Kingsmen Creatives

[weijian]

I have read through (most of) Kingsmen’s Annual Report today, in advance of the coming AGM. One thing I found striking was the proposed 28% (repeat: Twenty-Eight Percent) y-o-y increase in Directors Fees. And I could not find any substantiation in the AR. To my mind, a Company which has again failed to pay its shareholders a dividend should NOT even be thinking about an increase in Directors Fees, let alone a 28% increase. Most other Singapore listed companies I’m vested in are keeping their Directors Fees flat this year, even if dividend levels have been raised.

i would have expected Kingsmen’s Board of Directors to recall that Shareholders previously expressed their displeasure at a proposed (unjustified) remuneration measure, by robustly rejecting it at the AGM two years ago. It appears the lesson has not been learnt. If Kingsmen resumes Dividend pay-outs then Shareholders may be more acquiescent to incremental increases in Senior Management and Board remuneration levels. But until then, I suggest this kind of proposal is entirely counter-productive and disrespectful towards long-suffering shareholders. Even if its due to an (ill-timed) Board Expansion, i’ll be voting against.

Vested, for some time.

The Directors’ fees of S$263,603 for FY2021 are higher compared to the corresponding amount of S$205,750 for the financial year ended 31 December 2020 (“FY2020”), as in FY2020, the Executive Directors and Independent Directors had voluntarily taken a 30% and 15% reduction in their Directors’ fees respectively. There were no such reductions in FY2021.

QUESTIONS FROM SHAREHOLDERS IN RELATION TO THE 2021 ANNUAL REPORT
https://links.sgx.com/FileOpen/KingsmenR...eID=712966