55 Annual Report 2024 REPORT ON CORPORATE GOVERNANCE Other than this, the Company has complied with the rest of the disclosure requirements under Provision 8.1 of the 2018 CG Code. Information relating to the remuneration of the Group’s top 5 key management personnel (who are not Directors or the CEO of the Company) for the year ended 31 December 2024 are as follows: Remuneration Band No of employees Salary (%) Bonus (%) Other Benefits & Provident Fund (%) Share Based compensation (%) S$2,500,001 – S$3,000,000 1 26 72 2 - S$1,750,001 - S$2,000,000 1 29 21 4 46 S$1,250,001 - S$1,500,000 1 37 59 4 - S$1,000,001 - S$1,250,000 1 66 - 2 32 S$500,001 - S$750,000 1 100 - - - The total remuneration of the top five key management personnel (who are not Directors or the CEO of the Company) for the year ended 31 December 2024 amounted to S$7,724,813. There were no termination, retirement and post-employment benefits paid to any Directors and the top five key executives in the year ended 31 December 2024. In addition, the RC was satisfied that the service contracts with the key executives do not contain termination clauses that are overly generous. Remuneration of employees who are immediate family members of a Director or the CEO There are currently no employees whose remuneration exceeds $100,000 per year who are immediate family members of a Director or the Managing Director/CEO. ACCOUNTABILITY AND AUDIT Risk Management and Internal Controls Principle 9 The ARC assists the Board in overseeing the risk governance of the Group to ensure that there is a sound system of risk management and internal controls to manage risks in a way that is aligned with the Group’s risk tolerance. The Company has put in place an Enterprise Risk Management (“ERM”) framework which was established to ensure adequate and effective management of risks and facilitate the Board’s assessment on the adequacy and effectiveness of the Group’s risk management system. The framework sets out governing policies, processes and systems pertaining to each of the key risk areas to which the Group are exposed. The framework also facilitates the assessment by the Board in the effectiveness of the Group in managing each of the key risks. The Board, through the ARC’s reviews, monitors the adequacy of the Company’s internal controls including financial, operational, compliance and information technology controls and risk management policies and systems established by Management. The internal auditor also conducts independent reviews of the adequacy and effectiveness of the Company’s material internal controls, including financial, operational and compliance controls, information technology and risk management, at least annually and reports these findings to the ARC. The ARC also reviews the effectiveness of the actions taken by Management on the recommendations made by the internal auditor in this respect. In addition, the external auditors have also performed a review of the internal financial systems and operating controls for the financial statements attestation purpose. Such reviews have also been reported to the ARC.
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