MISC Annual Report 2019

5. PROFIT BEFORE TAXATION (CONT’D.) (a) Impairment provisions Group Corporation 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Ships and offshore floating assets (Note 13) 154,949 75,222 8,582 49,802 Right-of-use assets (Note 13) 40,386 – – – Loss on termination of contracts 19,608 – – – Non-current assets held for sale written down (Note 24) – 23,814 – – Investments in subsidiaries (Note 16) – – 92,825 41,789 214,943 99,036 101,407 91,591 6. STAFF COSTS Group Corporation 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Wages, salaries and bonuses 1,434,880 1,310,278 202,621 114,458 Contributions to defined contribution plans 87,289 82,957 16,594 15,034 Social security costs 7,890 7,465 498 458 Other staff related expenses 235,102 210,224 24,201 20,307 1,765,161 1,610,924 243,914 150,257 Included in staff costs of the Group and of the Corporation are executive director’s remuneration amounting to RM2,778,000 (2018: RM2,452,000) 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 2019 2018 2019 2018 RM’000 RM’000 RM’000 RM’000 Executive: Salaries and other emoluments 1,587 1,539 1,587 1,539 Bonus 535 313 535 313 Defined contribution plans 656 600 656 600 Total executive directors’ remuneration (excluding benefits-in-kind) 2,778 2,452 2,778 2,452 Estimated money value of benefits-in-kind 272 32 272 32 Total executive directors’ remuneration (including benefits-in-kind) 3,050 2,484 3,050 2,484 Non-executive directors’ remuneration: Fees 1,039 993 1,039 993 Fees from subsidiaries 528 518 – – Total non-executive directors’ remuneration (Note 5) 1,567 1,511 1,039 993 Total directors’ remuneration including benefits-in-kind (Note 32(g)) 4,617 3,995 4,089 3,477 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 2019 2018 Executive director: RM2,450,001 - RM2,500,000 – 1 RM3,000,001 - RM3,050,000 1 – Non-executive directors*: RM50,001 - RM100,000 – 1 RM150,001 - RM200,000 2 1 RM200,001 - RM250,000 1 1 RM250,001 - RM300,000 1 1 RM700,001 - RM750,000 1 1 5 5 * Excludes the directors of the Corporation whose fees are paid directly to the immediate holding company of the Corporation, PETRONAS. NOTES TO THE FINANCIAL STATEMENTS 31 December 2019 NOTES TO THE FINANCIAL STATEMENTS 31 December 2019 FINANCIAL STATEMENTS MISC BERHAD PEOPLE. PASSION. POSSIBILITIES ANNUAL REPORT 2019 284 285