Annual Report 2019

178 CHINA MERCHANTS PORT HOLDINGS COMPANY LIMITED Notes to the Consolidated Financial Statements For the year ended 31 December 2019 10. DIRECTORS’ EMOLUMENTS (CONTINUED) Notes: (i) Bonus is recommended by the Remuneration Committee and is approved by the Board of Directors, having regard to the Group’s operating results, individual performance and comparable market statistics. (ii) Mr. Fu Gangfeng was appointed as the Chairman of the Board of Directors and as an executive director of the Company on 20 March 2018 and resigned as the Chairman of the Board of Directors and as an executive director of the Company on 13 February 2020. (iii) Mr. Wang Hong and Ms. Shi Wei resigned as executive directors of the Company and Mr. Xiong Xianliang was appointed as an executive director of the Company on 4 June 2018. (iv) Mr. Bai Jingtao is the Managing Director of the Board of Directors of the Company. (v) Mr. Ge Lefu was appointed as an executive director of the Company on 5 June 2019. (vi) Mr. Li Xiaopeng resigned as the Chairman of the Board of Directors and an executive director of the Company on 11 January 2018. (vii) Mr. Hu Jianhua resigned as an executive director and the Vice Chairman of the Board of Directors on 30 November 2018. (viii) Mr. Li Kwok Heem John resigned as an independent non-executive director and member of all committees of the Company on 5 June 2019. (ix) Mr. Deng Renjie was appointed as the Chairman of the Board of Directors and as an executive director of the Company on 13 February 2020. (x) There was no arrangement under which a director agreed to waive any remuneration during the year. No remuneration or director's fee from the Company were paid to the executive directors who had not entered into employment contract with the Company. 11. EMPLOYEES’ EMOLUMENTS (a) Emoluments of senior management Of the ten (2018: eleven) senior management of the Company for the year ended 31 December 2019, four (2018: three) of them are directors of the Company and their remuneration has been disclosed in note 10. The total emoluments of the remaining six (2018: eight) senior management is as follows: 2019 2018 HK$’million HK$’million Salaries, other allowances and benefit-in-kinds 9 7 Performance related incentive payments 9 6 18 13 The emoluments fell within the following bands: Number of senior management 2019 2018 Below HK$1,500,000 — 2 HK$1,500,001 - HK$2,000,000 1 4 HK$2,000,001 - HK$2,500,000 — 2 HK$2,500,001 - HK$3,000,000 1 — Above HK$3,000,000 4 — 6 8