FGV Annual Report 2015

101 WHO WE ARE & WHAT WE DO OUR STRATEGIC INTENT & PERFORMANCE HOWWE ARE GOVERNED CREATING SUSTAINABLE VALUE OUR NUMBERS ADDITIONAL INFORMATION DETAILS OF THE ANNUAL GENERAL MEETING ADDRESSING OUR RISKS & OPPORTUNITIES Felda Global Ventures Holdings Berhad Annual Integrated Report 2015 Meeting Allowances (Board and all Board Committees) Local - RM2,000 Overseas (Flight time <= 8 hours) - RM2,000 Overseas (Flight time > 8 hours) - RM5,000 Teleconferencing - RM1,000 Executive Directors The basic salaries of the Executive Directors are 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 performance bonus scheme for all employees, including the Executive Directors. Performance 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. However, the Executive Directors are entitled to receive basic fees from their directorships at subsidiary level. The summary of composition of the Executive Directors remuneration package is as follows: 1. FIXED REMUNERATION Basic salary Benefits-in-kind 2. VARIABLE REMUNERATION Performance bonus scheme 3. TOTAL REMUNERATION Range of Remuneration per annum * Number of Directors Executive Non-Executive RM1 to RM50,000 - 3 RM150,001 to RM200,000 - 3 RM200,001 to RM250,000 - 2 RM250,001 to RM300,000 - 2 RM350,001 to RM400,000 - 1 RM1,750,001 to RM1,800,000 - 1 RM2,250,001 to RM2,300,000 1 - Total 1 12 * The rangeof remuneration is basedon the total Directors’ remuneration in the Group for FYE 2015 Statement on Corporate Governance 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 and duties of the Board and Board Committees. The Directors’ remuneration comprised the following: The Board Remunerations Policy was last revised in February 2016. 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) Investment Committee, Board Governance & Risk Management Committee and Board Steering Committee for the Fund Raising Exercise - RM32,000 (Chairman) - RM16,000 (Non-Executive Directors) Nomination and Remuneration Committee - RM35,000 (Chairman) - RM20,000 (Non-Executive Directors) In addition to remuneration from the Group level, Non-Executive Directors receive basic fees from their directorships at subsidiary level. A n n u a l F e e s M e e t i n g A l l o w a n c e s I n s u r a n c e B e n e i t s B e n e i t s - i n - k i n d T r a v e l l i n g A l l o w a n c e s