The performance share awards granted during FY2022 were conditional upon the performance of the Group from FY2022 to FY2024. For this grant, the ERCC has determined that the Group has met the PSP targets set. RSP2020 The objective of the RSP2020 is to retain and motivate managers and above to strive for sustained longterm growth of the Group. The plan also aims to foster a share ownership culture among employees within the Group and to better align employees’ incentives with shareholders’ interests. The RSP2020 allows for restricted share awards to be granted to nonexecutive Directors (NED Awards) as part of their remuneration in respect of their office as such in lieu of cash. Such awards, which are meant to align the interests of the Directors with those of shareholders, will consist of fully paid shares with no vesting periods or performance conditions imposed, although the Directors will be required to hold the shares for certain moratorium periods. Restricted share awards are generally granted on an annual basis. Save for NED Awards, restricted share awards are generally conditional on the Group meeting a target set for a one-year performance period. The performance measure used in such restricted share grants is: • Return on Capital Employed (ROCE) Under such awards, a minimum threshold performance is required for any shares to be released after the end of the applicable performance period. The shares will vest equally over a four-year period, subject to continued employment with the Group and maintaining a satisfactory performance rating for the financial year preceding each tranche of vesting. The restricted share awards granted during FY2024 were conditional upon the performance of the Group in FY2024. For this grant, the ERCC has determined that the Group has met the RSP target set. D. Market-related Benefits: The benefits provided are comparable with local market practices. Details of the remuneration package for the Group President & CEO are provided in the Summary Remuneration Table for Executive Director and Group President and Chief Executive Officer on page 93. Details of the remuneration packages for the Key Management Executives are provided in the Summary Remuneration Table for Key Management Executives on pages 93 to 94. In performing the duties as required under its Terms of Reference, the ERCC ensures that remuneration paid to the Senior Management Executives are strongly linked to the achievement of business and individual performance targets. This link is achieved in the following ways: a. Allocating a significant portion of executives’ remuneration to be subjected to performance conditions and vesting schedules. b. Incorporating appropriate individual performance objectives for awarding of annual PTB. The performance targets are in financial, people, operational, customer and sustainability areas aligned to the business’ strategic goals. c. Linking variable incentives to Group’s performance conditions such as EVA, ROCE, EPS growth and Absolute TSR and requiring those conditions to be met for the incentives to be awarded or vested. d. Setting realistic yet stretched performance targets each year to motivate a high degree of business performance with emphasis on both short and long-term quantifiable objectives. An annual Pay-for-Performance Alignment study was conducted by the Remuneration Consultant and reviewed by the ERCC. The findings indicate strong Pay-forPerformance alignment for the Group in terms of both absolute and relative performance. 89 CORPORATE OVERVIEW PERFORMANCE REVIEW SUSTAINABILITY FINANCIAL REPORT
RkJQdWJsaXNoZXIy ODIwNTc=