218
CapitaLand Limited
Annual Report 2015
Notes to the Financial Statements
37 Significant Related Party Transactions
For the purposes of these financial statements, parties are considered to be related to the Group if the Group has the
direct and indirect ability to control the party, jointly control or exercise significant influence over the party in making
financial and operating decisions, or vice versa, or where the Group and the party are subject to common control or
significant influence. Related parties may be individuals or other entities.
The Group considers the directors of the Company, and Executive Management Council comprising the President & Group
CEO, key management officers of the corporate office and CEOs of the strategic business units, to be key management
personnel in accordance with FRS 24
Related Party Disclosures
.
In addition to the related party information disclosed elsewhere in the financial statements, there were significant related
party transactions which were carried out in the normal course of business on terms agreed between the parties as follows:
The Group
The Company
2015
$’000
2014
$’000
2015
$’000
2014
$’000
Related corporations
Purchase consideration for the acquisition of
an investment
240,000
–
–
–
Sale consideration for the sale of an investment
104,000
–
–
–
Project management fee income
1,921
1,980
–
–
Subsidiaries
Management fee income
–
–
82,285
72,535
IT and administrative support services
–
–
15,080
17,049
Rental expense
–
–
(13,047)
(7,099)
Others
–
–
(631)
(852)
Associates and joint ventures
Management fee income
243,621
279,706
–
–
Construction and project management income
57,634
47,342
–
–
Rental expense
(6,520)
(3,894)
(13)
(51)
Proceeds from the sale of an investment
464,388
–
–
–
Purchase consideration for acquisitions
of investments
33,185
109,321
–
–
Accounting service fee, acquisition fee,
divestment fee, marketing income and others
38,144
16,543
(39)
(43)
Key management personnel
Purchase of shares pursuant to voluntary cash offer
for a subsidiary
–
5,076
–
–
Repurchase of bonds by the Company
1,042
–
1,042
–
Subscription of perpetual securities issued by
a subsidiary
500
–
–
–
Interest paid/payable by the Company
and its subsidiaries
101
89
13
29
Remuneration of key management personnel
Salary, bonus and other benefits
16,279
14,121
9,333
8,027
Employer’s contributions to defined contribution plans
108
110
56
60
Equity compensation benefits
6,846
8,494
4,347
4,616
23,233
22,725
13,736
12,703
