C-Suite Remuneration Policy (temp)
The C-Suite Remuneration Policy (“Policy”) is to set an appropriate level of remuneration that allows Eco World Development Group Berhad (“EcoWorld Malaysia”) to attract and retain the services of a suitable number of talented and well-qualified employees to drive the long-term business strategies of EcoWorld Malaysia.
This Policy applies to the management of EcoWorld Malaysia who falls under the category of C-Suite.
C-Suite in this context refers to:-
- Chief Executive Officer.
- Chief Operating Officer.
- Chief Financial Officer.
- The remuneration of C-Suite is set by the Board based on the recommendation from the Remuneration Committee.
- The Remuneration Committee is empowered to make quantitative and qualitative assessment of performance in reaching its recommendations. The Remuneration Committee also provides appropriate disclosure of the use of discretion, if required, so that the Board can understand the basis of its recommendation.
- Each C-Suite, who is also a director of EcoWorld Malaysia, shall abstain from deliberations and voting on decisions in respect of his/her individual remuneration.
- EcoWorld Malaysia is a company competing for talent in a demanding environment. The ability of the Company to attract and retain high calibre executives required to manage complex business is important for the Company.
- This Policy has been designed to reflect the business operations of EcoWorld Malaysia group as well as talent pool. The competitive market for C-Suite within the property development sector provides an important reference point, but is only one of the factors considered when the Company sets the remuneration policy. The following principles underpin the approach taken by EcoWorld Malaysia to remunerate the C-Suite.
Simple, transparent and fair approach.
Link to strategy and shareholder alignment
Significant proportion of remuneration is variable and linked to the delivery of business results of EcoWorld Malaysia group and remuneration is also intended to reflect the meeting of shareholders’ expectation.
Focus on long-term sustainable performance.
Remuneration package for the C-Suite comprises the following elements:-
Salary & Benefits
To provide fixed remuneration to reflect the scale and complexity of both the business and the role, and to be competitive with the external market.
Salary levels take into account the nature of the role, performance of the business and the individual, market positioning and pay conditions in the wider EcoWorld Malaysia group.
When recommending salaries, the Remuneration Committee considers practice in other comparable property development companies as well as other companies of a similar size, geographic spread and business dynamics to EcoWorld Malaysia.
The C-Suite is entitled to receive those benefits available to all employees of EcoWorld Malaysia. The said benefits include group insurance coverage, medical benefits, motor vehicle related benefits, annual leave and other benefits that are considered to be
appropriate in terms of the individual’s role.
To provide variable remuneration dependent on performance against annual financial, operational and employee engagement measures.
The bonus is based on performance against annual measures and targets set at the start of the financial year, evaluated at the end of the financial year.
The level of bonus payable may vary depending on the job performance.
Review of the Policy
The Remuneration Committee shall review and assess the effectiveness and continued relevance of this Policy periodically. Any revisions to the Policy as recommended by the Remuneration Committee will be submitted to the Board for consideration and approval.