89 Annual Report 2024 (c) the importance of retaining competent and experienced staff to ensure CICT’s stability and continuity of business operations, the Manager is of the view that such disclosures may subject the Manager to undue risks, including unnecessary key management turnover; and (d) there being no misalignment between the remuneration of the KMP and the interest of Unitholders. Their remuneration is not borne by the REIT as they are paid out from the fees that the Manager receives (the quantum and basis of which have been disclosed on this page). The Manager is of the view that disclosure of the total remuneration of the KMP for FY 2024 together with the breakdown of their remuneration in the manner set out on this page provides a more holistic view and is consistent with the intent of Principle 8 of the Code, and that these and other details in this Report provides sufficient information and transparency to Unitholders on CICT’s remuneration policies for KMP, including the level and mix of remuneration and the procedure for setting remuneration. These disclosures would enable Unitholders to understand the relationship between CICT’s performance, value creation and the remuneration of KMP. The Manager is of the view that the interests of Unitholders are not prejudiced by the abovementioned deviation from Provision 8.1(b) of the Code, as the remuneration of KMP is aligned to safeguard these interests. Key Management Personnel Remuneration Table for FY 2024 Salary inclusive of employer’s CPF Bonus inclusive of employer’s CPF1 Benefitsin-kind Deferred Compensation Awards2 Total CEO Tony Tan Tee Hieong S$460,290 33% S$348,061 25% S$28,277 2% S$566,803 40% S$1,403,431 100% Key Management Personnel (Excluding the CEO) S$1,154,780 51% S$539,069 24% S$70,434 3% S$520,652 22% S$2,284,935 100% 1 The amounts disclosed include FY2024 Performance Bonus earned which have been accrued for in FY 2024. 2 Includes contingent Unit awards made during the year pursuant to the PUP which are subject to the achievement of pre-determined performance conditions and vesting period. Also includes, pursuant to the RUP, deferred Units to be awarded in FY2025 as part of the FY2024 Performance Bonus which are time-vested over three equal tranches without further performance conditions. Apart from the KMP and other employees of the Manager, the Manager outsources various other services to a wholly owned subsidiary of CLI (CLI Subsidiary). The CLI Subsidiary provides these services through its employees and employees of CLI Group (together, the Outsourced Personnel). This arrangement is put in place so as to provide flexibility and maximise efficiency in resource management to match the needs of CICT from time to time, as well as to leverage on economies of scale and tap on the management talent of an established corporate group which can offer enhanced depth and breadth of experience. Notwithstanding the outsourcing arrangement, the responsibility for due diligence, oversight and accountability continues to reside with the Board and Management. In this regard, the remuneration of such Outsourced Personnel, being employees of the CLI Subsidiary and CLI Group, is not included as part of the disclosure of remuneration of the KMP of the Manager in this Report. In FY 2024, there were no termination, retirement or post-employment benefits granted to Directors, the CEO and other KMP. There was also no special retirement plan, 'golden parachute’ or special severance package for any KMP. There were also no employees of the Manager who were substantial shareholders of the Manager, substantial Unitholders of CICT or immediate family members of a Director, the CEO, any substantial shareholder of the Manager or any substantial Unitholder of CICT. “Immediate family member” refers to the spouse, child, adopted child, stepchild, sibling or parent of the individual. Disclosures under AIFMR The Manager is required under the AIFMR to make quantitative disclosures of remuneration. Disclosures are provided in relation to (a) the staff of the Manager; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of CICT. All individuals included in the aggregated figures disclosed are rewarded in line with the Manager’s remuneration policies described in this Report.
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