Rex International Holding Limited 161 SHARE AWARDS The Performance Share Plan (the “PSP”) was approved by shareholders at an Extraordinary General Meeting of the Company on 28 September 2023. The PSP is administered by the Company’s Remuneration Committee, in consultation with the Chief Executive Officer. The PSP will expire on 28 September 2033. The objective of the PSP is to promote higher performance goals and recognise the achievements of employees by motivating and aligning their interests to the Group’s pre-determined goals. Performance targets set are based on short to medium-term corporate objectives including market competitiveness, quality of returns, business growth and productivity growth. These performance targets may include targets set based on criteria such as shareholders’ return, return on equity and earnings per share. The award of ordinary shares granted under the PSP (the “Awards”) represent the right of an employee to receive fully paid shares, free of charge, upon the achievement of pre-determined benchmarks during the performance period. Awards granted under the PSP may be time-based or performance-related. The length of the vesting period in respect of the Awards of such number of fully-paid ordinary shares granted under the PSP will be determined on a case-by-case basis by the Remuneration Committee. No Awards have been granted by the Company pursuant to the PSP. AUDIT COMMITTEE The members of the Audit Committee during the financial year and at the date of this statement are: • Mae Heng (Chairperson) Independent Non-Executive Director • Pong Chen Yih Lead Independent Non-Executive Director • John d’Abo Executive Chairman The Audit Committee performs the functions specified in Section 201B of the Act, the SGX‑ST Listing Manual and the Code of Corporate Governance. The Audit Committee has held four meetings since the last directors’ statement. In performing its functions, the Audit Committee met with the Company’s external and internal auditors to discuss the scope of their work, the results of their examination and evaluation of the Company’s internal accounting control system. The Audit Committee also reviewed the following: • assistance provided by the Company’s officers to the internal and external auditors; • quarterly financial information and annual financial statements of the Group and the Company prior to their submission to the directors of the Company for adoption; and • interested person transactions (as defined in Chapter 9 of the SGX‑ST Listing Manual). The Audit Committee has full access to management and is given the resources required for it to discharge its functions. It has full authority and the discretion to invite any director or executive officer to attend its meetings. The Audit Committee also recommends the appointment of the external auditors and reviews the level of audit and non-audit fees. The Audit Committee is satisfied with the independence and objectivity of the external auditors. DIRECTORS’ STATEMENT
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