35
Ascott Residence Trust
Annual Report 2015
Overview
Sustainability
Business
Review
Portfolio
Details
Corporate
Governance &
Transparency
Financials &
Additional
Information
For FY 2015, remuneration for key management personnel comprises a fixed component, a variable cash
component, an equity-based component and market-related benefits. For the equity-based component, for
FY 2015, shares of CL were awarded pursuant to the share plans of CL. With effect from FY 2016, Units will
be awarded in place of CL shares, so as to better align the interest of key management personnel with the
long term interest of Unitholders.
The Code requires an issuer to disclose the names and remuneration of the directors, CEO and at least the top five
key management personnel (who are not also directors or the CEO) of the Manager. In this regard, as the Manager
is currently in the midst of reviewing the remuneration policy, with a view to adopt a new remuneration policy in
line with the new directions and guidelines of MAS for FY 2016, the Manager is not making any disclosures in
this Annual Report as the remuneration figures for FY 2015 will not be meaningful or useful, from an information
perspective, to Unitholders with respect to FY 2016 and beyond.
There were no employees of the Manager who were immediate family members of a Director or the CEO during
FY 2015. “Immediate family member” refers to the spouse, child, adopted child, step-child, sibling or parent of
the individual.
The Directors’ fees for FY 2015 are shown in the table below. The CEO as an executive director does not receive
any fees in his capacity as a Director. Directors’ fees are a fixed sum and 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. 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 2015 FY 2014
Lim Jit Poh
S$110,000
2
S$111,000
2
Lim Ming Yan
N.A.
3
N.A.
3
Tay Boon Hwee, Ronald
N.A.
N.A.
Ku Moon Lun
S$103,750
2
S$101,250
2
Lee Chee Koon
N.A.
3
N.A.
3
Tan Beng Hai, Bob
4
S$50,925
2
N.A.
Zulkifli Bin Baharudin
5
S$71,333
2
S$63,000
2
S. Chandra Das
6
S$21,576
6
S$75,500
Giam Chin Toon @ Jeremy Giam
6
S$24,576
6
S$72,500
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.
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 employees of CL do not receive Directors’ fees.
4
Mr Tan Beng Hai, Bob was appointed as non-executive independent Director and a member of AC with effect from 24 April 2015.
5
Mr Zulkifli Bin Baharudin was appointed as a member of AC and ceased to be a member of CDC with effect from 24 April 2015.
6
Mr S. Chandra Das and Mr Giam Chin Toon @ Jeremy Giam resigned as Directors and members of AC with effect from 24 April 2015. They will
receive all of their Director’s fees for FY 2015 in cash.
