Singapore Airlines 2014 Annual Report Download - page 53
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Remuneration Matters (Principles 7, 8 and 9)
Remuneration Mix
SIA’s remuneration mix for Senior Management comprises fixed and variable components. Variable components comprise short-
and long-term incentives, which are dependent on Group, Company and individual performance. The remuneration mix aims to
provide a good balance between competitiveness with the market, as well as rewards for short- and long-term objectives.
Fixed Component
The fixed component comprises base salary, the Annual Wage Supplement (“AWS”) and cash allowances. The fixed components
are benchmarked to comparable positions in the market, and reflect the market worth of the positions.
Variable Components
Cash Incentive Plans for CEO and Senior Management
This comprises the following three components:
a. Profit-Sharing Bonus (“PSB”)
The PSB targets are designed to achieve a good balance of both Group financial objectives and the Company’s operating
performance. Payment of the variable bonus is based on the Group and the Company achieving the target levels set for each
of the Key Performance Indicators (“KPIs”) stated below and taking into account individual performance:
• SIAGroup’sReturnonShareholders’Funds
• SIACompany’sOperatingProtMargin
• SIACompany’sPassengerLoadFactor
Individual performance objectives aligned to the overall strategic, financial and operational goals of the Company, are set at
the beginning of each financial year and are cascaded down to a select group of key Senior Management staff using Individual
Scorecards, creating alignment between the performance of the Group, Company and the individual. While these performance
objectives are different for each executive, they are assessed on the same principles across the following four broad categories
of targets:
• Financial&Business
• Customer&Operations
• People&OrganisationalDevelopment
• StrategicProjects
The PSB Payout is capped at three times of monthly base salary based on SIA Group and Company Performance in respect of
the CEO and Relevant Key Management Personnel. After the assessment of the Individual Performance Scorecards at the end
of a performance year, an Individual Performance Rating is determined and is subsequently used to modify the PSB Payout
within the range of 0-150%.
051
ANNUAL REPORT FY2013/14