MISC Annual Report 2018

NOTES TO THE FINANCIAL STATEMENTS NOTES TO THE FINANCIAL STATEMENTS HIGHLIGHTS OF THE YEAR OUR BUSINESS OUR LEADERSHIP OUR PERFORMANCE OUR COMMITMENT TO SUSTAINABILITY OUR GOVERNANCE FINANCIAL STATEMENTS OTHER INFORMATION 50 TH ANNUAL GENERAL MEETING 261 MISC BERHAD ANNUAL REPORT 2018 260 5. PROFIT BEFORE TAXATION (CONT'D.) (a) Impairment provisions Group Corporation 2018 RM'000 2017 RM'000 2018 RM'000 2017 RM'000 Ships and offshore floating assets (Note 13) 75,222 642,298 49,802 227,431 Non-current assets held for sale written down (Note 25) 23,814 42,514 - - Investments in subsidiaries (Note 16) - - 41,789 129,452 Other investments - 2,681 - 2,681 99,036 687,493 91,591 359,564 6. STAFF COSTS Group Corporation 2018 RM'000 2017 RM'000 2018 RM'000 2017 RM'000 Wages, salaries and bonuses 1,267,753 926,867 114,458 185,633 Contributions to defined contribution plans 82,957 64,028 15,034 18,228 Social security costs 7,465 3,828 458 370 Other staff related expenses 210,224 138,240 20,307 35,077 1,568,399 1,132,963 150,257 239,308 Included in staff costs of the Group and of the Corporation are executive director's remuneration amounting to RM2,452,000 (2017: RM2,328,000) respectively as further disclosed in Note 7. 7. DIRECTORS' REMUNERATION The details of remuneration receivable by directors of the Corporation during the financial year are as follows: Group Corporation 2018 RM'000 2017 RM'000 2018 RM'000 2017 RM'000 Executive: Salaries and other emoluments 1,539 1,450 1,539 1,450 Bonus 313 311 313 311 Defined contribution plans 600 567 600 567 Total executive directors' remuneration (excluding benefits-in-kind) 2,452 2,328 2,452 2,328 Estimated money value of benefits-in-kind 32 117 32 117 Total executive directors' remuneration (including benefits-in-kind) 2,484 2,445 2,484 2,445 Non-executive directors' remuneration: Fees 993 630 993 630 Fees from subsidiaries 518 644 - - Total non-executive directors' remuneration (Note 5) 1,511 1,274 993 630 Total directors' remuneration including benefits-in-kind (Note 33(g)) 3,995 3,719 3,477 3,075 The number of directors of the Corporation whose total remuneration during the financial year fell within the following bands is analysed below: Number of directors 2018 2017 Executive director: RM2,450,001 - RM2,500,000 1 1 Non-executive directors*: RM50,001 - RM100,000 1 - RM100,001 - RM150,000 - 4 RM150,001 - RM200,000 1 - RM200,001 - RM250,000 1 - RM250,001 - RM300,000 1 1 RM550,001 - RM600,000 - 1 RM700,001 - RM750,000 1 - 5 6 * Excludes the directors of the Corporation whose fees are paid directly by the immediate holding company of the Corporation, PETRONAS.