Annual Report 2024

152 2024 Annual Report Transport International Holdings Limited REMUNERATION REPORT The Board delegates authority to the Remuneration Committee to ensure that the Company adopts fair and well-structured remuneration policies consistent with the interests of its Directors, staff members and other stakeholders. The Committee is composed of five members, with three being Independent Non-executive Directors and the other two Non-executive Directors. The Committee is chaired by Independent Non-executive Director, Dr John CHAN Cho Chak, GBS, JP , who is also the Deputy Chairman of the Company. The other members are Independent Non-executive Director, Dr Eric LI Ka Cheung, GBS, OBE, JP , Independent Non-executive Director, Professor LIU Pak Wai, SBS, JP , Non-executive Director, Ms Winnie NG, JP , and Non-executive Director, Mr LUNG Po Kwan. The Remuneration Committee recommends to the Board remuneration packages for the Directors and employees of the Company and its subsidiaries. The level of remuneration is determined in accordance with the principles of performance, fairness, transparency and market competitiveness. The Group’s remuneration packages are designed to attract, retain and motivate high-calibre individuals, encouraging them to make significant contributions to the Group. The Remuneration Committee is authorised to obtain independent professional advice on relevant issues if required. The main remuneration policies adopted by the Group are as follows: The remuneration policy and practices, including those relating to the Directors, should be fair, transparent and compliant with relevant legislation; No Director or member of Senior Management should be involved in deciding his/her own remuneration; and Directors and employees should be rewarded on a fair basis according to their merits, job responsibilities, qualifications and experience, with reference to market practices and packages for similar posts offered by comparable companies. The Remuneration Committee’s written terms of reference, which are published on the Company’s website, comply with the Code Provisions set out in Appendix C1 to the Listing Rules. The main duties of the Committee are: Determining the remuneration policies for the Directors and employees of the Group for approval by the Board; Setting appropriate assessment criteria for performance-related bonuses for employees, considering their achievements based on the said criteria and referencing market norms as well as the Group’s business objectives and targets; Establishing guidelines for determining the remuneration of Directors, including the terms and conditions of employment, remuneration and retirement benefits for the Executive Director(s); Reviewing and recommending to the Board remuneration packages for individual Executive Director(s), Senior Management and Non-executive Directors; and Reviewing and considering proposals submitted by the Managing Director regarding human resources and related policies, and making appropriate recommendations to the Board.