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Stewardship
Report of the Remuneration Committee
The Remuneration Committee comprises four (4) members. The Committee is chaired by Mr. A.D.B. Talwatte. The Group Chief Executive Officer attend meetings by invitation. The Committee’s Charter adheres to international best practices and undergoes an annual review to incorporate current developments and other necessary considerations.
Composition
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Mr A D B Talwatte (Chairman) |
|
Mr A Cabraal (Member) |
|
Mr R Mihular (Member) |
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Mr G Sathasivam (Member) |
Key Areas of Focus
- Remuneration policy for Key Management Personnel - Review and approve the overall remuneration policy, strategy, and practices of the Group.
- Remuneration structure – Set and review all components of the remuneration and other benefits of the Chief Executive Officers, Chief Operating Officers, Executive Directors and such other Senior Management as the Board may determine whilst ensuring the integrity of the Group's compensation and benefits programme is maintained.
- Performance evaluation – Review and approve the performance appraisal for the Chief Executive Officers, Chief Operating Officers, Executive Directors, and Senior Management.
- Succession Planning – The committee reviewed succession plans for all Key Management Personnels and enquired from Management to ensure that a process of succession planning is in place for key executive positions.
PURPOSE/OBJECTIVES OF THE COMMITTEE
The objective of the Remuneration Committee (“the Committee”) is to ensure that a consistent remuneration framework is adopted and practiced for Directors and Senior Management in the Group.
The Committee ensures that the Remuneration Policy of the Group is fair, transparent and competitive, and linked to business strategy to drive sustainable performance and entrepreneurship. The Committee appraises the performance of the senior management against the set goals and targets, to determine increments, bonuses, and other performance-based incentives.
EVALUATION OF THE COMMITTEE
The Committee carries out a self-evaluation of the performance and effectiveness of the Committee.
Report of Committee
The Remuneration Committee forms a key part of the governance framework of the Group and carries the mandate to oversee the compensation and benefits policies adopted by the Group, and in doing so, review and recommend overall remuneration strategy, policies and performance-based pay plans. Furthermore, it reviews performance, compensation and benefits of the Directors, Chief Executive Officers, Chief Operating Officers, and key management who support and implement decisions at an apex level.
The Group is able to attract, motivate, and retain key talent with the Group’s compensation and benefits policy which is compliant with applicable laws and regulations. The evaluation of performance of Directors, Chief Executive Officers, Chief Operating Officers, and key management was considered in determining remuneration whilst also using market comparators for similar positions and in accordance with the Company’s Compensation and Benefits policy.
The Chairperson of the Committee reports on the developments which have taken place since the last Board meeting, if any, and updates the Board on various matters, as relevant and requested.
On behalf of the Remuneration Committee.
A D B Talwatte
Chairman
Remuneration Committee
30 May 2024