Remuneration Section STRENGTH IN UNITY 76 INTRODUCTION This Remuneration Section provides key information about how the Company’s Directors and key management personnel (“KMPs”) are compensated. It outlines the framework for remuneration, including fixed pay, short-term incentives (“STI”), and Long Term Incentive Schemes (“LTIS”), and highlights the alignment of remuneration practices with the Group’s strategies and ESG factors. Additionally, the report discusses actual remuneration outcomes, emphasising their contribution to the creation of long-term sustainable value for shareholders and stakeholders, in line with the FY2023 financial performance of the Group. While maintaining transparency, the disclosure in this section is made consistent with statutory requirements and the Group is of the view that such disclosure is sufficient to enable shareholders to understand the link between remuneration and performance, which is not prejudicial to the interests of shareholders. REMUNERATION FRAMEWORK The Remuneration Framework and its Emolument Policy (i.e., as disclosed in the Directors’ Report) are designed to support the implementation of the Group’s strategic pillars and deliver sustainable returns to shareholders. The framework’s principles governing the remuneration of the KMPs are as follows: Performance and Value Creation Competitiveness and Fairness Transparency and Accountability Governance and Oversight Aims to align the rewards of executive directors and key management personnel with the Company and individual performance, as well as the longterm value creation for the shareholders and stakeholders. Strives to offer competitive and fair compensation to attract, retain and motivate the talent needed to achieve the strategic objectives of the Company, while considering the market conditions, industry practices and internal equity. Remains transparent and accountable to the shareholders and the public, as it discloses the remuneration components, criteria, process, and outcomes in a clear and comprehensive manner, and the Remuneration Committee provides oversight over remuneration related matters. Governed by the Remuneration Committee, guided by the Listing Rules and the best practices and principles of corporate governance and remuneration. The Remuneration Committee reviews and makes recommendations to the Board. External consultants are engaged as appropriate. For FY2023, the KMPs refer to the Executive Committee members which comprise Mr Jinchu Shen and Mr Stuart Gibson (who are Executive Directors, Group Co-founders and Co-CEOs), Ms Lilian Lee (Group Chief Corporate Officer), Mr Ivan Lim Ming Rean (Group Chief Financial Officer), Mr Josh Daitch (Group Chief Investment Officer) and Mr Matthew Lawson (Group Chief Operating Officer). The emolument of the KMPs were paid in the form of (a) Fixed Pay (i.e., Directors’ fees and fixed salaries) which is benchmarked against the market to maintain competitiveness; (b) STI (i.e., discretionary bonus, allowances, employee benefits in kind, contributions to pension schemes related to STI) which are variable in nature tied to the financial performance of the Group and individual’s performance related to the organisational goals; and (c) LTIS (i.e., equity settled share options, long term incentive scheme including performance and/or restricted share units) which are designed to attract and retain key employees for the long term, while considering the prevailing market conditions within the industry. Similarly, the remuneration package of employees includes basic salary, discretionary bonuses, equity-settled share options, long term incentive scheme, contributions to pension schemes and other cash elements, where applicable. The Board maintains its discretion to make the necessary changes to the STI and LTIS awards accordingly.
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