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Corporate Governance Statement
VITROX CORPORATION BERHAD
[649966-K]
2.
Board Committees (Cont’d)
2.1 Audit Committee
The terms of reference and the function of the Audit Committee are discussed on Pages 28 to 30 of the Annual Report 2008.
2.2 Executive Committee
The Executive Committee (“Exco”) comprises the Executive Directors as follows:
Chairman
: Chu Jenn Weng
Member
: Siaw Kok Tong
Yeoh Shih Hoong
The Exco’s functions are to assist the Managing Director to manage the Group’s day-to-day operations. The Exco was set up
to formulate operational plans and oversee the execution of these plans. The Exco meets regularly to discuss operational issues.
3.
Directors’ Remuneration
The Company has not established a Remuneration Committee and the remuneration packages for Executive Directors are
determined by the Board as a whole and the respective Executive Directors play no part in determining their own remuneration.
It is the Company’s policy to remunerate Directors adequately to attract and retain the Directors of the necessary calibre to
manage its business. The Articles of Association of the Company provides that the remuneration of Directors shall not include
a commission or percentage of turnover.
The determination of the remuneration of each Independent, Non-Executive Director is decided by the Board as a whole. The
Board reimburses any reasonable expense incurred by these Directors in the course of their duties as Directors.
Details of the Directors’ remunerations for FY2008 are as follows :
Allowances
Benefits-in-kind
Total
Fees
Salaries,
Category
RM
RM
RM
RM
Bonuses &
Employee
Provident
Fund
RM
495,214
108,000
-
603,214
-
Executive
12,960
7,200
-
128,160
108,000
Non-Executive
731,374
Total
The remuneration bands of the Directors are as follows:
Number of Directors
Range
Executive
Non Executive
Below RM50,000
-
3
RM150,000 - RM200,000
2
-
RM200,001 - RM250,000
1
-
