170 YINSON HOLDINGS BERHAD | INTEGRATED ANNUAL REPORT 2023 Employees’ Long-term Incentive Plan On 26 June 2019, the Board of Directors of the Company approved an Employees’ Long-term Incentive Plan (“LTIP”). The LTIP is governed by the By-Laws of the ESS approved by the shareholders on 3 November 2015. On 25 March 2020, the terms and conditions of the LTIP were finalised and approved by the Board of Directors. On 3 August 2020, the LTIP was granted to the eligible employees and executive director of the Group. The LTIP is administered by the Employees’ Share Scheme Committee. Under the LTIP, awards to eligible employees and an executive director of the Group can be made either through the Share Award Scheme (award of ordinary shares in the Company (“Yinson Shares”)) or Performance Bonus Scheme (bonus payout in cash). The Share Award Scheme component under the LTIP (which is under the ESS) shall expire on 2 November 2025. Pursuant to Clause 21.1 of the by-laws of the ESS (hereinafter “By-Laws”), the ESS Committee may, in its sole discretion, settle any unvested Yinson Shares by way of equity settlement or cash settlement prior to the termination of the ESS or expiry of the LTIP. Any unvested Yinson Shares shall automatically lapse and cease to be capable of vesting in the event the ESS expires or terminates in accordance with the terms of the By-Laws. During the financial year ended 31 January 2023, there were no awards granted to the eligible employees and executive director of the Group. The salient features and other terms of the LTIP are disclosed in Note 29(b) to the financial statements. The impact to LTIP arising from the Bonus Issue and Rights Issue is disclosed in Note 29(d). Directors The Directors in office during the financial year and during the period from the end of the financial year to the date of this report are: Lim Han Weng Lim Chern Yuan Bah Kim Lian Lim Han Joeh Dato’ (Dr.) Wee Hoe Soon @ Gooi Hoe Soon Dato’ Mohamad Nasir bin Ab Latif Raja Datuk Zaharaton binti Raja Zainal Abidin Datuk Abdullah bin Karim Rohaya binti Mohammad Yusof Sharifah Munira bt. Syed Zaid Albar Gregory Lee By way of relief order dated 5 May 2023 granted by the Companies Commission of Malaysia, the names of Directors of subsidiaries as required under Section 253(2) of the Malaysian Companies Act 2016 have not been disclosed in this Directors’ Report. Their names are set out in the respective subsidiaries’ Directors’ Report or financial statements and the said information is deemed incorporated herein by such reference and shall form part hereof. Directors’ benefits Neither during nor at the end of the financial year was the Company or any of its subsidiaries a party to any arrangements whose objects was to enable the Directors to acquire benefits by means of the acquisition of shares in, or debentures of, the Company or any other body corporate other than share options granted under the ESS. DIRECTORS’ REPORT (CONT’D)
RkJQdWJsaXNoZXIy NDgzMzc=