Shareholders approve staff reward plan - Dec 06, 2006 (BT)
The Straits Times / The Business Times News On SPH
Shareholders approve staff reward plan
Dec 06, 2006
The Business Times
(SINGAPORE) Singapore Press Holdings shareholders yesterday approved a performance share plan that will replace the current employee share option scheme.
'The plan is performance-based and is aimed to reward, retain and motivate employees,' SPH chairman Tony Tan said at an extraordinary general meeting (EGM) that followed the group's annual general meeting (AGM).
Employees will be granted fully-paid ordinary shares if they achieve pre-determined targets, and taking into account their capability, creativity, entrepreneurship, innovativeness, scope of responsibility and skill set.
The shares awarded can be existing shares bought by SPH off market or shares held in treasury. Or SPH may issue new shares. If new shares are issued, the maximum limit will be 10 per cent of total issued shares. This is a two percentage point reduction from the maximum limit of 12 per cent under the previous share option scheme.
At the EGM, shareholders also approved the renewal of SPH's share buy-back mandate, as well as alterations to its articles of association.
Earlier, during the AGM, shareholders voted to reappoint Lee Ek Tieng as a director of the company. Cham Tao Soon, Ngiam Tong Dow and Willie Cheng were also re-elected.
At the start of the meeting, Dr Tan requested a minute's silence as a mark of respect for former SPH chairman Lim Kim San, who died in July this year.