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27 26 Best World International Limited
Annual Report 2011
Best World International Limited
Annual Report 2011
In setting and reviewing the remuneration packages, the Company takes into consideration the remuneration and
employment conditions in comparable companies and industries, as well as the Group’s relative performance
and the work scope and performance of the individual directors.
Executive directors do not receive directors’ fees and they have service agreements subject to renewal every
three years. The remuneration for the executive directors and the key executives comprises of a basic salary
component and a variable component which is the incentive bonus, based on the performance of the Group as
a whole.
The independent directors are paid a director’s fee, consisting of a base fee and fees for chairing committee
meetings, for their effort and time spent and for their responsibilities and contribution to the board. The directors’
fees are subject to approval by shareholders at the AGM.
Disclosure on Remuneration
Principle 9: Each company should provide clear disclosure of its remuneration policy, level and mix of
remuneration, and the procedure for setting remuneration, in the company’s annual report. It should
provide disclosure in relation to its remuneration policies to enable investors to understand the link between
remuneration paid to directors and key executives, and performance.
For competitive reasons, the Company will not fully disclose details of directors’ remuneration which fall within
bands of $250,000.
A breakdown of the remuneration paid to each director in bands of $250,000 for the fnancial year is as follows:
Remuneration of Directors of the Company
The Company adopts a policy of rewarding its key executives and managers by way of a basic salary component
and a variable component comprising variable bonus which is based on individual performance as well as
incentive bonus which is based on the performance of the Group as a whole. Given the competitive industry
conditions, the Company believes that it is not in the best interest of the Company to disclose details of
remuneration of its key executives.
The top fve executives of the Group, earning remuneration below $250,000, who are not directors, are shown
below:
Jerry Lu Shih Chieh – Group Manager, South East Asia Market Development
Gan Kok Wee – Group Manager, Training and Human Resource Development
Ho Kok Tong – Senior Country Manager, Taiwan
Koh Hui – Group Financial Controller
Sugiharto Husin – Group Manager, Information Systems
There are no employees in the Group who are immediate family members of any director or the MD & CEO
and whose remuneration exceeds $150,000 during the fnancial year. The remuneration of Directors and key
executives are reviewed by the RC and is disclosed in the Annual Report. The Board is of the opinion that it is not
necessary to invite the shareholders to approve the Board’s annual remuneration report and policy.
ACCOUNTABILITY AND AUDIT
Accountability
Principle 10: The Board should present a balanced and understandable assessment of the company’s
performance, position and prospects.
The Board, through its announcements of quarterly and full-year results, aims to provide shareholders with a
balanced and understandable assessment of the Company’s performance and prospects.
Management provides all members of the board with management accounts which comprises the consolidated
proft and loss accounts, sales analysis, operating proft, proft before tax and attributable proft by major regions
followed by explanations of signifcant variances for the quarter and year-to-date. Subsequent to the Board’s
review, the results are released via SGXNET to SGX-ST and the public.
Negative assurance statements supported by the Chairman and CEO were issued to accompany the company’s
quarterly fnancial results announcements, giving shareholders confrmation that to the best of its knowledge,
nothing had come to its attention which would render the company’s quarterly results false or misleading.
Name Remuneration Bands
Salary(1)
(% )
Bonus
(% )
Benefts-
in-kind
(% )
Fees
(% )
Total
(%)
Dr Doreen Tan Nee Moi Above $500,000 to $750,000 90 7 3 - 100
Dr Dora Hoan Beng Mui Above $500,000 to $750,000 90 7 3 - 100
Mr Huang Ban Chin Above $250,000 to $500,000 88 6 6 - 100
Mr Lee Sen Choon Below $250,000 - - - 100 100
Mr Robson Lee Teck Leng Below $250,000 - - - 100 100
Mr Ravindran Ramasamy Below $250,000 - - - 100 100
(1) Comprises of salary and all CPF contributions
CORPORATE
GOVERNANCE