The Board has separate and independent access to management and the company secretary at all times. The Board is
entitled to request from management and is provided with such additional information in a timely manner as needed to
make informed decisions. The company secretary attends to corporate secretarial administration, ensures that Board
procedures are followed and that applicable rules and regulations are complied with. The company secretary also attends
all Board meetings. The appointment and removal of the company secretary is a Board reserved matter. The Board also
has access to independent professional advice where appropriate, at the Manager’s expense.
REMUNERATION MATTERS
Principle 7: There should be a formal and transparent procedure for developing policy on executive remuneration and
for fixing remuneration packages of individual directors. No director should be involved in deciding his own
remuneration.
Principle 8: The level and structure of remuneration should be aligned with the long-term interest and risk policies of
the company, and should be appropriate to attract, retain and motivate (a) the directors to provide good
stewardship of the company, and (b) key management personnel to successfully manage the company.
However, companies should avoid paying more than is necessary for this purpose.
Principle 9: Every company should provide clear disclosure of its remuneration policies, level and mix of remuneration,
and the procedure for setting remuneration, in the company’s Annual Report. It should provide disclosure
in relation to its remuneration policies to enable investors to understand the link between remuneration paid
to directors and key management personnel, and performance.
The directors’ fees and remuneration of staff of the Manager are paid in its own capacity using its own funds and fees
received from PLife REIT and not from the funds of PLife REIT. As PLife REIT does not bear the remuneration of the
Manager’s Board and key management personnel, the Manager does not consider it necessary to disclose all details of
the remuneration of its directors and key management personnel.
The Manager advocates a performance-based remuneration system for the executive director and key management
personnel. The remuneration structure comprises fixed pay, variable bonus and long-term incentives which is designed
to reward and motivate the individual to stay competitive and committed. The remuneration structure is pegged to both
the performance of PLife REIT and the performance of the Manager, as reviewed and determined by the Board on an
annual basis.
The executive director does not receive director’s fee. The director’s fees paid to each of the following non-executive
directors for financial year 2014 did not exceed S$250,000:
•
Mr. Lim Kok Hoong (Chairman)
•
Mr. Puah Tuan Soon Benson
•
Mr. Tan Bong Lin
•
Dr. Tan See Leng*
•
Mr. Ahmad Shahizam Bin Mohd Shariff*
•
Mr. Tan See Haw*
•
Dr. Lim Suet Wun*
*
Director’s fees are paid to Parkway Group Healthcare Pte. Ltd.
For financial year 2014, there were no termination, retirement and post-employment benefits granted to directors, the Chief
Executive Officer and the key management personnel other than the payment in lieu of notice in the event of termination
in the employment contracts of the Chief Executive Officer and the key management personnel.
57
A N N U A L R E P O R T 2 0 1 4
