INDOFOOD AGRI RESOURCES LTD
ANNUAL REPORT 2015
56.
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Directors’ Fees for Independent Directors
The Directors’ fees framework and the fees paid to each Independent Director are as follows:
Fees Framework (in S$)
Board
AC & RMC
NC
RC
Chairman
80,000
30,000
15,000
15,000
Members
55,000
15,000
10,000
10,000
Name of Director
Total
Lee Kwong Foo, Edward
90,000
Lim Hock San
90,000
Goh Kian Chee
90,000
Hendra Susanto
75,000
Total
345,000
Remuneration of Key Executives
The remuneration bands of Key Executives who are not also Directors of the Company are similarly disclosed in bands of
S$250,000. The total aggregate remuneration paid to the top five key management personnel (who are not Directors or the
CEO) for the financial year ended 31 December 2015 was S$1,799,574.
Remuneration Band
Number of Executives
S$250,000 – S$500,000
5
S$500,000 – S$750,000
3
Remuneration of employees who are immediate family members of a Director or the CEO
There was no employee of the Company and its subsidiaries who was an immediate family member of a Director or the CEO
whose remuneration exceeded S$50,000 during the financial year ended 31 December 2015.
Other Remuneration Matters
The Company has no share option scheme.
ACCOUNTABILITY AND AUDIT
ACCOUNTABILITY [PRINCIPLE 10]
The Board is accountable to the shareholders and is mindful of its obligations to furnish timely information and to ensure
full disclosure of material information to shareholders in compliance with legislative and regulatory requirements, including
statutory requirements and the requirements under the Listing Manual of the SGX-ST.
RISK MANAGEMENT AND INTERNAL CONTROLS [PRINCIPLE 11]
The AC & RMC, with support from the internal and external auditors as well as the Enterprise Risk Management (“
ERM
”) team,
reviews and reports to the Board regularly on the effectiveness and adequacy of the internal control system. These reports
cover operational, financial and compliance controls, risk management policies and systems. The AC & RMC meets with
internal and external auditors at least four times a year and at least one of these meetings is conducted without the presence
of Management. The AC & RMC also meets with the ERM team separately at least four times a year.
The ERM team communicates and coordinates with the Internal Audit Department (“
IAD
”) to focus on high risk areas, ensure
accuracy of risk assessment reports and implement the risk mitigation strategies and controls effectively. The IAD also
performs independent reviews of the risks and controls identified by the ERM team to ensure adequate monitoring and proper
resolution.
