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DIRECTORS’ STATEMENT
For the financial year ended 31 December 2017
DIRECTORS’ INTERESTS IN SHARES OR DEBENTURES (continued)
None of the directors holding office at the end of the financial year had any direct or deemed interests in the 4.0% Class M
non-cumulative non-convertible preference shares of the Bank. The 4.0% Class M non-cumulative non-convertible preference
shares were fully redeemed by the Bank on 17 January 2018.
Save as disclosed above, no director holding office at the end of the financial year had any interest in shares in, or debentures of,
the Bank or any of its related corporations either at the beginning of the financial year, date of appointment, or at the end of the
financial year.
There were no changes to any of the above mentioned interests between the end of the financial year and 21 January 2018.
SHARE-BASED COMPENSATION PLANS
The Bank’s share-based compensation plans are administered by the Remuneration Committee, which comprises:
Wee Joo Yeow, Chairman
Christina Hon Kwee Fong (Christina Ong)
Ooi Sang Kuang
Quah Wee Ghee
Tan Ngiap Joo
Under the share-based compensation plans, no options or rights have been granted to controlling shareholders of the Bank or their
associates, nor has any participant received 5% or more of the total number of options or rights available under each respective scheme
or plan during the financial year. No options or rights were granted at a discount during the financial year. The persons to whom the
options or rights were issued have no right by virtue of these options or rights to participate in any share issue of any other company.
The disclosure requirement in Rule 852(1)(c) of the SGX Listing Manual relating to the grant of options to directors and employees of the
parent company and its subsidiaries is not applicable to the Bank’s share-based compensation plans.
The Bank’s share-based compensation plans are as follows:
(a) OCBC Share Option Scheme 2001
The OCBC Share Option Scheme 2001 (“2001 Scheme”), which was implemented in 2001, was extended for another 10 years from
2011 to 2021, with the approval of shareholders. Executives of the Group ranked Manager and above and non-executive directors
of the Group are eligible to participate in this scheme. The Bank will either issue new shares or transfer treasury shares to the
participants upon the exercise of their options.
Particulars of Options 2007, 2007A, 2007B, 2008, 2009, 2010, 2011, 2012, 2012NED, 2013, 2013NED, 2014, 2014GK, 2015,
2015CT, 2015JL, 2016 and 2016A were set out in the Directors’ Reports/Directors’ Statements for the financial years ended
31 December 2007 to 2016.
During the financial year, pursuant to the 2001 Scheme, options to acquire 9,562,392 ordinary shares at S$9.598 per ordinary share
were granted to 231 eligible executives of the Group (“2017 Options”). The acquisition price was equal to the average of the last
traded price of the ordinary shares of the Bank on the Singapore Exchange over the five consecutive trading days immediately
prior to the date of grant. In addition, options to acquire 18,943 ordinary shares at S$11.378 per ordinary share and 5,673 ordinary
shares at S$12.316 were also granted to two senior executives of the Bank during the financial year (“2017SL” and “2017DM”).
The acquisition price was equal to the average of the last traded price of the ordinary shares of the Bank on the Singapore Exchange
over the five consecutive trading days immediately prior to the respective dates of grant.
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OCBC ANNUAL REPORT 2017