Del Monte Pacific cites personal security reasons for not disclosing remuneration
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GLOBAL food and beverage company Del Monte Pacific chose not to disclose the remuneration of its directors and top management due to “personal security reasons”, and confidentiality and commercial sensitivity within both the industry and group itself.
The company said this on Monday (Aug 21) in response to Singapore Exchange Regulation (SGX RegCo), which had queried about its missing board diversity and remuneration policies in its latest annual report.
SGX RegCo had noted that its 2018 Code of Corporate Governance required such disclosures.
But the mainboard-listed group said its board believes that it is in the company’s best interest not to make the disclosures “given the confidentiality and commercial sensitivity attached to remuneration matters and for personal security reasons”.
The company said the annual report had given a “detailed account” of its remuneration policies, and explained how the company decided on the level and mix of remuneration, and the procedure for setting remuneration, among others.
Turning to address board diversity, the company said its directors have “diverse functional experience, skills and expertise”, but will endeavour to “further enhance diversity” to meet its needs in a changing business environment.
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Specifically, it will be taking steps to reorganise its board by its annual general meeting in August next year, to meet regulatory and compliance requirements.
To this end, the company will enlist the help of consultants, business networks and the Singapore Institute of Directors to do so, the group pointed out.
The reorganisation seeks to identify and nominate directors with the requisite experience, expertise, skills and attributes that would balance and complement those of the incumbent non-independent directors, it also said.
Shares of Del Monte Pacific closed up 2 per cent at S$0.152 on Monday.
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