Notes to the Financial Statements
31 December 2015
33.
Related party transactions
(b)
Compensation of key management personnel
The remuneration of key management personnel is determined by the remuneration committee having
regard to the performance of individuals and market trends.
34.
Contingent liabilities
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of its subsidiaries and a joint venture with a carrying amount of S$65,425,000 (2014: S$104,492,000). The fair
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DJDLQVW WKH *URXSȇV GHYHORSPHQW SURSHUWLHV $FFRUGLQJO\ WKH IDLU YDOXH RI WKH ȴQDQFLDO JXDUDQWHHV KDV QRW EHHQ
recognised.
35.
Financial risk management objectives and policies
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Board of Directors reviews and agrees policies and procedures for the management of these risks. It is, and has
been throughout the years under review, the Group’s policy that no trading in derivatives for speculative purposes
shall be undertaken. The Group and the Company do not apply hedge accounting.
The following sections provide details regarding the Group’s and the Company’s exposure to the above-mentioned
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7KHUH KDV EHHQ QR FKDQJH WR WKH *URXSȇV H[SRVXUH WR WKHVH ȴQDQFLDO ULVNV RU WKH PDQQHU LQ ZKLFK LW PDQDJHV
and measures the risks.
Group
2015
2014
S$’000
S$’000
Salaries and other remuneration
4,172
5,750
'HȴQHG FRQWULEXWLRQ SODQV
133
203
Directors’ fees
192
162
Total compensation paid to key management personnel
4,497
6,115
Comprise amounts paid to:
- Directors of the Company
2,907
4,777
- Other key management personnel
1,590
1,338
4,497
6,115
ANNUAL REPORT 2015
81
