ACCOUNTABILITY | FINANCIAL STATEMENTS 239 NOTES TO THE FINANCIAL STATEMENTS For the financial year ended 31 January 2024 10. EMPLOYEE BENEFITS EXPENSES Group Company 2024 RM million 2023 RM million 2024 RM million 2023 RM million Included in: Cost of sales (Note 7) 177 90 - - Administrative expenses (Note 9) 198 140 68 42 375 230 68 42 Analysed as follows: Wages, salaries and bonuses 290 189 55 35 Social security contributions 24 13 - - Contributions to defined contribution plan 13 10 5 4 Share-based payments (Note 29(c)) 5 (8) 2 - Other benefits 43 26 6 3 375 230 68 42 Included in employee benefits expenses of the Group and of the Company are remuneration of Directors as disclosed in Note 11. 11. DIRECTORS’ REMUNERATION Group Company 2024 RM million 2023 RM million 2024 RM million 2023 RM million Executive directors’ remuneration: - Salaries and bonuses 14 12 14 12 - Contributions to defined contribution plan 3 2 3 2 - Share-based payments 1 (10) 1 (10) - Other emoluments 1 1 1 1 19 5 19 5 Non-executive directors’ remuneration: - Fees 2 2 2 2 Total directors’ remuneration 21 7 21 7 Additional disclosures Indemnity given or insurance effected for the Directors and officers 2 2 2 2 Included in salaries and bonuses is the charge of performance bonus of RM1 million (2023: reversal of RM10 million) accrued for an executive director in respect of the Performance Bonus Scheme under the LTIP (Note 29(c)). The amount of the performance bonus to be awarded and paid in cash is dependent upon whether the target points for daily share price and Award Conditions as set out in Note 29(c) are expected to be achieved at each annual assessment date within the performance period. The LTIP was cancelled on 31 December 2023. Fees for executive directors and other emoluments for non-executive directors are not disclosed as the amounts are, in aggregrate, below RM1 million.
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