43 GROUP OVERVIEW OPERATION AND FINANCIAL REVIEW SUSTAINABILITY & GOVERNANCE FINANCIALS OTHER INFORMATION Annual Report 2023 Corporate Governance Remuneration for the Directors and the CEO: The remunerations for the Directors and the CEO that were paid by the Company and its subsidiaries for the financial year ended 31 December 2023 were as follows: Name of Directors Fixed Salary Variable Bonus* Directors’ Fees Above S$1,250,000 Mark Julian Wakeford (1) 83% 17% – Moleonoto Tjang (2) 21% 79% – Below S$250,000 Lee Kwong Foo Edward (1) – – 100% Lim Hock San (1) – – 100% Goh Kian Chee (1) – – 100% Hendra Susanto (1) – – 100% Suaimi Suriady (3) – – – Tjhie Tje Fie (3) – – – Axton Salim (3) – – – (1) Remuneration paid by the Company. (2) Remuneration paid by the subsidiary, PT SIMP. (3) Remuneration paid by the parent company, PT ISM, or by other companies in the PT ISM Group. * None of the EDs received any other benefits besides the variable bonus Considering the competitive nature of the industry and the steep competition for talent, the Company has decided not to disclose the upper band of the remuneration of its Directors. The Board understands that remuneration continues to be a sensitive issue. The EDs sitting on the Board also hold executive positions in the Group’s other business units or subsidiaries in Indonesia. The detailed remuneration of individual Directors if disclosed in Singapore would affect the confidentiality of their remuneration and put them in an unfair position due to unequal treatment in dealing with the confidentiality of remuneration compared with their colleagues in Indonesia, whose remuneration is not disclosed. Considering the highly competitive nature of the industry and the steep competition for talent, especially those with deep expertise and experience in similar operations as the Group, it is not in the interest of the Company to disclose the exact remuneration of EDs. The Company has thus not provided the remuneration in bands or to the nearest dollar of its EDs but provided the mix of the fixed and variable components instead. None of the EDs received any other benefits besides the variable bonus. In view of the above, the Company believes that its current disclosure provided in the above table is consistent with the intent of Principle 8 of the 2018 Code as the disclosures provided are sufficiently transparent in giving an understanding of the remuneration of its EDs. The RC and the Board noted the new rule introduced by the SGX-ST to disclose the exact amount and breakdown of the remuneration paid to their CEO and Directors in the Annual Report prepared for financial years ending on or after 31 December 2024, and will take this into consideration when preparing for the next Annual Report.
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