Annual Report 2025 87 procedure for setting remuneration. These disclosures would enable Unitholders to understand the relationship between CLAR’s performance, value creation and the remuneration of the KMP. The Manager is of the view that the interests of Unitholders are not prejudiced by the abovementioned deviation from Provision 8.1(b) of the Code, as the remuneration of KMP is aligned to safeguard these interests. Key Management Personnel Remuneration Table for FY 2025 Salary Inclusive of Employer’s CPF Bonus Inclusive of Employer’s CPF1 Benefits-inkind Deferred Compensation Awards2 Total CEO William Tay Wee Leong S$499,536 33% S$478,912 32% S$29,808 2% S$505,537 33% S$1,513,793 100% Key Management Personnel (Excluding CEO) S$1,122,602 49% S$618,863 27% S$63,893 3% S$483,864 21% S$2,289,222 100% 1 Includes (a) the cash bonus earned under the FY 2025 Performance Bonus which was accrued in FY 2025; and (b) the first tranche of deferred Units to be granted pursuant to the RUP in FY 2026 as part of the FY 2025 Performance Bonus and vest over three equal annual tranches without further performance conditions with the first tranche vesting in the following month after the cash bonus payout. 2 Includes contingent Unit awards made during the year pursuant to the PUP which are subject to the achievement of pre-determined performance conditions and vesting period. Also includes, pursuant to the RUP, the second and third tranches of the deferred Units, to be granted in FY 2026 as part of the FY 2025 Performance Bonus which will vest over three equal annual tranches without further performance conditions, to be delivered in FY 2027 and FY 2028. Apart from the KMP and other employees of the Manager, the Manager outsources various other services to a wholly owned subsidiary of CLI (CLI Subsidiary). The CLI Subsidiary provides these services through its employees and employees of CLI Group (together, the Outsourced Personnel). This arrangement is to provide flexibility and maximise efficiency in resource management to match the needs of CLAR from time to time, as well as to leverage on economies of scale and tap on the management talent of an established corporate group which can offer enhanced depth and breadth of experience. Notwithstanding the outsourcing arrangement, the responsibility for due diligence, oversight and accountability continues to reside with the Board and Management. In this regard, the remuneration of such Outsourced Personnel, being employees of the CLI Subsidiary and CLI Group, is not included as part of the disclosure of remuneration of the KMP of the Manager in this Report. In FY 2025, there were no termination, retirement or postemployment benefits granted to Directors, the CEO and other KMP. There was also no special retirement plan, 'golden parachute' or special severance package for any KMP. There were also no employees of the Manager who were substantial shareholders of the Manager, substantial Unitholders of CLAR or immediate family members of a Director, the CEO, any substantial shareholder of the Manager or any substantial Unitholder of CLAR whose remuneration exceeds S$100,000 during the year. "Immediate family member" refers to the spouse, child, adopted child, stepchild, sibling or parent of the individual. Disclosures under AIFMR / AIFMD The Manager is required under the AIFMR / AIFMD to make quantitative disclosures of remuneration. Disclosures are provided in relation to (a) the staff of the Manager; (b) staff who are senior management; and (c) staff who have the ability to materially affect the risk profile of CLAR. All individuals included in the aggregated figures disclosed are rewarded in line with the Manager's remuneration policies described in this Report. The aggregate amount of remuneration awarded by the Manager to its staff (including CEO and non-executive Directors) in respect of FY 2025 was approximately S$13.14 million. This figure comprised fixed pay of S$8.05 million, variable pay of S$4.36 million (including Units issued under the Unit Plans, where applicable) and allowances and benefits-in-kind of S$0.73 million. There was a total of 66 beneficiaries of the remuneration described above. In respect of FY 2025, the aggregate amount of remuneration awarded by the Manager to its senior management (which are also members of staff whose actions have a material impact on the risk profile of CLAR) was approximately S$3.80 million, comprising 5 individuals, having considered, among others, their roles and decision-making powers.
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