Corporate Governance Key Management Personnel Remuneration Table for FY 2024 Salary inclusive of employer’s CPF Bonus inclusive of employer’s CPF¹ Benefits-inkind Deferred Compensation Awards² Total CEO Teo Joo Ling, Serena S$391,572 34% S$303,469 26% S$24,631 2% S$443,279 38% S$1,162,951 100% Key Management Personnel (Excluding the CEO) S$746,564 50% S$373,088 25% S$48,414 3% S$320,799 22% S$1,488,865 100% 1 The amounts disclosed include FY 2024 Performance Bonus earned which have been accrued for in FY 2024. 2 Includes contingent Stapled Securities awards made during the year pursuant to the PSSP which are subject to the achievement of pre-determined performance conditions and vesting period. Also includes, pursuant to the RSSP, deferred Stapled Securities to be awarded in FY 2025 as part of the FY 2024 Performance Bonus which are time-vested over three equal tranches without further performance conditions and a time-based restricted award for selected key executives in FY 2024 which will vest in two equal annual tranches without any further performance conditions, with the first tranche to be delivered in FY 2025. Apart from the KMP and other employees of the Managers, the Managers outsource various other services to a wholly owned subsidiary of CLI (CLI Subsidiary). The CLI Subsidiary provides these services through its employees and employees of CLI Group (together, the Outsourced Personnel). This arrangement is put in place so as to provide flexibility and maximise efficiency in resource management to match the needs of CLAS from time to time, as well as to leverage on economies of scale and tap on the management talent of an established corporate group which can offer enhanced depth and breadth of experience. Notwithstanding the outsourcing arrangement, the responsibility for due diligence, oversight and accountability continues to reside with the Boards and Management. In this regard, the remuneration of such Outsourced Personnel, being employees of the CLI Subsidiary and CLI Group, is not included as part of the disclosure of remuneration of KMP of the Managers in this Report. In FY 2024, there were no termination, retirement or post-employment benefits granted to Directors, the CEO and other KMP. There was also no special retirement plan, ‘golden parachute’ or special severance package for any KMP. There were also no employees of the Managers who were substantial shareholders of the Managers, substantial Stapled Securityholders of CLAS or immediate family members of a Director, the CEO, any substantial shareholder of the Managers or any substantial Stapled Securityholder of CLAS. “Immediate family member” refers to the spouse, child, adopted child, step-child, sibling or parent of the individual. Remuneration Disclosures under AIFMR The Managers are required under the AIFMR to make quantitative disclosures of remuneration. Disclosures are provided in relation to (a) the staff of the Managers; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of CLAS. All individuals included in the aggregated figures disclosed are rewarded in line with the Managers’ remuneration policies described in this Report. The aggregate amount of remuneration awarded by the Managers to its staff (including CEO and non-executive Directors) in respect of FY 2024 was approximately S$4.83 million. This figure comprised fixed pay of S$2.67 million, variable pay of S$1.95 million (including Stapled Securities issued under the Stapled Security Plans, where applicable) and allowances and benefits-inkind of S$0.21 million. There were a total of 20 beneficiaries of the remuneration described above. In respect of FY 2024, the aggregate amount of remuneration awarded by the Managers to its senior management (which are also members of staff whose actions have a material impact on the risk profile of CLAS) was approximately S$2.82 million, comprising five individuals having considered, among others, their roles and decisionmaking powers. Remuneration for Non-Executive Directors The non-executive Directors’ fees are paid by the Managers and the FY 2024 fees, together with a breakdown of the components, are set out in the Non-Executive Directors’ Remuneration Table on page 92 of this Annual Report. 80 CapitaLand Ascott Trust
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