31. Employee benefits
Group
2015 2014
$’000 $’000
Employee benefits expense
(including executive directors)
Salaries and bonuses
33,088 37,911
Employer’s contribution to defined contribution plans,
including Central Provident Fund contributions
2,734
2,046
Expenses from defined benefits plan (Note 19)
52
768
Termination benefits
–
1,391
Other staff benefits
1,292
1,216
37,166 43,332
ASL Employee Share Option Scheme 2012 (the “2012 Scheme”)
The 2012 Scheme was approved and adopted by the shareholders of the Company at
an Extraordinary General Meeting held on 25 October 2012. Details of the 2012 Scheme
are set out in the Circular dated 8 October 2012. The 2012 Scheme is administered by
the Remuneration Committee (the “Committee”) of the Company comprising three
independent directors, Tan Sek Khee (Chairman), Christopher Chong Meng Tak and Andre
Yeap Poh Leong.
Other information regarding the 2012 Scheme is set out below:
(i)
Exercise Price
The exercise price for each share in respect of which an option is exercisable shall
be fixed by the Committee in its absolute discretion at:
(a)
the Market Price; or
(b) a price which is set at a discount to the Market Price, the quantum of such
discount to be determined by the Committee in its absolute discretion, provided
that the maximum discount which may be given in respect of any option shall
not exceed 20% of the Market Price and is approved by the shareholders in a
general meeting in a separate resolution in respect of that option.
“Market Price” is defined as the average of the last dealt prices for a share, as
determined by reference to the daily official list or other publication published by the
Singapore Exchange Securities Trading Limited (the “SGX-ST”) for five consecutive
market days immediately preceding the date on which an offer to grant an option
is made (the “Offer Date”) rounded up to the nearest whole cent in the event of
fractional prices.
NOTES TO THE FINANCIAL
STATEMENTS
For the financial year ended 30 June 2015
ASL Marine Holdings Ltd. /Annual Report 2015
145
