STRENGTH IN UNITY Directors’ Report 86 MANAGEMENT CONTRACTS During the year ended 31 December 2023, the Company did not enter into any contract by which a person undertook the management and administration of the whole or any substantial part of any business of the Company. EMOLUMENT POLICY The emolument of the Directors and senior management were paid in the form of remuneration, salaries, equity settled share options, long term incentive scheme (“LTIS”), allowances, contributions to pension schemes, employee benefits, discretionary bonuses and fees. The remuneration package of employees includes salary, discretionary bonuses, contributions to pension schemes, other cash elements and where applicable, equity-settled share options and LTIS. In general, the Company determines employee salaries based on each employee’s qualifications, experience, position and seniority. It has designed an annual review system to assess the performance of employees, which forms the basis to determine salary raises, bonuses and promotions. The Group is subject to social insurance contribution plans organised by relevant local governments. The Company believes that the salaries and benefits that its employees receive are competitive with market standards in each country where it conducts business. The Company also has in place long-term incentive schemes with details set out in paragraphs headed “KM ESOP, Tier 1 ESOP, Post-IPO Share Option Scheme and the Long Term Incentive Scheme” in this report. The Company has established a Remuneration Committee to review the policy and structure of the remuneration for the Directors and senior management and make recommendations on the remuneration packages of individual executive Directors and senior management. In general, the Company determines the emolument payable to its Directors based on each Director’s qualifications, experience, time commitment and responsibilities, remuneration paid by comparable companies as well as the performance of the Company. CHANGES OF INFORMATION IN RESPECT OF DIRECTORS Changes in the information of directors required to be disclosed under Rule 13.51B(1) of the Listing Rules since the date of interim report 2023 of the Company are set out as follows: Mr Jeffrey David Perlman has been elected as the Chairman of the Board of Directors for the US-ASEAN Business Council, which works to create trade and investment opportunities in the economies of the Association of Southeast Asian Nations in December 2023.
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