136 F INANC IAL Statements 05 Sect ion Ranhi ll Ut i l i t i es Berhad DIRECTORS’ INTERESTS (contd.) By virtue of Tan Sri Hamdan Mohamad’s direct and deemed interest in the Company, he is also deemed to have interest in shares in all of the subsidiaries and related corporations of the Company, to the extent the Company has an interest pursuant to Section 8(4) of the Companies Act 2016. None of the other directors in office at the end of the financial year had any interest in shares in the Company or its related corporations during the financial year. DIRECTORS’ BENEFITS Neither at the end of the financial year, nor at any time during that year, did there subsist any arrangement to which the Company was a party, whereby the directors might acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. Since the end of the previous financial year, no director has received or become entitled to receive a benefit (other than benefits included in the aggregate amount of emoluments received or due and receivable by the directors or the fixed salary of a full-time employee of the Company or its related corporations as shown below) by reason of a contract made by the Company or a related corporation with the director or with a firm of which the director is a member, or with a company in which the director has a substantial financial interest, other than as disclosed in Note 41 to the financial statements. The directors’ remunerations are as follows: Group Company RM’000 RM’000 Fees 2,240 1,249 Other emoluments 2,258 305 Salaries and bonus 10,520 4,030 Defined contribution plan 477 - Share-based payment 154 154 Benefits-in-kind 876 - 16,525 5,738 EMPLOYEE SHARE SCHEME On 11 April 2019, the Company implemented the Long Term Incentive Plan (“LTIP”), which involves the allotment and issuance of new ordinary shares in the Company to eligible employees and executive directors of the Group and of the Company, provided that the total number of shares so allotted shall not at any time exceed ten percent of the total number of issued shares in the Company (“LTIP Grants”). Under the LTIP, the Company made an award of up to 9,989,600 LTIP Grants, comprising 8,992,400 Performance Shares (“PS”) under the PS Grant and 997,200 Restricted Shares (“RS”) under the RS Grant. The LTIP Grants were awarded, without any cash consideration, to those who have attained the identified performance objectives of the Group and the Company. It serves to attract, retain, motivate and reward valuable employees of the Group and the Company. Details of the LTIP Grants granted to a director are disclosed in the Directors’ Interests section in this report. Di rectors ’ Report
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