GHL System Berhad Annual Report 2018

a n n u a l r e p o r t 2 0 1 8 61 D I RECTORS ' rEPORT C O N T ’ D EXECUTIVES’ SHARE SCHEME (cont’d) (e) Upon exercise of the options, the shares issued rank pari passu in all respects with the existing ordinary shares of the Company; (f) The employees to whom the options have been granted have no right to participate, by virtue of these options, in any ordinary share issue of any other company; and (g) The option price and the number of ordinary shares comprised in the ESS options are subject to adjustment in the event of any alteration in the capital structure of the Company during the scheme period in accordance with the provisions in the ESS By-Laws (“By-Laws”), subject to the determination by ESS Committee. The details of the options over the ordinary shares of the Company are as follows: Option price RM Number of options over ordinary shares Outstanding as at 1.1.2018 Movements during the financial year Outstanding as at 31.12.2018 Exercisable as at 31.12.2018 Granted Retracted* Exercised Forfeited* Date of offer 6 April 2018 - first tranche 0.14 - 1,290,000 - (125,000) (5,000) 1,160,000 1,160,000 - second tranche 0.20 - 3,870,000 (45,000) - - 3,825,000 - - third tranche 0.25 - 7,740,000 (90,000) - - 7,650,000 - - 12,900,000 (135,000) (125,000) (5,000) 12,635,000 1,160,000 * Due to resignation. DIRECTORS’ REMUNERATION The details of Directors’ remuneration are disclosed in Note 8 to the financial statements. INDEMNITY AND INSURANCE FOR DIRECTORS, OFFICERS AND AUDITORS The Group and the Company effected Directors’ liability insurance during the financial year to protect the Directors of the Group and of the Company against potential costs and liabilities arising from claims brought against the Directors. The amount of insurance premium paid by the Company for the financial year 2018 was RM32,250 (2017: RM32,500). There were no indemnity given to or insurance effected for the auditors of the Group and of the Company during the financial year. OTHER STATUTORY INFORMATION REGARDING THE GROUP AND THE COMPANY (I) AS AT THE END OF THE FINANCIAL YEAR (a) Before the financial statements of the Group and of the Company were prepared, the Directors took reasonable steps: (i) to ascertain that proper action had been taken in relation to the writing off of bad debts and the making of provision for doubtful debts and have satisfied themselves that all known bad debts had been written off and that adequate provision had been made for doubtful debts; and (ii) to ensure that any current assets other than debts, which were unlikely to realise their book values in the ordinary course of business had been written down to their estimated realisable values.