Composition
During the financial year 2022/23, the Remuneration Committee of Expolanka Holdings PLC comprised of two Independent Non-Executive Directors who were appointed by the Board of Directors of the company. The composition of the Committee meets the requirement stipulated under the Listing Rule No. 7.10.5 of the Colombo Stock Exchange.
List of members of the committee are as below;
- Mr Harsha Amarasekara – Independent Non-Executive Director (Chairman)
- Mr Sanjay Kulatunga – Independent Non-Executive Director
A brief profile of the Directors are given in the section on Board of Directors of the Annual Report.
Scope of the Committee
The scope and the responsibilities of the Remuneration Committee include;
- To suggest recommendations to the Board of the Company on the remuneration structure of directors and senior management while maintaining a formal and transparent process in determining remuneration;
- To review and approve the management’s remuneration packages with reference to the Board’s corporate goals and objectives;
- To make recommendations to the Board on the remuneration packages of all executive directors and senior management including any compensation payable for loss or termination of their office or appointment;
- To ensure that the Group CEO’s performance is evaluated against pre agreed targets and goals that are in the best interest of the Company and the stakeholders;
- Consider other topics as defined by the Board;
MEETINGS
The Remuneration Committee of Expolanka meets as and when a need arises. The committee formally met once during the financial year under review, where both members were present. The attendance of the Remuneration Committee meeting is as below;
| 25 July 2022 | ||
| 1. | Mr Harsha Amarasekera |  |
| 2. | Mr Sanjay Kulatunga | |
Present – Excused
The Remuneration Committee reviewed the existing remuneration and benefits scheme of the executive leadership team which included variable pay schemes to further align with overall group strategies & objectives.
The committee further reviewed policies and compensation guidelines to ensure that fair and equitable remuneration structures were in place in line with global best practices.
Remuneration Policy
Remuneration policy of Expolanka Holdings PLC and its group companies has been designed to attract, motivate and retain the Executive team of the company by offering market competitive remuneration and benefit packages which will assist in achieving the objectives of the company. In order to ensure that the said objective is met, salaries and other benefits of the Executive team are reviewed periodically taking into account the performance of the individual and industry standards.
The remuneration packages are linked to the performance of the individuals which are aligned with the short- and long-term strategy of the company. The Committee will make every endeavour to ensure that the remuneration packages are adequate to attract and to retain the Executive Directors, CEO and the members of the senior management team. The Committee takes into account the diverse, multicultural workforce and the requirement that it brings, current macro-economic environment and the impact it has on employees as well as ensuring the organisation has in place an effective performance based pay schemes which benefit the long term strategy of the company.
The Remuneration Committee reviewed the existing remuneration and benefits scheme of the Executive team to ensure that it is in line with the company’s overall aims and objectives. Further, it also made certain that the policy is competitive, formal and transparent.
The Committee also discussed the Compensation Guidelines which are in place to confirm if they are fair & equitable remuneration packages while maintaining ethical and corporate governance standards of the Group. Furthermore, the existing remuneration and benefit packages of the Senior Management team were evaluated to ensure that it is competitive and transparent. Necessary changes have been suggested and implemented as and where necessary.
During the financial year under review, Rs. 78,591,566 was paid as remuneration for Executive Directors and Rs. 30,391,840 was paid as remuneration for Non-Executive Directors of Expolanka Holdings PLC.
No Director was involved in deciding his/her own remuneration package.
HARSHA AMARASEKERA
Chairman
Remuneration Committee
30 June 2023