The remuneration of the Directors and employees of the Manager is paid by the Manager, and not by
Ascott Reit. As the Manager is a subsidiary of CL, it adheres to the remuneration policies and
practices of CL. The Manager therefore does not have a remuneration committee.
The Manager’s tapping on the compensation framework of CL puts the Manager in a better position
to attract better qualified management talent, who may otherwise not be attracted to a standalone
REIT manager. The Manager being a subsidiary of CL also provides an intangible benefit of allowing
its employees to be associated with a wider corporate group identity which can offer them the depth
and breadth of experience and career horizon and this enables the Manager to attract and retain
qualified individuals.
The Board has carefully considered the remuneration policies and practices of CL and is satisfied
that such policies and practices will provide the Manager with a suitable remuneration policy.
The Directors’ fees for FY 2014 are shown in the table below. The CEO does not receive any fees in
his capacity as a Director. Directors’ fees generally comprise a basic retainer fee as a Director, an
additional fee for serving on any of the Board Committees and an attendance fee for participation in
meetings of the Board and any of the Board Committees, project meetings and verification meetings.
Non-executive Directors (save for Directors who are employees of CL) receive Directors’ fees which
are payable by way of cash and units in Ascott Reit (Units). The Manager believes that the payment
of a portion of the Directors’ fees in Units will serve to align the interests of such Directors with that
of Unitholders and Ascott Reit’s long-term growth and value.
Directors’ Fees
1
Board Members
FY 2014
FY 2013
Lim Jit Poh
S$111,000
2
S$111,000
2
Lim Ming Yan
N.A.
3
N.A.
3
Tay Boon Hwee, Ronald
N.A.
N.A.
S. Chandra Das
S$75,500
2
S$74,613
2
Giam Chin Toon @ Jeremy Giam
S$72,500
2
S$77,618
2
Ku Moon Lun
S$101,250
2
S$101,250
2
Lee Chee Koon
N.A.
3
N.A.
3
Zulkifli Bin Baharudin
S$63,000
2
S$60,005
2
N.A. – Not Applicable
Notes
:
1 Inclusive of attendance fees of (a) S$1,500 (local director) and S$2,750 (foreign director) per meeting attendance in
person (b) S$1,000 per meeting attendance via teleconferencing or video conferencing, (c) S$1,000 (local director)
and S$1,500 (foreign director) per meeting attendance in person at project and verification meetings, and (d) S$500
per meeting attendance via teleconferencing or video conferencing at project and verification meetings. Directors’ fees
are subject to the approval of the Manager’s sole shareholder.
2 Each non-executive Director shall receive up to 20% of his Director’s fees in the form of Units (subject to truncation
adjustments). The remainder of the Director’s fees shall be paid in cash. No new Units will be issued for this purpose
as these Units will be paid by the Manager from the Units it holds.
3 Non-executive Directors who are management appointees of CL do not receive Directors’ fees.
Corporate Governance
34 | Ascott Residence Trust Annual Report 2014
