Creative 2009 Annual Report Download - page 8

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8
CREATIVE฀TECHNOLOGY฀LTD฀AND฀ITS฀SUBSIDIARIES
CORPORATE GOVERNANCE
– For the financial year ended 30 June 2009
PRINCIPLE 7: PROCEDURES FOR DEVELOPING REMUNERATION POLICIES
PRINCIPLE 8: LEVEL AND MIX OF REMUNERATION
PRINCIPLE 9: DISCLOSURE ON REMUNERATION (cont’d)
The number of top five key executives of the Group (who are also not Directors) in remuneration bands is as follows:
Remuneration฀Bands฀ Number฀of฀Key฀Executives
S$500,000฀to฀S$749,999฀ 2
S$250,000฀to฀S$499,999฀ 3
Below฀S$250,000฀ –
For confidentiality and competitive reasons, the Company is not disclosing each individual executive’s remuneration and their
names.
None of the employees of the Group whose annual remuneration exceeds S$150,000 are immediate family members of the CEO
or any other Director of the Company,
Details of the existing Creative Employee Share Option Plans are set out in the Notes to the Financial Statements.
PRINCIPLE 10: ACCOUNTABILITY
The Company provides shareholders with quarterly and annual financial results of the Group within the regulatory reporting
periods, i.e. results for the first 3 quarters are released to shareholders within 45 days of the end of each quarter whilst the annual
results are released within 60 days from the financial year end. In presenting the Group’s annual and quarterly results, the Board
aims to provide shareholders with a balanced and understandable assessment of the Group’s performance and financial position
with a commentary at the date of the announcement of the significant trends and competitive conditions of the industry in which
it operates.
The management provides all Directors with financial updates of the Group’s performance, when required.
PRINCIPLE 11: AUDIT COMMITTEE
The Audit Committee (the “AC”) consists of three Directors, all of whom are independent non-Executive Directors. The Chairman
of the AC is Mr Lee Kheng Nam. The other two members are Mr Ng Kai Wa and Mr Lee Gwong-Yih. All members of the AC
have the appropriate accounting or relevant financial expertise or experience.
The principal functions of the AC, among other matters, are:
• to review the quarterly and full year financial statements to be issued by the Group with management and, where appropriate,
with the Company’s external auditors, before their submission to the Board;
• to review the scope and results of the audit and its cost-effectiveness and the independence and objectivity of the external
auditors;
• to review the effectiveness of the internal audit function;
• to make recommendations to the Board on the appointment, re-appointment and/or removal of external auditors, and to
approve the remuneration and terms of engagement of the external auditors; and
• to review interested person transactions.
The number of meetings convened by the AC is set out in Principle 1: The Board’s Conduct of its Affairs.
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