DIRECTORS’ REPORT (CONT’D) DIRECTORS’ BENEFITS Since the end of the previous financial year, no director has received or become entitled to receive any benefit (other than directors’ remuneration as disclosed in the “Directors’ Remuneration” of this report) by reason of a contract made by the Company or a related corporation with the director or with a firm of which the director is a member, or with a company in which the director has a substantial financial interest except for any benefits which may be deemed to arise from transactions entered into in the ordinary course of business with companies in which certain directors have substantial financial interests as disclosed in Note 41 to the financial statements. Neither during nor at the end of the financial year was the Group or the Company a party to any arrangements whose object is to enable the directors to acquire benefits by means of the acquisition of shares in or debentures of the Company or any other body corporate. DIRECTORS’ REMUNERATION The details of the directors’ remuneration paid or payable to the directors of the Company during the financial year are as follows:- THE GROUP RM’000 THE COMPANY RM’000 Fees 2,269 374 Salaries, bonuses and other benefits 21,369 78 Defined contribution benefits 3,074 - Long-term employee benefits 480 - 27,192 452 The estimated monetary value of benefits-in-kind provided by the Group and the Company to the directors of the Company were RM176,000 and RM6,000 respectively. INDEMNITY AND INSURANCE COST The Company maintains a Directors’ and Officers’ Liability Insurance Policy on a group basis. During the financial year, the amount of indemnity coverage and insurance premium paid for the directors and certain officers of the Group were RM20,000,000 and RM23,500 respectively. SUBSIDIARIES The details of the Company’s subsidiaries are disclosed in Note 5 to the financial statements. SIGNIFICANT EVENT DURING THE FINANCIAL YEAR The significant event during the financial year are disclosed in Note 46 to the financial statements. INTEGRATED ANNUAL REPORT 2023 MATRIX CONCEPTS HOLDINGS BERHAD 135
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