Annual Report 2023

155 2023 Annual Report Transport International Holdings Limited In 2023, the work conducted by the Remuneration Committee included: Reviewing the Remuneration Policy for 2023; Reviewing the annual performance-related bonuses for the Group’s employees, with reference to the performance of the Group, individual achievements, assessment criteria and market norms; Examining the wage and salary increments of employees 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 the 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 practice and a tried-and-tested methodology. As in previous years, Directors’ fees for 2023 were determined based on the methodology developed in the United Kingdom under the “Higgs Report” on the “Review of the Role and Effectiveness of Non-executive Directors”. The said methodology takes into consideration 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 2023 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 1,569,600* － Other members 264,000 * comprising of (i) HK$369,600 per annum being the fees for the Chairman of the Standing Committee and (ii) HK$1,200,000 per annum being the additional remuneration for the Standing Committee Chairman in respect of his additional responsibilities and commitments Except as disclosed above, no Independent Non-executive Director or Non-executive Director received any pension benefits or bonuses from the Group in 2023.