Annual Report 2024

153 2024 Annual Report Transport International Holdings Limited In 2024, the work conducted by the Remuneration Committee included: Reviewing the Remuneration Policy for 2024; Reviewing the annual performance-related bonuses for the employees of the Group by considering its performance, individual achievements, assessment criteria and market norms; Examining wage and salary increments for employees based on merit with reference to relevant factors including market pay trends and inflation forecasts; and Reviewing the remuneration of Executive and Non-executive Directors, benchmarking it against the remuneration levels of comparable listed companies, considering the workload, scale and complexity of the business. Criteria for Determining the Remuneration of Directors In line with good corporate governance practices, the assessment of Directors’ remuneration is based on formal principles that take into account both market practices and a proven methodology. As in previous years, Directors’ fees for 2024 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, 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 Directors’ remuneration of 20 major companies listed on the Stock Exchange. The fee structure for the Directors in 2024 is set out as follows: Fee per annum HK$ Board Members － Chairman 606,200 － Other Directors 433,000 Audit and Risk Management Committee Members － Chairman 319,200 － Other members 228,000 Remuneration Committee Members － Chairman 100,800 － Other members 72,000 Nomination Committee Members － Chairman 70,000 － Other members 60,000 Standing Committee Members (except Executive Director) － Chairman 1,743,400* － Other members 293,140 * Comprising (i) HK$410,400 per annum, being the fees for the Chairman of the Standing Committee; and (ii) HK$1,333,000 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 2024.