79 Annual Report 2025 The Managers are of the view that disclosure of the total remuneration of the KMP for FY 2025 together with the breakdown of their remuneration in the manner set out below provides a more holistic view and is consistent with the intent of Principle 8 of the Code, and that these and other details in this Corporate Governance Report provide sufficient information and transparency to Stapled Securityholders on the Managers’ remuneration policies for KMP, including the level and mix of remuneration and the procedure for setting remuneration. These disclosures would enable Stapled Securityholders to understand the relationship between CLAS’ performance, value creation and the remuneration of KMP. The Managers are of the view that the interests of Stapled Securityholders are not prejudiced by the above mentioned deviation from Provision 8.1(b) of the Code, as the remuneration of KMP is aligned to safeguard these interests. Key Management Personnel Remuneration Table for FY 2025 Salary inclusive of employer’s CPF Bonus inclusive of employer’s CPF1 Benefits- in-kind Deferred Compensation Awards2 Total CEO S$417,996 S$398,245 S$18,724 S$304,590 S$1,139,555 Teo Joo Ling, Serena 37% 35% 2% 26% 100% Key Management Personnel S$704,184 S$335,697 S$39,572 S$163,059 S$1,242,512 (Excluding the CEO) 57% 27% 3% 13% 100% 1 Includes (a) the cash bonus earned under the FY 2025 Performance Bonus which was accrued in FY 2025; and (b) the first tranche of deferred Stapled Securities to be granted pursuant to the RSSP in FY 2026 as part of the FY 2025 Performance Bonus and vest over three equal annual tranches without further performance conditions, with the first tranche vesting in the following month after the cash bonus payout. 2 Includes contingent Stapled Security 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, the second and third tranches of the deferred Stapled Securities, to be granted in FY 2026 as part of the FY 2025 Performance Bonus which will vest over three equal annual tranches without further performance conditions, to be delivered in FY 2027 and FY 2028. 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 2025, 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 whose remuneration exceeds S$100,000. “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 2025
RkJQdWJsaXNoZXIy NTkwNzg=