Magni Group has established a remuneration policy for the Directors and Key Senior Management which aims to set a fair and equitable remuneration packages to attract, retain and motivate them to align with the corporate strategy and long term objective of the Group.
This Policy ensures they are offered with an appropriate level of remuneration that commensurate with their contributions, performance and responsibilities.
Non-Executive Directors receive a fixed annual fee for their directorship. An additional annual fee is payable to any director who serves as a Board committee member. The annual fee is determined by the Board as a whole and subject to the shareholders’ approval at the Annual General Meeting. Non-Executive Directors who are shareholders should abstain from voting at general meetings to approve their fees.
Remuneration of Executive Directors and Key Senior Management may comprise both a fixed and a performance based or variable component.
Fixed remuneration (namely basic salary, allowance and other benefit) is determined on the basis of their role and position, including their professional experience, responsibility, job complexity, as well as according to the prevailing market practice and economic situation.
The performance-based remuneration (namely bonus and performance incentive) is based on a combination of an assessment of the individual’s performance and the overall performance of the Company/subsidiaries, taking into consideration the interest the stakeholders. Performance-based remuneration is generally disbursed in cash as bonus and/or performance incentive.
None of the Executive Directors shall participate in any way in determining their individual remuneration.
This Remuneration Policy of Directors and Key Senior Management was adopted by the Board.