18
SUNMOON FOOD COMPANY LIMITED
ANNUAL REPORT 2015
REPORT ON
CORPORATE GOVERNANCE
The remuneration of the Executive Chairman of Mr Gary Loh Hock Chuan, as set out in the renewable 3-year service
agreement which commenced on 1 July 2014, consists of a fixed monthly salary. The service agreement may be terminated
during such term either as provided in the service agreement or by either party giving to the other not less than 3 months
written notice. There are no onerous compensation commitments on the part of the Company in the event of an early
termination of the service of Executive Chairman.
The current remuneration of the non-executive directors is appropriate to the level of contribution, taking into account factors
such as effort and time spent, and responsibilities of the directors. Except for directors’ fees, which have to be approved
by Shareholders at every annual general meeting (“AGM”), the non-executive directors do not receive any other forms of
remuneration from the Company.
DISCLOSURE ON REMUNERATION
PRINCIPLE 9: EACH COMPANY SHOULD PROVIDE CLEAR DISCLOSURE OF ITS REMUNERATION POLICIES, 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 MANAGEMENT PERSONNEL,
AND PERFORMANCE.
Directors
The fees payable and remuneration paid to each of the directors of the Company for the financial period from 1 January
2015 to 31 December 2015 are below $250,000 per annum for four independent directors and above $500,000 for one
executive director. A breakdown of the level and mix of the remuneration of the directors is as follows:
Fees
(1)
%
Salary
(2)
%
Bonus and
Benefits in Kind
%
Total (S$’000)
Above S$500,000
Mr Gary Loh Hock Chuan
–
87%
13%
502
Below S$250,000
Dr. Tan Eng Liang
100%
–
–
38
Mr Chee Wai Pong
100%
–
–
38
Mr Michael John Martin
100%
–
–
43
Mrs Jessie Peh (appointed on 5 Nov 2015)
100%
–
–
5
(1)
Director fees are subject to shareholder’s approval as a lump sum at the Annual General Meeting to be held on 28 April 2016.
