed for the remuneration of executives or be provided with retirement benefits.
  1. If, however, the Company is absolutely intent on granting share options to its non-executive directors, then it should seek shareholders’ approval. Non-executive directors who participated in the share option scheme are prohibited to sell, transfer or assign the shares within one (1) year from the date of offer of such options.
  1. No director other than executive directors shall have a service contract with the Company.
  1. A formal independent review of the directors’ remuneration is undertaken no less frequently than once every three (3) years.
12.0 BENEFICIAL INFLUENCE ON COMMUNITY
The Board has a continuing responsibility to the community to ensure that the Company’s activities are conducive towards promoting the economic well-being of its community and are in line with government’s economic objectives.

 

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