COMPANIES ACT - 1963 (ACT 179)

    Section - 128 - Particulars of Directors' Emoluments and Pensions

    (1) In a note to the accounts of a company there shall be shown, in accordance with the provisions of this section, the following information in so far as it is contained in the company's books or papers or the company has obtained the information from the persons concerned or has the right to obtain it under section 130 of this Code, namely;

    (a) the aggregate amount of the directors' emoluments;

    (b) the aggregate amount of directors' or past directors' pensions; and

    (c) the aggregate amount of any compensation to directors or past directors in respect of loss of office.

    (2) The amount to be shown under paragraph (a) of subsection (1) of this section, shall include fees, salaries and percentages, expense allowances, contributions paid under any pension scheme, and the estimated value of benefits in kind, except benefits of such character and value as are customarily afforded to employees other than directors, paid to, or receivable by, any director in respect of his services as an officer of the company or any associated company.

    (3) The amount to be shown under paragraph (b) of subsection (1) of this section, shall include any pension paid or receivable in respect of services as a director or past director of the company, or in respect of services, while a director of the company, in connection with the management, or as an officer of the company or any associated company, whether that pension is paid to, or receivable by, the director or past director or any other person:

    Provided that it shall not be necessary to include a pension paid or receivable under a pension scheme which is such that the contributions thereunder are substantially adequate for the maintenance of the scheme.

    (4) The amount to be shown under paragraph (c) of subsection (1) of this section, shall include any sums paid to or receivable by, a director or past director by way of compensation for the loss of office as director of the company or for the loss, while a director of the company, or in connection with his ceasing to be a director of the company, of any other office in the company or of any office in any associated company; and any sum and the value of any other valuable consideration paid or receivable in connection with retirement from office or as damages for breach of a contract of service, shall be deemed to be paid or receivable by way of compensation for loss of office.

    (5) The amounts to be shown under each paragraph of subsection (1) of this section, shall include all relevant sums paid by, or receivable from, the company or any other person.

    (6) The amounts to be shown under this section for any financial year shall be the sums receivable in respect of that year whenever paid or, in the case of sums not receivable in respect of a period, the sums paid during that year:

    Provided that any sums paid in advance of the financial year to which they are expressed to relate shall be shown in the accounts for the financial year in which they are paid.

    (7) Where it is necessary to do so for the purpose of making any distinction required by this section, the directors may apportion, in such manner as they think appropriate, any payments between the matters in respect of which they have been paid or are receivable.