Singapore Exchange Limited
and its subsidiaries
Registration Number: 199904940D
Financial Statements
For the financial year ended 30 June 2023
KPMG LLP (Registration No. T08LL1267L), an accounting limited liability partnership registered in Singapore under the Limited Liability Partnerships Act 2005 and a member firm of the KPMG global organization of independent member firms affiliated with KPMG International Limited, a private English company limited by guarantee.
Singapore Exchange Limited and its subsidiaries
Directors' statement
For the financial year ended 30 June 2023
Directors' statement
The directors present their statement to the shareholders together with the audited financial statements of Singapore Exchange Limited ("the Company" or "SGX") and its subsidiaries ("the Group") for the financial year ended 30 June 2023.
In the opinion of the directors,
- the financial statements set out on pages FS1 to FS123 are drawn up so as to give a true and fair view of the financial position of the Group and of the Company as at 30 June 2023 and the financial performance, changes in equity of the Group and of the Company, and the cash flows of the Group for the financial year ended on that date; and
- at the date of this statement, there are reasonable grounds to believe that the Company will be able to pay its debts as and when they fall due.
Directors
The directors in office at the date of this statement are as follows:
Mr Koh Boon Hwee | (Appointed as Chairman on 1 January 2023) |
Mr Loh Boon Chye | (Chief Executive Officer) |
Dr Beh Swan Gin | |
Ms Chew Gek Khim | |
Ms Julie Gao | (Appointed on 1 May 2023) |
Mr Lim Chin Hu | |
Ms Lim Sok Hui (Mrs Chng Sok Hui) | |
Ms Lin Huey Ru | (Appointed on 1 May 2023) |
Mr Mark Makepeace | |
Professor Subra Suresh | |
Mr Samuel Tsien | |
Mr Yeoh Oon Jin |
Arrangements to enable directors to acquire shares and debentures
Neither at the end of, nor at any time during the financial year, was the Company a party to any arrangement whose object was to enable the directors of the Company to acquire benefits by means of an acquisition of shares in, or debentures of, the Company or any other body corporate, other than as disclosed under "Share plans" in this statement.
2
Singapore Exchange Limited and its subsidiaries
Directors' statement
For the financial year ended 30 June 2023
Directors' interests in shares or debentures
- According to the register of directors' shareholdings, none of the directors holding office at the end of the financial year had any interest in the shares or debentures of the Company or its related corporations, except as follows:
Number of ordinary shares | Number of ordinary shares in | |||
registered in name of | which director is deemed | |||
director or nominee | to have an interest | |||
At | At | At | At | |
30.06.2023 | 01.07.2022 | 30.06.2023 | 01.07.2022 | |
Singapore Exchange | ||||
Limited | ||||
Mr Loh Boon Chye | - | 762,799 | 1,121,199 | - |
Mr Lim Chin Hu | 45,982 | 43,835 | - | - |
Ms Chew Gek Khim | 10,982 | 8,835 | - | - |
Professor Subra Suresh | 8,405 | 6,258 | - | - |
Mr Mark Makepeace | 4,099 | 1,952 | - | - |
Mr Yeoh Oon Jin | 2,147 | - | - | - |
- According to the register of directors' shareholdings,
- five non-executive directors holding office at the end of the financial year had interests in the shares of the Company granted pursuant to the SGX Restricted Share Plan; and
- one executive director holding office at the end of the financial year had interests in the shares of the Company granted pursuant to the SGX Performance Share Plan; and the SGX Deferred Long-Term Incentives Scheme as set out below:
Subject to the terms and conditions of the SGX Performance Share Plan and SGX Deferred Long-Term Incentives Scheme, 910,501 shares granted to Loh Boon Chye will vest between 1 September 2023 and 1 September 2026.
- There was no change in any of the abovementioned interests in the Company or in related corporations between the end of the financial year and 21 July 2023.
Share plans
The Company offers the following share plans administered by the Remuneration & Staff Development Committee ("RSDC"):
- SGX Performance Share Plan;
- SGX Deferred Long-Term Incentives Scheme; and
- SGX Restricted Share Plan.
