CORPORATE GOVERNANCE STATEMENT
YEAR ENDED 31 DECEMBER 2015
The level and mix of the remuneration of the key management personnel who are not Directors or the CEO (or equivalent) for FY2015
are set out in bands of $250,000 below:
The aggregate amount of the total remuneration paid to the above eight (8) key management personnel was approximately $3,857,000.
Remuneration Packages of Employees who are Immediate Family Members of the Directors, or CEO of the Company
Certain employees, namely, (a) Ms Cheong Puay Kheng, the Vice President (Administration and Personnel), Senior Manager of WIL
and Senior Manager of HFLIL, (b) Mr Cheong Tze Hong, Marc, the Director – Business Development of WIL and Director – Business
Development of HFLIL and (c) Mr Cheong Tze Hian, Howard, the Director – Project Management of WIL and Director – Project
Management of HFLIL, were employees of the Group whose remuneration exceeded $50,000 each during the financial year who are
immediate family members of Mr Cheong Pin Chuan, Ms Cheong Hooi Kheng and Mr Cheong Sim Eng, who were Directors of the
Company for FY2015. Ms Cheong Puay Kheng is a sibling of Mr Cheong Pin Chuan, Ms Cheong Hooi Kheng and Mr Cheong Sim Eng.
Mr Cheong Tze Hong, Marc and Mr Cheong Tze Hian, Howard, are the sons of Mr Cheong Pin Chuan and the nephews of
Mr Cheong Sim Eng and Ms Cheong Hooi Kheng. In addition, for FY2015, Mr Cheong Pin Chuan, Ms Cheong Hooi Kheng and
Mr Cheong Sim Eng, who are siblings, were employees of the Group.
With effect from 27 November 2015, Ms Cheong Puay Kheng, Mr Cheong Tze Hong, Marc and Mr Cheong Tze Hian,
Howard resigned from their positions as the Senior Manager of WIL, the Director – Business Development of WIL and the
Director – Project Management of WIL respectively. With effect from 27 November 2015, Ms Cheong Puay Kheng, Mr Cheong
Tze Hong, Marc and Mr Cheong Tze Hian, Howard were appointed as the Senior Manager of HFLIL, the Director – Business
Development of HFLIL and the Director – Project Management of HFLIL respectively.
Remuneration Band
Designation of Executive
Salary
%
Fees
%
Bonus
%
Other
Benefits
5
%
Total
%
Below $250,000
Vice President (Property Management)
71
–
24
5
100
$250,000 to $499,999
Vice President (Projects)
72
–
24
4
100
Vice President (Accounts and Finance)/
Company Secretary
70
–
29
1
100
Vice President (Marketing)
68
–
28
4
100
Director – Business Development of
Winfoong International Limited (“WIL”) and
Director – Business Development of
Hong Fok Land International Limited (“HFLIL”)
6
53
–
4
43
100
Director – Project Management of WIL and
Director – Project Management of HFLIL
6
45
–
3
52
100
$500,000 to $749,999
–
–
–
–
–
–
$750,000 to $999,999
Director – Business Development of HFLIL
34
–
65
1
100
$1,000,000 to $1,249,999
Vice President (Administration and Personnel);
Senior Manager of WIL and Senior Manager
of HFLIL
6
84
–
15
1
100
5
There are no termination, retirement and post-employment benefits granted to Directors, the CEO or the key management personnel.
6
The accounts of the WIL Group and the HFLIL Group have been consolidated into the accounts of the Group for FY2015 for accounting purposes.
Each of the Senior Manager of WIL, Director – Business Development of WIL and Director – Project Management of WIL resigned with effect
from 27 November 2015 and were appointed as the Senior Manager of HFLIL, Director – Business Development of HFLIL and Director – Project
Management of HFLIL respectively with effect from 27 November 2015. The above reflects the aggregate remuneration paid to them as the Senior
Manager of WIL and Senior Manager of HFLIL, the Director – Business Development of WIL and Director – Business Development of HFLIL, and
the Director – Project Management of WIL and Director – Project Management of HFLIL respectively.
HONG FOK CORPORATION LIMITED
ANNUAL REPORT 2015
16
