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SINGAPORE: Public transport operator SBS Transit has frozen salaries and cut bonuses of its senior staff in light of the economic crisis.
Speaking to shareholders during SBS Transit's Annual General Meeting on Monday, chairman Lim Jit Poh said the management has been monitoring and cutting costs where necessary, as well as controlling all receivables.
Senior staff have also been advised to freeze all capital expenditures unless they are critical.
Mr Lim said the board has decided to keep directors' fees for 2008 at the same level as the previous year, even though there is a case for an upward revision in the light of added responsibilities and duties.
SBS Transit will also remove the general mandate to issue shares of up to 50 per cent from this year's AGM in response to the changing business environment and investors' expectations.
The operator assured that it is financially sound and that it is comfortable with its management practices and pursuits.
- CNA/ir
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