| |
38. EMPLOYEE BENEFITS
| (a) |
Equity Compensation Benefits
|
| |
(i) |
Employee Share Options Plan
Share options are granted to directors and employees. As
at 1 January 2002, there were 37,262,564
outstanding options to subscribe for unissued ordinary shares
of S$1 each exercisable at any time during
the exercise periods. During the financial year, 17,615,000
share options were granted, 61,603 were
exercised to take up unissued shares of the company and 2,840,418
were cancelled.
The table below shows the outstanding share options and their
respective exercise periods as at 31
December 2002 :
|
| |
|
|
|
 |
 |
| |
|
|
|
|
|
|
13/04/98
|
S$1.00
|
13/04/99 |
12/04/03 |
575,307
|
| 08/10/98 |
S$1.00
|
08/10/99 |
07/10/03 |
805,522
|
| 13/04/99 |
S$1.00
|
13/04/00 |
12/04/04 |
1,183,714
|
| 01/10/99 |
S$2.05
|
01/10/00 |
30/09/04 |
1,077,500
|
| 03/05/00 |
S$1.52
|
03/05/01 |
02/05/10 |
2,472,500
|
| 19/10/00 |
S$1.37
|
19/10/01 |
18/10/10 |
10,974,000
|
| 26/03/01 |
S$1.30
|
26/03/02 |
25/03/11 |
862,000
|
| 19/10/01 |
S$1.00
|
19/10/02 |
18/10/11 |
16,430,000
|
| 18/10/02 |
S$1.00
|
18/10/02 |
17/10/12 |
13,275,000
|
| 07/11/02 |
S$1.00
|
07/11/02 |
06/11/12 |
4,000,000
|
| 19/12/02 |
S$1.00
|
19/12/02 |
18/12/12 |
320,000
|
| |
|
|
|
|
|
|
| |
|
|
Total
|
51,975,543
|
|
|
| |
|
|
|
|
|
| |
The total number of share options vested are as follows
: |
| |
|
| |
|
|
|
| |
| At 1 January |
18,758,564
|
5,511,751
|
| |
|
|
| At 31 December |
34,380,543
|
18,758,564
|
|
|
|
| |
|
|
| |
The table below shows the share options exercised during the financial
year :
|
| |
|
| S$1.13 |
20/03/98 |
19/03/02 |
12,755
|
| S$1.09 |
23/09/98 |
22/09/02 |
12,755
|
| S$1.00 |
08/10/99 |
07/10/03 |
36,093
|
|
|
| |
|
Total
|
61,603
|
|
|
| |
|
|
|
|
| |
| (ii) |
Performance Share Plan
Performance shares are awarded to directors and employees
for the financial year. From the date of
release of awards, 50% of the performance shares will be vested
after two years, and the remaining 50%
after three years. Details of performance shares released
to directors and employees are as follows :
|
|
| |
| Performance Shares |
|
|
|
|
| Performance period |
|
|
|
| From |
01/01/2001
|
01/01/2002
|
|
| To |
31/12/2001
|
31/12/2002
|
|
| |
|
|
|
Numbers of shares outstanding as at 1 January
2002
During the financial year |
1,900,000
|
—
|
1,900,000
|
| — Shares cancelled |
(200,000 )
|
—
|
(200,000 )
|
| |
|
|
|
|
|
| Outstanding balance as at 31 December 2002 |
1,700,000 *
|
—
|
1,700,000
|
|
|
| |
|
|
|
| * 50% of the performance shares
will be vested on 31 December 2003 and 50% on 31 December 2004. |
|
| |
|
|
| |
| (b) |
Post-employment Defined Benefit Plans
The Group has several defined benefit pension plans covering
eligible employees of certain subsidiaries.
The Group also shares the cost of its health care benefits
with eligible retired employees of certain
subsidiaries and recognises the cost of providing health care
and other benefits to retirees over the term of
employee service.
The following tables summarise the components of net benefit
expense recognised in the consolidated
income statement and the funded status and amounts recognised
in the consolidated balance sheet.
The amounts recognised in the income statement are as follows
:
|
|
| |
The Benefit Expense |
|
|
| |
|
| |
|
|
|
|
|
|
|
|
|
| Current service cost |
8,979 |
|
8,340 |
|
367 |
|
331 |
|
| Interest cost on benefit obligation |
12,822 |
|
13,273 |
|
868 |
|
889 |
|
| Expected return on plan assets |
(12,931) |
|
(15,433) |
|
— |
|
— |
|
| Net actuarial loss/(gain) recognised |
592 |
|
85 |
|
(283) |
|
(263) |
|
| Past service cost |
— |
|
113 |
|
(35) |
|
— |
|
| Curtailment gain |
— |
|
(43) |
|
— |
|
— |
|
|
|
| Net benefit expense |
9,462 |
|
6,335 |
|
917 |
|
957 |
|
|
|
| |
|
|
|
|
|
|
|
|
| Actual return on plan assets |
10,858 |
|
7,644 |
|
— |
|
— |
|
|
|
|
| |
|
| |
|
| |
|
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|
