Annual Report 2023

156 2023 Annual Report Transport International Holdings Limited REMUNERATION REPORT The remuneration package of each Director, on a named basis, for the year ended 31 December 2023, together with a comparison to 2022, is given in Note 7 to the consolidated financial statements on pages 225 to 226 of this Annual Report. Criteria for Determining the Remuneration of Corporate Executives and Other Employees The remuneration of the corporate executives of the Company and other employees is benchmarked against the remuneration for similar positions in comparable local companies. This is consistent with the Group’s Remuneration Policy of aligning remuneration packages with market practices. Depending on the financial performance of the Group, discretionary bonuses may also be granted to individuals on a merit basis. The level of any such discretionary bonus is subject to review and approval by the Remuneration Committee and the Board after considering the financial results of the Group. The main components of remuneration for corporate executives and other employees are as follows: Base Compensation The Remuneration Committee reviews employees’ base compensation, including salaries, allowances and fringe benefits, with reference to the Group’s financial performance, the scope and complexity of the individuals’ responsibilities, performance and market pay levels. Discretionary Bonus A discretionary bonus may be granted to individuals in recognition of their outstanding performance. Individuals are subject to a comprehensive annual performance appraisal by their immediate supervisors. Only those obtaining at least a satisfactory performance rating are considered for the award of an incentive bonus. Share Option Scheme Under the Share Option Scheme approved and adopted by the shareholders at the 2016 Annual General Meeting held on 26 May 2016, the Board may grant options to eligible persons, including employees and Director(s) of the Company and its subsidiaries, to subscribe for shares of the Company. The Share Option Scheme is intended to provide employees and Director(s) of the Company and its subsidiaries with the opportunity to participate in the growth and success of the Company. The Board may exercise its discretion to grant options to eligible persons as proposed by the Remuneration Committee. Details of the Share Option Scheme and options granted to eligible persons under the Share Option Scheme are set out on pages 172 to 177 of this Annual Report.