Page 57 - Annual Report 2021

competent in accounting and/or policies and frameworks for HR across the KPI on a quarterly basis and
auditing. In addition, members shall the Group. recommend management’s
also possess a range of relevant remuneration proposal for Board
industry experience and expertise The key role of the NRC encompasses approval, including confirmation,
necessary to meet the Committee’s two primary areas of focus, namely contract renewal, bonuses, incentive
responsibilities. Nomination and Remuneration. payments, and annual increment.
• If a member is unable to attend due • Assist the Board in review and
to absence, illness or any other nomination recommendation of remuneration
cause, the Committee’s Chairman policies and general framework for
may appoint anotherdirector of the • Evaluate the knowledge, skills, HR across the Group.
Company to serve as an alternate experience, and diversity and
member. In such instances, due propose effective, balanced Board chairperson
consideration is to be given in structures for UMH and its • The Chair of the NRC shall be
maintaining the consistency of subsidiaries. appointed by the Board of UMH
selection to only independent non- • Review and identify potential from within the Non-Executive
executive members. candidates for appointment as
Directors, including preparing the Board membership.
portfolio of the capabilities required • In the absence of the Chair of the
term of appointment
and role for a particular appointment. NRC or a duly appointed deputy,
• The duration of appointments to the • Conduct yearly performance review the “Chairman of the day” shall be
appointed from within the existing
ARC of Non-Executive members of the Boards with the Chairman membership.
shall be for up to three (3) years of the UMH Board to plan board
which the Board may extend for an effectiveness, developmental needs, Membership
additional maximum period of up to succession planning, including
two (2) years. meeting regulatory needs and • The membership of the NRC shall
compliance. comprise of two Directors, all of
nOMinatiOn anD rEMunEratiOn • Provide assessment/recommendation whom shall be Non-Executive
cOMMittEE reports of proposed appointments Directors.
The Nomination and Remuneration and regular reports to the Board on • Members are determined by the
Committee (NRC) has been activities of subsidiary Boards. Board and may be removed from
established with its primary purpose • Engage in ad hoc tasks as specifically the Committee at its discretion.
is to assist the Board in ensuring that decided and directed by the Board • The Board shall review the
the Board and Executive Committees of Directors. membership of the Committee on
across the Group maintain the desired • Exercise oversight on all senior an annual basis.
structure and possess the right skills appointments across the Group and
set to support planned strategic tasked to monitor succession term of appointment
objectives of UMH and its subsidiaries. planning of strategic positions.
• The duration of appointments to the
remuneration NRC of Non-Executive members
The NRC is an extension of the UMH shall be for up to three (3) years
Board with oversight responsibility for • Determine the appropriate which the Board may extend for an
review and assessment, determination, remuneration package of the UMH additional maximum period of up to
and implementation of remuneration Board, its subsidiaries, and senior two (2) years.
provisions to facilitate profiled management across the Group.
strategic recruitment, motivation, and • Review and recommend appropriate cOMMunicatiOn WitH
retention of senior management across directors’ fees and allowances for staKEHOlDErs
the Group. board attendance and committee The Board recognises the importance
meetings across the Group. of ensuring that its stakeholders
The NRC oversees arrangements • Review and assessment of the are well informed and updated
and review of all Boards and senior compensation package of the on the Group’s developments.
appointment nominations and management based on their actual The Group discloses bi-monthly
succession planning. performance, for example, bonus updates on its business activities,
and other monetary incentives. including its financial performance
The NRC reviews and makes • Evaluating the performance of UMH and developments pertaining to the
recommendations on remuneration and its subsidiaries with respect to execution of its Business Plan.

Annual Report 2021 57