MISC Integrated Annual Report 2020

33. RELATED PARTY DISCLOSURES (CONT’D.) (g) Compensation of key management personnel (“KMP”) (cont’d.) The remuneration of directors and other members of key management during the financial year were as follows: Group Corporation 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Directors Directors’ remuneration (Note 7) 4,924 4,617 4,370 4,089 Other key management personnel Salaries and benefits 29,816 26,599 10,658 8,057 Defined contribution plans 3,225 2,618 2,269 1,839 33,041 29,217 12,927 9,896 Total compensation of KMP 37,965 33,834 17,297 13,985 34. COMMITMENTS (a) Capital commitments Group Corporation 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Capital expenditure Approved and contracted for: Ships, offshore floating assets and other property, plant and equipment 6,630,173 4,102,834 3,029,744 1,654,503 Information and communication technology 7,298 9,857 4,352 7,359 Share of capital commitments of a joint venture – 115,795 – – 6,637,471 4,228,486 3,034,096 1,661,862 (b) Operating lease commitments - Group and Corporation as lessor Group Corporation 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Future minimum rentals receivable: Not later than 1 year 3,385,275 3,262,255 837,299 883,291 Later than 1 year and not later than 5 years 10,412,559 9,837,459 2,545,628 2,580,322 Later than 5 years 9,274,854 9,973,111 3,998,741 4,750,789 23,072,688 23,072,825 7,381,668 8,214,402 Operating lease income represent long-term lease arrangements with related and third parties for charter out of ships and offshore floating assets. 35. CONTINGENT LIABILITIES Group Corporation 2020 2019 2020 2019 RM’000 RM’000 RM’000 RM’000 Secured Bank guarantee extended to a third party 386 199 – – Unsecured Performance bond on contract and bank guarantees extended to third parties 362,105 411,271 1,238 2,513 The Corporation no longer discloses the corporate guarantees given to banks for credit facilities granted to subsidiaries as these would instead be accounted as financial liabilities if considered likely to crystalise. 36. SEGMENT INFORMATION (a) Business segments The operating segments of the Group are as follows: (i) LNG Asset Solutions - provision of liquefied natural gas (“LNG”) carrier services; (ii) Petroleum & Product Shipping - provision of petroleum tanker and chemical tanker services; (iii) Offshore Business - own, lease, operation and maintenance of offshore, floating, production and offloading terminals; (iv) Marine & Heavy Engineering - marine repair, marine conversion and engineering and construction works; and (v) Others - Integrated marine services, port & terminal services, maritime education & training and other diversified businesses. Transfer prices between business segments are set on an arm’s length basis in a manner similar to transactions with third parties. Segment revenue, expenses and results include transfers between business segments. These transfers are eliminated on consolidation. 31 December 2020 NOTES TO THE FINANCIAL STATEMENTS 31 December 2020 NOTES TO THE FINANCIAL STATEMENTS 10 424 10 425 /// Leadership / Governance / Financial Statements / Additional Information / Annual General Meeting ////// /// Leadership / Governance / Financial Statements / Additional Information / Annual General Meeting ////// Section Section MISC Berhad / Integrated Annual Report 2020 MISC Berhad / Integrated Annual Report 2020