POLICIES AND PROCEDURE TO DETERMINE THE RUMUNERATION OF DIRECTORS
INTRODUCTION AND OBJECTIVES
(a) This Remuneration Policy and Procedures applies to the Directors including Executive and Non-Executive Directors (“NED”) of P.I.E. Industrial Berhad (“PIB” or the “Company”) only.
(b) The Remuneration Policy and Procedures for Senior Management will be governed under the Company’s HR Policy.
(c) The Board of Directors (“the Board”) of PIB should ensure transparent remuneration policies and procedures
(d) This Policy ensures Directors are offered an appropriate level of remuneration and other benefits.
1. Determination of remuneration of Directors remained a collective decision of the Board.
2. The remuneration of Non-Executive Directors should be reflective of their experience, level of responsibilities and the contribution by each individual Director.
3. All Directors are entitled to directors’ fee that is subject to shareholders’ approval.
4. Other than directors’ fee, Executive Directors shall be entitled to salary and bonus, statutory contribution and other allowances incidental to the performance of their duties.
5. In determining the remuneration package of the Non-Executive Directors, the Director concerned will abstain from the discussion.
6. The Board may obtain independent professional advice in formulating the remuneration package of its Directors.
A. Directors’ fees and benefits payable to the NEDs have been reviewed by the Board, thereafter, recommends to the shareholders for approval in the annual general meeting in accordance with Section 230(1)(b) of the Companies Act 2016.
B. The Board will meet at least once in a financial year to formulate and review the remuneration policy and remuneration of members of the Board and Board Committee.
REVIEW OF THE POLICY
The Board will review the Policy periodically to ensure that it continues to remain relevant and appropriate.