Coastal Contracts Bhd (“Company”) has established remuneration policy and procedures to outline the principles for the Company to determine and propose an appropriate level of remuneration for the Directors.
The Remuneration Committee ensures that formal and transparent remuneration policies and procedures have been put in place to attract and retain Directors of adequate competency in order to run the group successfully.
Remuneration Structure for Executive Directors
The remuneration package is reflective of the individual Executive Director’s individual performance, inflation price index, affordability, industry’s practice and benchmarks.
The Executive Directors’ remuneration package comprise of the following:
- Basic Salary
- Statutory employer’s contribution to provident fund
- Allowances
- Bonus
- Benefits-in-kind such as company vehicle, Employees’ Share Option Scheme (“ESOS”) and etc.
The Executive Directors are neither entitled to the Director’s fees nor meeting allowance for attending meetings.
Remuneration Structure for Non-Executive Directors
The level of remuneration reflects the fiduciary duties and level of responsibilities undertaken by the individual non-executive directors concerned based on industry or market practices.
1) Directors’ Fees
All Non-Executive Directors of the Company are entitled to Directors’ fees.
2) Meeting Attendance Allowance
Certain Non-Executive Directors are paid meeting allowance for attending meetings.
3) Other Benefits
Non-Executive Directors do not receive any performance related remuneration. However, they are given ESOS.
The directors’ fees payable to Directors, meeting attendance allowance and other benefits payable to Non-Executive Directors are presented to the shareholders at the Annual General Meeting for their approval.
This Policy and Procedures was reviewed and approved by the board on 4 October 2018.