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44 VTech Holdings Ltd Annual Report 2011
Notes to the Financial Statements
3 Directors’ Emoluments and Individuals with Highest Emoluments
Directors' emoluments
Fees
US$ million
Salaries,
allowances
and benefits
in kind
US$ million
Discretionary
bonuses
US$ million
Contributions
to retirement
benefit
schemes
US$ million
Share-based
payments (v)
US$ million
2011
Total
US$ million
Executive Directors (i)
Allan WONG Chi Yun (iii) – 0.8 2.0 0.1 0.8 3.7
PANG King Fai – 0.4 0.6 – 0.4 1.4
Andy LEUNG Hon Kwong – 0.4 1.1 – 0.2 1.7
Independent Non-executive Directors (ii)
William FUNG Kwok Lun ––– –––
Denis Morgie HO Pak Cho ––– –––
David SUN Tak Kei (iv) ––– –––
Michael TIEN Puk Sun ––– –––
Patrick WANG Shui Chung ––– –––
– 1.6 3.7 0.1 1.4 6.8
Fees
US$ million
Salaries,
allowances
and benefits
in kind
US$ million
Discretionary
bonuses
US$ million
Contributions
to retirement
benefit
schemes
US$ million
Share-based
payments (v)
US$ million
2010
Total
US$ million
Executive Directors (i)
Allan WONG Chi Yun (iii) – 0.8 2.7 0.1 0.3 3.9
PANG King Fai – 0.4 0.8 – 0.2 1.4
Andy LEUNG Hon Kwong – 0.4 0.7 – 0.1 1.2
Independent Non-executive Directors (ii)
William FUNG Kwok Lun – – – – – –
Denis Morgie HO Pak Cho – – – – – –
Michael TIEN Puk Sun – – – – – –
Patrick WANG Shui Chung – – – – – –
–1.6 4.2 0.1 0.6 6.5
– 1.6 4.2 0.1 0.6 6.5
Notes:
(i) The directors’ fee paid to each executive director of the Company was US$30,000 (2010: US$20,000) per annum.
(ii) The emoluments paid to each independent non-executive director of the Company was US$30,000 (2010: US$20,000) per annum, pro-rata to the length of service.
(iii) Included in the emoluments paid to Dr. Allan WONG Chi Yun was housing benefit of HK$3,000,000 for the year ended 31 March 2011 (2010: HK$3,000,000), which was based on
the lease agreement entered by the Company with Aldenham Company Limited (“Aldenham”). Aldenham is an indirect wholly owned subsidiary of a trust in which the family
members of Dr. Allan WONG Chi Yun are beneficiaries.
(iv) Dr. David SUN Tak Kei was appointed as independent non-executive director on 25 January 2011.
(v) Share-based payments represent the fair value of share options granted to the directors which were charged to the consolidated income statement in accordance with the
accounting policy set out in note (S).
Individuals with highest emoluments
Of the five individuals with the highest emoluments, three (2010:
three) are directors whose emoluments are set out above. The
aggregate of the emoluments in respect of the other two (2010:
two) individuals are as follows:
2011
US$ million
2010
US$ million
Salaries, allowances and
benefits in kind 0.9 0.8
Discretionary bonuses 1.0 1.2
Contribution to retirement
benefit schemes ––
Share-based payments 0.4 0.1
2.3 2.1
The emoluments fell within the following bands:
2011
Individuals
2010
Individuals
US$
513,001 – 577,000 ––
641,001 – 705,000 –1
833,001 – 897,000 1–
1,397,001 – 1,461,000 11
22
During the years ended 31 March 2010 and 31 March 2011,
there were no amounts paid to directors and individuals for
compensation for loss of office and inducement for joining the
Group.