Key Elements of Directors’ Remuneration Policy of the Company
Objective
To set out the methodology and requirements for determining the remuneration of the Board of Directors, Board Committees, Executive Directors, and Board Appointees, in line with good governance practices.
Remuneration of the Board of Directors
Determined and approved by the Board on the recommendation of the Corporate Governance & Nominations Committee (CG&NC).
Structured to be appropriate and commensurate with the level of responsibility and expertise, aimed at attracting and retaining capable members.
Designed not to compromise the independence of independent directors.
Includes reimbursement of travel, boarding & lodging, and ancillary expenses for attending Board or General Meetings, or on Company business.
Additional remuneration (up to 20% of the fee) may be approved for extra services, such as holding the office of Chairman or devoting special attention to Company affairs.
Cost of mandatory Directors Training Program borne by the Company.
Remuneration of Board Committees Members
Determined and approved by the Board for attending Committee meetings.
Designed to reflect responsibility and expertise, without compromising independence.
Includes reimbursement of travel, boarding & lodging expenses.
Additional remuneration may be approved for services such as chairing a Committee.
Remuneration of Executive Directors
CEO’s remuneration (and any amendments) approved by the Board on the recommendation of the Board Human Resource Committee (BHRC), along with applicable benefits and allowances under the HR Policy.
Directors Training Program cost borne by the Company.
Remuneration of Board Appointees
Remuneration of the Chief Financial Officer, Company Secretary, and Head of Internal Audit is determined and approved by the Board on the recommendations of BHRC, CEO, and in the case of Head Internal Audit, on the recommendations of Board’s Audit Committee.
Includes applicable HR Policy benefits and Directors Training Program costs.
Disclosure
Significant features and elements of this policy are disclosed in the Directors’ Report and published on PMRC’s website in compliance with the Code of Corporate Governance.
