FGV Annual Report 2014

Board Evaluation Process • Assess the effectiveness of the Board, Board Committees a n d i n d i v i d u a l B o a r d members • Conclusions of the evaluation tabled to the Nomination and Remuneration Committee and the Board of Directors • F o c u s a r e a s t o imp r ov e effectiveness and develop an action plan Directors’ Remuneration The level of Directors’ remuneration is generally set to be competitive to attract and retain Directors of such calibre to provide the necessary skills and experience as required and commensurate with the responsibilities for the effective management and operations of the Group. The Board has formalised a Board Remunerations Policy which spells out the policy and framework of FGV Group Directors’ remuneration. • Non-Executive Directors The Non-Executive Directors’ remuneration package reflects the experience, expertise and level of responsibilities undertaken by the Non-Executive Directors. Details of the Non-Executive Directors’ remuneration are provided below: Annual Fees Board – RM560,000 (Chairman) – RM120,000 (Non-Executive Directors) Audit Committee – RM64,000 (Chairman) – RM32,000 (Non-Executive Directors) Nomination Committee, Remuneration Committee, Investment Committee, Board Governance & Risk Management Committee, Steering Committee for Project MI and Board Steering Committee for the Fund Raising Exercise. – RM32,000 (Chairman) – RM16,000 (Non-Executive Directors) Nomination and Remuneration Committee (effective 20 February 2014) – RM35,000 (Chairman) – RM20,000 (Non-Executive Directors) Meeting Allowances (Board and all Board Committees) Local – 2,000 Overseas (Flight time <= 8 hours) – 2,000 Overseas (Flight time > 8 hours) – 5,000 Teleconferencing – 1,000 • Executive Directors The basic salaries of the Executive Directors are fixed for the duration of their contract. Any revision to the basic salary is reviewed and recommended by the Nomination and Remuneration Committee and approved by the Board, taking into account the individual performance, the inflation price index, and information from independent sources on the rates of salary for similar positions in other comparable companies. The Group operates a bonus scheme for all employees, including the Executive Directors. Bonuses payable to the Executive Directors are reviewed by the Nomination and Remuneration Committee and approved by the Board. The Executive Directors are not entitled to annual Directors’ fees nor entitled to receive any meeting allowances for the Board and Board Committee meetings that they attend. Introduction Performance Highlights About FGV Reports Financial Statements Others Strategy and Value Creation Performance Review & Progress Foreword to Shareholders Annual General Meeting Annual Report 2014 pg 123