3
Singapore Exchange Limited and its subsidiaries
Directors' statement
For the financial year ended 30 June 2023
Share plans (continued)
(a) SGX Performance Share Plan
The current SGX Performance Share Plan ("SGX PSP 2015") was adopted at the annual general meeting of the Company held on 23 September 2015. Through the SGX PSP 2015, SGX will be able to recognise and reward past contributions and services, and motivate the plan participants to continue to strive for SGX's long term success. In addition, the SGX PSP 2015 aims to foster an ownership culture which aligns the interest of employees with the interest of shareholders.
Eligibility
Selected members of senior management who have attained the rank of Executive Director1 and above are eligible to be considered for the award under SGX PSP 2015.
Fully paid SGX shares, their equivalent cash value or combinations thereof will be awarded and vest, free of charge, provided that certain prescribed performance targets are met and upon expiry of the prescribed vesting period(s). The amount released, if in the form of cash, is based on the market value of such shares on vesting date.
Unless otherwise decided by the RSDC, the entitlement to this award is conditional on the participant remaining in service up to the specified vesting date.
Restrictions
The total number of new SGX shares which may be issued pursuant to awards granted under SGX PSP 2015 on any date, when added to the total number of new shares issued and issuable in respect of all awards granted, shall not exceed 10% of SGX's issued share capital on the day preceding the relevant date of award.
For grants under SGX PSP 2015, the vesting period is four years and any shares that have been released to the participants are not subject to a retention period.
Share grant and vesting
The RSDC approves all grants and has absolute discretion in the granting and award of performance shares.
1 Senior Vice President has been renamed to Executive Director from 1 July 2022.
4
Singapore Exchange Limited and its subsidiaries
Directors' statement
For the financial year ended 30 June 2023
Share plans (continued)
- SGX Performance Share Plan (continued) Share grant and vesting(continued)
- FY2019 Grant under SGX PSP 2015
The number of SGX shares to be awarded to each participant was based on the achievement of prescribed performance targets over a three-year performance period from 1 July 2018 to 30 June 2021. The performance shares vested on 1 September 2022 and were fulfilled by delivery of the shares previously purchased from the market.
The details of shares granted to the participants are as follows:
Additional | Shares | ||||
shares from | vested | ||||
Shares | Balance | higher | during the | Balance | |
Participants (as defined under | granted at | as at | achievement | financial | as at |
SGX Performance Share Plan) | grant date(1) | 01.07.2022 | level | year | 30.06.2023 |
EMCO members | |||||
Mr Loh Boon Chye(2) | 152,900 | 152,900 | 54,600 | (207,500) | - |
Mr Tan Boon Gin(2) | 42,600 | 42,600 | 15,200 | (57,800) | - |
Mr Syn Hsien-Min Michael(2) | 41,200 | 41,200 | 14,700 | (55,900) | - |
Ms Agnes Koh | 24,800 | 24,800 | 8,900 | (33,700) | - |
Ms Tinku Gupta | 24,800 | 24,800 | 8,900 | (33,700) | - |
Mr Arulraj Maria Devadoss | 17,400 | 17,400 | 6,200 | (23,600) | - |
Other recipients | |||||
Mr Muthukrishnan Ramaswami(2)(3) | 62,500 | 62,500 | 22,300 | (84,800) | - |
Mr Chew Sutat(2)(4) | 48,000 | 48,000 | 17,100 | (65,100) | - |
Others | 282,300 | 240,000 | 86,000 | (326,000) | - |
696,500 | 654,200 | 233,900 | (888,100) | - |
- The shares to be awarded at the vesting date may range from 0% to 150% of the grant, depending on the level of achievement against the performance conditions. The achievement level for FY2019 grant is at 135.7%, hence the number of shares vested exceeds the number of shares granted.
- Received more than 5% of the shares granted.
- Mr Muthukrishnan Ramaswami retired as SGX's President and his last day of service was 30 September 2019. As approved by the RSDC, he will continue to be eligible to receive the grant at the vesting date, subject to the level of achievement against the performance conditions.
- Mr Chew Sutat retired as SGX's Head of Global Sales & Origination and his last day of service was 31 July 2021. As approved by the RSDC, he will continue to be eligible to receive the grant at the vesting date, subject to the level of achievement against the performance conditions.
5
Attachments
- Original Link
- Original Document
- Permalink
Disclaimer
SGX - Singapore Exchange Limited published this content on 17 August 2023 and is solely responsible for the information contained therein. Distributed by Public, unedited and unaltered, on 17 August 2023 00:09:03 UTC.