Group Overview Financials Other information Sustainability and Governance Operation and Financial Review Annual Report 2024 45 CORPORATE GOVERNANCE Remuneration of the KMP: The remuneration of the top five KMP, who were not Directors or the CEO of the Company, in percentage terms, were as follows: Name Job Position Fixed Salary Variable Bonus S$250,000 – S$500,000 Mak Mei Yook (1) CFO 81% 19% Johnny Ponto (2) Director of PT SIMP 38% 62% Tan Agustinus Dermawan (2) Director of PT SIMP 36% 64% Rogers H. Wirawan (2) Head of Internal Audit 51% 49% S$1,000,000 – S$1,250,000 Benny Tjoeng (3) President Director of Lonsum 37% 63% (1) Remuneration paid by the Company. (2) Remuneration paid by the subsidiary, PT SIMP. (3) Remuneration paid by the subsidiary, Lonsum. The total aggregate remuneration paid to the KMP for the financial year ended 31 December 2024 was S$2,831,797. There was no pay-out for termination, retirement or post-employment benefit granted to any of the Directors or KMP in 2024. Remuneration for employees who are immediate family members of a Director, the CEO or a substantial shareholder: There was no employee of the Company or its subsidiaries who was an immediate family member of a Director, the CEO or a substantial shareholder and whose remuneration exceeded S$100,000 for the financial year ended 31 December 2024. ACCOUNTABILITY AND AUDIT PRINCIPLE 9: Risk Management and Internal Controls The Board is solely accountable to the shareholders. It is required to furnish timely information and ensure the appropriate disclosure of material information to the shareholders in compliance with the SGX-ST Listing Manual and other regulatory requirements. The Board has overall responsibility for the governance and oversight of material risks for the Group. It is supported by the AC & RMC which maintains oversight of the Group’s risk in financial reporting and reviews the adequacy and effectiveness of the Group’s internal controls and risk management system. Following the amendments to Rule 705 of the SGX-ST Listing Manual effective 7 February 2020, the Company will not be required to announce its financial statements on a quarterly basis. The Board has, after due deliberation, decided that the financial statements will be announced on a half-yearly basis. In line with this, the AC & RMC will meet with the external auditor at least two times a year with effect from 2020, and at least one of these meetings is conducted without the Management present. The external auditor was present at these meetings to discuss the feedback on the competency and adequacy of the finance function, assess the assistance given by the Company’s Management, and ascertain if there are any material weaknesses or control deficiencies in the Group’s financial reporting and operational systems.
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