Remuneration, allowance, reward etc. of directors

Remuneration, allowance, reward etc. of directors

(1) The meeting allowance to be receivable by the directors for attending a meeting, their monthly remuneration, daily allowance and traveling allowance or other facilities shall be as determined by the general meeting.

(2) The general meeting of any company may, by adopting a special resolution, grant a reward in a sum not exceeding three percent of the net profits after payment of income tax to the directors who work full time for the company so as to encourage them.

             Provided, however, that where, on final assessment of tax under the prevailing law, the company has to pay additional income tax, the company shall recover the amount of such additional tax from the directors, who have received such reward, on a proportional basis up to the extent of the amount of reward received by them.

(3) Pending the holding of the first annual general meeting, the board of directors may determine the remuneration and facilities of the managing director or other directors who work full time for the company.

(4) Except where the general meeting of a listed company so permits, in the event that any director of a listed company is retired from or relieves of his/her office, the company shall not make any kind of payment as compensation for such relief or retirement.