Page 257 - Full Book_24.4.2021

NOTES TO THE
FINANCIAL STATEMENTS in retrospect

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for the financial year ended 31 december 2020 (continUed)
the Will to Suceed

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27 EMPLOYEE BENEFITS
Share-based payments arrangement of Syarikat Takaful Malaysia Keluarga Berhad
at the extraordinary General meeting of takaful malaysia, held on 24 July 2013, the shareholders approved the establishment achieving a leading repute
of a long term incentive Plan (“ltiP”), which comprises a restricted Share Plan (“rSP”) and a Performance Share Plan (“PSP”),
of not more than 10% of issued and paid-up share capital of Takaful Malaysia (excluding treasury shares) to eligible employees
and executive directors of takaful malaysia. the ltiP was effected on 25 July 2013 following the submission of the by-laws for |
the ltiP to bursa malaysia Securities berhad, the receipt of all required approvals and the compliance with the requirements
pertaining to the ltiP.
during the year, the number of the shares in takaful malaysia granted are as follows: Paving the Way for a Sustainable future
Number of
ordinary shares
2020 2019
(‘000) (’000)
performance shares
outstanding at 1 January 7,323 7,668 251
Granted during the year 1,820 2,750
vested during the year (3,641) (2,574)
forfeited during the year (529) (521)
adhering to the best Governance Practices
outstanding at 31 december 4,973 7,323

during the financial year, 3,640,789 shares (2019: 2,574,163 shares) in takaful malaysia were exercised.

there is no new PSP during the year and the shares granted are related to PSP in previous financial years. the fair value of
services received in return for restricted Shares and Performance Shares granted are based on the fair value of restricted Shares
and Performance Shares granted respectively, measured using the monte carlo Simulation, with the following inputs: |
performance
shares
2019

Fair value and assumption Laying the Foundation for Financial Growth
fair value at grant date 6.584

Weighted average share price 6.584
Share price at grant date 7.020 |
additional information & disclosure Summary
Expected volatility (weighted average volatility) 21.38%
option life (expected weighted average life) 3
expected dividends 0.0358
Risk-free profit rate (based on Malaysian government bonds) 3.31%

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24 th aGm information