Composition of the Committee

The Remuneration Committee appointed by and responsible for the Board of Directors comprises five Non-Executive Directors of whom three including the Chairman are Independent Directors. The Remuneration Committee comprised of the following members:

Dr. H. Cabral, PC (IND/NED) - Chairman
K.D.D. Perera (NED)
W.D.N.H. Perera (NED)
M.D.S. Goonetilleke (IND/NED)
M.H. Jamaldeen (IND/NED)
IND- Independent Director, NED - Non-Executive Director)

The brief profiles of the Directors are given in the Stewardship section of the Annual Report.

The Chairman and Chief Executive assists the Committee by providing relevant information and participating in its analysis and deliberations, except when his own compensation package is reviewed.

The Scope of the Committee

The Committee is vested with power to evaluate, assess, decide and recommend to the Board of Directors on any matter that may affect Human Resources Management of the Company and the Group and specifically include -

  • Determining the compensation of the Chairman and Chief Executive, Executive Directors and the members of the Group Management Committee.
  • Lay down guidelines and parameters for the compensation structures of all management staff within the Group taking into consideration industry norms.
  • Formulate guidelines, policies and parameters for the compensation structures for all Executive staff of the Company.
  • Review information related to executive pay from time to time to ensure same is in par with the market/industry rates.
  • Evaluate the performance of the Chairman and Chief Executive and Key Management Personnel against the predetermined targets and goals.
  • Assess and recommending to the Board of Directors of the promotions of the Key Management Personnel, address succession planning.
  • Approving annual salary increments, bonuses.

Remuneration Policy

The remuneration policy is to attract and retain a highly qualified and experienced work force, and reward performance accordingly in the backdrop of industry norms. These compensation packages provide compensation appropriate for each business within the Group and commensurate with each employee's level of expertise and contribution, bearing in mind the business' performance and shareholder returns.

 


Dr. Harsha Cabral, PC
Chairman
Remuneration Committee

19th May, 2014