(Extracted from Annual Report 2021)
Full details of the remuneration of the Directors are provided in note 9 to the financial statements.
The Remuneration Committee comprises three Non Executive Directors, S.T. Fung, T.T.K. Choi and N.A.H. Fenwick. Two of the Committee Members are Independent Non-Executive Directors, one of whom, S.T. Fung, is Chairman. All the members served for the whole of 2021.
The Remuneration Committee reviews and approves the management’s remuneration proposals with reference to the Board’s corporate goals and objectives
The Remuneration Committee exercises the powers of the Board to determine the remuneration packages of individual Executive Directors (including salaries, bonuses, benefits in kind and the terms on which they participate in any provident fund or other retirement benefit scheme), taking into consideration salaries paid by comparable companies, time commitments and responsibilities and employment conditions elsewhere in the Group.
The terms of reference of the Remuneration Committee have been reviewed with reference to the CG Code and are posted on the Company’s website.
In order to be able to attract and retain staff of suitable calibre, the Swire group provides a competitive remuneration package designed to be commensurate, overall, with those of its peer group. This typically comprises salary, housing, retirement benefits, leave passage and education allowances and, after three years’ service, a bonus related to the overall profit of the Swire Pacific group. Although the remuneration of executives is not entirely linked to the profits of the Company, it is considered that these arrangements have contributed considerably to the maintenance of a flexible, motivated and high-calibre management team within the Group.
The Remuneration Committee reviewed the structure and levels of remuneration paid to Executive Directors at its meeting in October 2021. At this meeting the Committee considered a report prepared for it by Mercer Limited, an independent firm of consultants, which confirmed that the remuneration of the Company’s Executive Directors, as disclosed in note 9 to the financial statements, was comparable with that paid to equivalent executives in peer group companies.
No Director takes part in any discussion about his or her own remuneration.
The following fee levels have been approved by the Board: