Annual Report 2021

131 2021 Annual Report Transport International Holdings Limited In 2021, the work conducted by the Remuneration Committee included: Reviewing the Remuneration Policy for 2021; Reviewing the annual performance-related bonuses for the Group’s employees, with reference to the performance of the Group, individual achievement, assessment criteria and market norms; Examining employees’ wage and salary increments on a merit basis with reference to relevant factors including market pay trends and inflation forecasts; and Reviewing the remuneration of Executive and Non-executive Directors, benchmarked against the remuneration level of comparable listed companies in respect of workload, scale and complexity of business. Criteria for Determining the Remuneration of Directors In line with good corporate governance practice, assessment of the remuneration of Directors is based on formal principles which take into account both the market practices and a tried and tested methodology. As in previous years, Directors’ fees for 2021 were determined based on the methodology developed in the “Higgs Report” on the “Review of the Role and Effectiveness of Non-executive Directors” in the United Kingdom, in view of the likely workload, the scale and complexity of the business and the responsibility involved. Reference was also made to the results of a desk-top survey conducted by the Company on the remuneration of the Directors of 20 major companies listed on the Stock Exchange. The fee structure for the Directors in 2021 is set out as follows: Fee per annum HK$ Board Members – Chairman 546,000 – Other Directors 390,000 Audit and Risk Management Committee Members – Chairman 260,400 – Other members 186,000 Remuneration Committee Members – Chairman 70,000 – Other members 60,000 Nomination Committee Members – Chairman 70,000 – Other members 60,000 Standing Committee Members (except Executive Director) – Chairman 369,600 – Other members 264,000 Except as disclosed above, no Independent Non-executive Director or Non-executive Director received any pension benefits or bonuses from the Group in 2021. The remuneration package of each Director, on a named basis, for the year ended 31 December 2021, together with 2020 comparison, is given in note 7 to the consolidated financial statements on pages 191 and 192 of this Annual Report.