NOTES TO THE FINANCIAL STATEMENTS
31 December 2014
(cont’d)
E X C E L F O R C E M S C B E R H A D • A N N U A L R E P O R T 2 0 1 4
91
30. RELATED PARTY DISCLOSURE
(a) Identities of related parties
Parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to
control the party or exercise significant influence over the party in making financial and operating
decisions, or vice versa, or where the Group and the party are subject to common control or common
significant influence. Related parties could be individuals or other entities.
The Company has controlling related party relationship with its direct subsidiaries.
Related parties of the Group include:
(i) Direct subsidiaries as disclosed in Note 11 to the financial statements; and
(ii) Keymanagement personnel who are defined as those persons having authority and responsibility
for planning, directing and controlling the activities of the Group either directly or indirectly. The
key management personnel include all the Directors of the Company, and certain members of
the senior management of the Group.
(b) Significant related party transactions
In addition to the transactions detailed elsewhere in the financial statements, the Company had the
following transactions with related parties during the financial year:
Company
2014
2013
RM
RM
Subsidiary, Insage (MSC) Sdn. Bhd.:
Cost of services received
330,120
37,710
Subsidiary, Capital Market Risk Advisor Sdn. Bhd.:
Cost of services received
287,903
15,000
The related party transactions described above were carried out based on negotiated terms and
conditions and mutually agreed with the related parties.
Information regarding outstanding balances arising from related party transactions as at 31 December
2014 is disclosed in Note 13 to the financial statements.
(c) Compensation of key management personnel
Key management personnel are those persons having the authority and responsibility for planning,
directing and controlling the activities of the entity, directly and indirectly, including any Director
(whether executive or otherwise) of the Group and the Company.
The remuneration of the Directors and other key management personnel during the financial year
were as follows:
Group
Company
2014
2013
2014
2013
RM
RM
RM
RM
Short term employee benefits
2,173,246
1,882,143
1,411,757
1,433,569
Contributions to defined
contribution plan
427,360
254,970
357,359
199,054
2,600,606
2,137,113
1,769,116
1,632,623
