52 CSE GLOBAL LIMITED (f) reviewing the remuneration packages of employees who are related to any Director, substantial shareholder or the CEO; and (g) reviewing the Company’s obligations to ensure that contracts of service of CEO and key management personnel contain fair and reasonable termination clauses. Level and Mix of Remuneration Disclosure of Remuneration Principles 7 and 8 In setting remuneration packages, the CC will take into consideration the pay and employment conditions within the industry the Group operates in as well as companies within the same business segment as there are no exactly comparable companies. In addition, the CC will take into account the Group’s relative performance and the key management of the Group when setting the remuneration packages. Non-Executive Director Remuneration The fees for Non-Executive Directors comprise a basic retainer fee, additional retainer fees for appointment to Board Committees, attendance fees for Directors for Board and Board Committee meetings held in Singapore and overseas. In FY2021, the CC has engaged third party professional firm to conduct a benchmarking exercise on the Non-Executive Directors’ remuneration. Arising from this benchmarking exercise, the CC noted that CSE fee structure remains competitive and in line with market practice. Hence, the fee structure for FY2023 is set out as follows: Board and Committees Retainer per annum Attendance Fee Per Meeting a. Main Board - Chairman S$40,000 S$2,000 - Member S$30,000 S$2,000 b. Audit & Risk Committee - Chairman S$25,000 S$2,000 - Member S$12,000 S$2,000 c. Other Committees - Chairman S$12,000 S$1,000 - Member S$6,000 S$1,000 d. Annual Planning Meeting S$1,385 per day Directors’ fees recommended by the Board are subject to the approval of the shareholders at the forthcoming AGM. No Director is involved in deciding his own remuneration. The Director’s fees are paid wholly in cash. The following table shows the Directors’ fees recommended by the Board for the financial year ended 31 December 2023 which will be tabled for shareholders’ approval at the forthcoming AGM: Name Total Directors’ Fee proposed ($’000) Lim Ming Seong 90 Sin Boon Ann 55 Lee Kong Ting 69 Tan Chian Khong 81 Ng Shin Ein 61 Wong Su Yen 48 Derek Lau Tiong Seng 51 Tan Teck Koon 42* Total 496 * Prorated from date of appointment to 31 December 2023. REPORT ON CORPORATE GOVERNANCE
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