FGV Annual Report 2016

ANNUAL INTEGRATED REPORT 2016 147 FINANCIAL REPORT LONG TERM INCENTIVE PLAN The Company established a long term incentive plan ("LTIP") in the form of employee share grant scheme which is governed by the By-Laws which was approved on 3 February 2016. Pursuant to the LTIP, the Company shall award the grant of up to 10% of the issued and paid-up ordinary share capital of the Company (excluding treasury shares, if any) at any point of time during the duration of the LTIP, to the employees of the Company and its subsidiaries ("Group") and Executive Directors of the Company who fulfil the eligibility criteria as eligible employees and is administered by the LTIP Committee. The LTIP comprises restricted share ("RS") grant and performance share ("PS") grant which shall be in force for a period of 10 years commencing from 3 February 2016, being the effective date of the implementation of the LTIP. Details of the LTIP are disclosed in Note 53 to the financial statements. During the financial year, 859,800 RS under the LTIP were granted to eligible employees of the Group. Subject to the terms and conditions of the By- Laws, the employees shall be awarded of ordinary shares of RM1.00 each in the Company, after meeting the vesting conditions as set out in the letter of offer for the shares under the LTIP. This RS grant has a three years vesting period and the first vesting date was on 31 March 2017. The Company was granted a relief by the Companies Commission of Malaysia on 5 December 2016 from having to disclose in this Report, the names of employees who have been granted share grant in aggregate of less than 18,200 share grant during the financial year. The employees who have been granted share grant in aggregate of 18,200 or more than 18,200 share grant during the financial year are as follows: Number of share grant At 1.1.2016 Granted Exercised At 31.12.2016 Dato' Zakaria Arshad - 147,100 - 147,100 Dato' Khairil Anuar Aziz - 36,200 - 36,200 Ahmad Tifli Dato' Mohd Talha - 28,900 - 28,900 Mohd Najid Md Yahya - 28,900 - 28,900 Palaniappan A/L M.S Swaminathan - 26,100 - 26,100 Datuk Abd Halim Hamid - 24,600 (24,600) - Koo Shuang Yen - 21,000 - 21,000 Dato' Shaharuddin Khalid - 20,700 (20,700) - Abu Bakar Isa Ramat - 20,500 - 20,500 Ab Aziz Ismail - 18,200 - 18,200 DIRECTORS' REPORT