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PSA International Pte Ltd Annual Report 2010

N otes to the Financial Statements

Year ended 31 December 2010

32

Commitments

As at the reporting dates, the Group has the following commitments:

Group

2010 $’000

2009 $’000

  • (i)

    Capital commitments which have been authorised and contracted but not provided for in the financial statements

  • (ii)

    Non-cancellable operating lease commitments payable: Within 1 year

After 1 year but within 5 years After 5 years

19,917

18,322

66,458

63,593

209,661

226,829

250,424

446,466

The Group leases a number of office premises under operating leases. The leases run over various periods with some leases containing an option to renew the lease after that date. Lease terms are reviewed at renewal of leases.

33

Related parties

Key management personnel compensation

Key management personnel of the Group are those persons having authority and responsibility for planning, directing and controlling the activities of the Group. The Board of Directors and Senior Management Council of the Company are considered as key management personnel of the Group.

Key management personnel compensation comprises:

Group

2010 $’000

2009 $’000

Directors’ fees Senior management council remuneration

*

1,378

1,463

11,517

12,185

12,895

13,648

  • *

    Comprises short-term employment benefits

97

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