31. DIVIDENDSGroup and Company2018 2017RM RM In respect of financial year ended 31 December 2018: First interim single tier dividend of 2.0 sen per ordinary share, paid on 28 September 20189,556,095–In respect of financial year ended 31 December 2017: First interim single tier dividend of 1.5 sen per ordinary share, paid on 13 October 2017–7,168,769Second interim single tier dividend of 1.0 sen per ordinary share, paid on 27 December 2017–4,779,1779,556,095 11,947,946On 18 February 2019, the Board of Directors declared a special single-tier dividend of 2.0 sen per ordinary share, amounting to RM9,556,095 in respect of the financial year ended 31 December 2018. The dividend was paid on 29 March 2019 to shareholders at the close of business on 6 March 2019. The dividend will be accounted for in equity as an appropriation of retained earnings in the financial year ending 31 December 2019.The Directors do not recommend the payment of any final dividend in respect of the financial year ended 31 December 2018.32. EMPLOYEE BENEFITSGroup2018 2017RM RMSalaries, wages and bonuses 60,443,065 50,968,319Defined contribution plan 3,320,326 2,635,089Social security contribution 481,992 425,985Defined benefit plan 175,515 285,013Other benefits 5,641,472 4,319,47570,062,370 58,633,881Included in the employee benefits of the Group are Executive Directors’ remuneration amounting to RM17,660,334 (2017: RM14,096,497).
GUAN CHONG BERHAD / ANNUAL REPORT 2018114NOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 2018(CONT’D)33. DIRECTORS’ REMUNERATION Group Company2018 2017 2018 2017RM RM RM RMExecutive Directors of the Company: - Fees450,000450,000––- Other emoluments14,827,26211,800,584––15,277,26212,250,584––Estimated money value of benefits-in-kind57,36754,650––15,334,62912,305,234––Executive Directors of the subsidiaries:2,833,0722,295,913––Estimated money value of benefits-in-kind15,65828,000––2,848,7302,323,913––Total Executive Directors’ remuneration18,183,35914,629,147––Non- Executive Directors of the Company: - Fees 165,750 146,250 165,750 146,250- Other emoluments 9,000 9,000 9,000 9,000174,750 155,250 174,750 155,250Total Directors’ remuneration including benefits-in-kind 18,358,109 14,784,397 174,750 155,25034. CONTINGENT LIABILITIESCompany2018 2017RM RMCorporate guarantees – unsecured Issued to banks for banking facilities granted to subsidiaries - limit of guarantee 1,712,046,640 1,325,785,500- amount utilised (610,243,577) (823,617,878)The Directors are of the view that the chances of the financial institutions to call upon the corporate guarantees are remote. Accordingly, the fair values of the above corporate guarantees given to subsidiaries for banking facilities are negligible.
GUAN CHONG BERHAD / ANNUAL REPORT 2018115NOTES TO THE FINANCIAL STATEMENTS31 DECEMBER 2018(CONT’D)35. RELATED PARTY DISCLOSURES(a) Identities of related parties Parties are considered to be related to the Group if the Group has the ability, directly or indirectly, to control the party or exercise significant influence over the party in making financial and operatingdecisions, or vice versa, or where the Group and the party are subject to common control or common significant influence. Related parties could be individuals or other entities.
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