Singapore Airlines 2012 Annual Report Download - page 46
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044 SINGAPORE AIRLINES
The SIA Restricted Share Plan (RSP)
The RSP is targeted at a broader base of senior executives and enhances the Company’s ability to recruit and retain talented
senior executives, as well as to reward for Company and individual performance. To retain key executives, an extended vesting
period is imposed beyond the performance target completion date.
Under the RSP, an initial award is made in the form of rights to shares, provided performance conditions are met in future.
Annual grants are made based on individual performance of the key executives selected to participate in the RSP. Final awards
are given out at the end of the 2 year performance period. This may vary between 0 – 1.5 times the initial award, depending
on the extent to which targets such as Company and Group EBITDAR and Staff Productivity are met. The final award is subject
to extended vesting, with 50% of the final award paid out at the end of the 2 year performance period, and the rest paid out
equally over the next 2 years.
The total number of ordinary shares which may be issued pursuant to awards granted under the RSP and PSP, when added to
the number of new shares issued and issuable in respect of all awards granted under the RSP and PSP, and all options under
the ESOP, shall not exceed 13% of the issued ordinary share capital of the Company. In addition the maximum number of
new Shares that can be issued pursuant to awards granted under the RSP and PSP in the period between the current Annual
General Meeting (AGM) to the next AGM shall not exceed 0.75% of the total number of issued ordinary shares in the capital
of the Company.
Details of the Company’s PSP, RSP and ESOP can be found on pages 81 to 84 of the Report by the Board of Directors.
Directors’ Fees
The Directors’ fees paid in financial year 2011-12 amounted to $1,469,000 [financial year 2010-11: $1,455,000] and were
based on the following rates:
Rates ($)
Board Retainers Board Member 80,000
Chairman 160,000
Committee Retainers Chairman of Executive Committee and Audit Committee 50,000
Chairman of other Board Committees, 35,000
Member of Executive Committee and Audit Committee
Member of other Board Committees 20,000
Attendance Fees Home – City 5,000
In – Region 10,000
Out – Region 20,000
Teleconference – normal hours 1,000
Teleconference – odd hours 2,000
Corporate Governance Report
For the period 1 April 2011 to 31 March 2012