Positioning for the Future | 35
For FY 2014, the total number of shares in the awards granted under the Share Plans did not exceed the yearly limit of
1% of the total number of issued shares (excluding treasury shares). The obligation to deliver the shares is expected to
be satismed out of treasury shares.
Details of the Share Plans as well as awards granted under the Share Plans are set out in the Share Plans section of
the Directors’ Report from pages 98 to 101 and the Equity Compensation Benemts section of the Notes to the FY 2014
Financial Statements from pages 168 to 174.
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During FY 2014, the Company granted awards which are conditional on targets set for a performance period,
currently prescribed to be a three-year performance period. A specimed number of shares will only be released to the
recipient at the end of the qualifying performance period, provided that minimally the threshold targets are achieved.
An initial number of shares (baseline award) is allocated according to the following performance conditions
t Absolute Total Shareholders’ Return of the Group measured as a multiple of Cost of Equity; and
t Relative Total Shareholders’ Return of the Group measured as the outperformance against the MSCI Asia Pacimc
ex-Japan Real Estate Index.
The above performance measures have been selected as key measurements of wealth creation for shareholders.
The mnal number of shares to be released will depend on the achievement of pre-determined targets over a
three-year performance period. No share will be released if the threshold targets are not met at the end of the
performance period. Conversely, if superior targets are met, more shares than the baseline award can be released.
For awards granted in 2012 and 2013, the maximum is 175% of the baseline award. For awards granted in 2014, the
maximum will be 170% of the baseline award.
The Group has attained an achievement factor which is renective of partially meeting the pre-determined target
performance level for Performance Shares awards granted based on the performance period from FY 2012 to FY 2014.
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During FY 2014, the Company granted awards which are conditional on targets set for a performance period,
currently prescribed to be a one-year performance period. A specimed number of shares will only be released to the
recipients at the end of the qualifying performance period, provided that minimally the threshold targets are achieved.
An initial number of shares (baseline award) is allocated according to the following performance conditions
t Operating Earnings Before Interest and Tax of the Group; and
t Operating Return on Equity of the Group.
The above performance measures have been selected as they are the key drivers of business performance and
are aligned to shareholder value. The mnal number of shares to be released will depend on the achievement of
pre-determined targets at the end of a one-year performance period. No share will be released if the threshold targets
are not met at the end of the performance period. On the other hand, if superior targets are met, up to 150% of
the baseline award can be delivered. Once the mnal number of shares has been determined, it will be released in
equal instalments over a vesting period of three years. Recipients can receive fully paid shares, or by exception,
their equivalent cash value or combinations thereof, at no cost.
The Group has attained an achievement factor which is renective of partially meeting the pre-determined target
performance level for Restricted Shares awards granted based on the performance period for FY 2014.
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The benemts provided are comparable with local market practices.
The Code requires a company to disclose the names and remuneration of at least the top mve key management
personnel (who are not also Directors or the P&GCEO) of the Company. Besides the P&GCEO who is an executive
director, the Company considers the former Group Deputy CEO Mr Olivier Lim Tse Ghow, the Group Chief Financial
Ofmcer (GCFO) Mr Arthur Lang Tao Yih, the Group Chief Corporate Ofmcer Mr Tan Seng Chai, and the Chief Corporate
Development Ofmcer Mr Ng Kok Siong as its key management personnel for FY 2014.
Corporate Governance & Transparency
