The Bank of East Asia, Limited (the “Bank”) has issued its latest Terms of Reference for the Remuneration Committee, detailing guidelines for overseeing remuneration policies and practices for Directors, members of Senior Management, and Key Personnel across the Bank Group. According to the announcement, the Committee will be composed primarily of Non-executive Directors, with a majority serving as Independent Non-executive Directors. Its responsibilities will include making recommendations to the Board on remuneration structures, aligning pay with performance, and ensuring compliance with relevant regulatory requirements and market practices. The Committee is also tasked with reviewing remuneration packages, internal remuneration systems, and culture enhancement initiatives, as well as approving any compensation arrangements associated with Directors’ or key executives’ departure.

The document indicates that the Remuneration Committee must meet at least once a year. It will collaborate closely with other Board Committees, including Risk and Audit Committees, for a holistic approach to governance. The Bank’s reporting procedures require the Secretary to present minutes of Committee meetings to all members of the Board, and disclosures on the Remuneration Committee’s activities will be included in the Corporate Governance Report of the Annual Report. The Bank will also submit information to the Hong Kong Monetary Authority in accordance with applicable guidelines and regulations. The Terms of Reference are subject to annual review to ensure their ongoing relevance and effectiveness.