168 | CapitaLand Limited Annual Report 2014
Appendix
Notes to the Financial Statements
Year ended 31 December 2014
22 EMPLOYEE BENEFITS
The Group
The Company
Note
2014
$’000
2013
$’000
2014
$’000
2013
$’000
Restated
Liability for short term accumulating
compensated absences
10,618
10,558
1,681
1,325
Liability for staff incentive
(a)
41,523
43,444
19,966
25,856
Liability for cash-settled share-based
payments
2,096
3,844
–
136
54,237
57,846
21,647
27,317
Current
17
31,748
36,092
11,476
12,912
Non-current
21
22,489
21,754
10,171
14,405
54,237
57,846
21,647
27,317
(a) Staff incentive
This relates to staff incentive which is based on the achievement of the Group’s mnancial performance and
payable over a period of time.
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Share Plans of the Company
The CapitaLand Performance Share Plan 2010 and CapitaLand Restricted Share Plan 2010 were approved
by the members of the Company at the Extraordinary General Meeting held on 16 April 2010. The duration
of each share plan is 10 years commencing on 16 April 2010. The Company did not extend the duration
of, or replace, the existing CapitaLand Share Option Plan which expired on 16 November 2010. All share
options granted under the CapitaLand Share Option Plan prior to its termination will continue to be valid and
be subject to the terms and conditions of the plans.
The ERCC of the Company has instituted a set of share ownership guidelines for senior management who
receives shares under the CapitaLand Restricted Share Plan and CapitaLand Performance Share Plan.
Under these guidelines, members of the senior management team are required to retain a portion of the
total number of CapitaLand shares received under the two aforementioned share-based plans, which will
vary according to their job grades and base salaries.
Following the delisting of the Company’s subsidiary, CapitaMalls Asia Limited (CMA), from the Singapore
Exchange Securities Trading Limited and The Stock Exchange of Hong Kong Limited on 22 July 2014,
the Company had granted contingent awards under the CapitaLand Performance Share Plan 2010 and
CapitaLand Restricted Share Plan 2010 (collectively known as ACL substitute share awards’) to holders of
CMA’s Performance Share Plan and Restricted Share Plan awards (collectively known as ACMA share awards’),
in respect of, and to substitute, the balance CMA share awards which were not settled in cash.
The CL substitute share awards are subjected to the same threshold targets and where applicable, the same
performance periods as awards granted to employees of similar rank under the CapitaLand Performance
Share Plan 2010 and CapitaLand Restricted Share Plan 2010 in the ordinary course.
