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EC World Real Estate Investment Trust ANNUAL REPORT 2016
The Code and the Notice to All Holders of a Capital Markets Services Licence for Real Estate Investment Trust
Management (issued pursuant to Section 101 of the Securities and Futures Act) require
(i)
the disclosure of the remuneration of each individual Director and the CEO on a named basis, and
(ii)
the disclosure of the remuneration of at least the top five key management personnel / top five executive officers
(who are neither Directors nor the CEO) in bands of S$250,000.
Given the confidentiality and sensitivity of remuneration matters, the Board believes that disclosing the remuneration
of the CEO and other Executive Directors on a named basis in exact quantum is not in the best interests of ECW and its
Unitholders. In view of the highly competitive human resource environment, it is important for the Manager to retain
talent for the long-term interests of ECW and its Unitholders, and ensure stability and continuity of business operations
with a competent and experienced management team are in place.
Remuneration of the CEO and other Executive Directors for FY2016 is as follows:
Remuneration
Salary
Bonus
Other Benefits Total
Above S$250,000 to S$500,000
Lai Hock Meng
98%
–
2%
100%
Alvin Cheng Yu-Dong*
–
–
–
–
Goh Toh Sim
97%
–
3%
100%
*
Alvin Cheng Yu-Dong joined the Manager in January 2017, hence no remuneration was paid to him during FY2016.
Remuneration of the key management personnel (who are not Directors or the CEO) in bands of $250,000 is as follows:
Remuneration
Salary
Bonus
Other Benefits Total
Above S$250,000 to S$500,000
Huang Jian
#
72%
22%
6%
100%
Tng Chin Hwee*
–
–
–
–
# Ms Huang Jian held the position of Chief Financial Officer until she resigned from the position on 31 December2016.
*
Mr Tng Chin Hwee joined the Manager in January 2017, hence no remuneration was paid to him during FY2016.
The aggregate remuneration paid to the above key management personnel (excluding CEO) was S$536,000 in FY2016.
Guideline 9.3 of the Code requires disclosure of the remuneration of at least the top 5 key management personnel, the
Manager currently considers the above individuals, who besides the CEO, are key management personnel in view of
their current assigned duties and roles.
There are no termination, retirement or post-employment benefits that are granted over and above what have been
disclosed.
The NRC will review the need for long term incentive plan when appropriate.
There were no employees of the Manager who were immediate family members of a Director or the CEO during
FY2016 and whose remuneration exceeded S$50,000 during the year. ‘Immediate family member’ refers to the spouse,
child, adopted child, step-child, sibling or parent of the individual.
Corporate
Governance