Senior management's profile
Brief biographical details of the members of senior management of the Company are set out on page 11 of this Annual Report.
Staff retirement schemes
The Group operates two separate non-contributory defined benefit retirement schemes, namely "The Kowloon Motor Bus Company (1933) Limited Monthly-Rated Employees Provident Fund Scheme" and "The Kowloon Motor Bus Company (1933) Limited Daily-Rated Employees Retirement Fund Scheme" for its monthly- and daily-rated employees respectively. The assets of these schemes are held separately from those of the Group. Both schemes are formally established under trust and are registered under the Occupational Retirement Schemes Ordinance. The members' benefits are determined based on the employees' final remuneration and length of service. Contributions to the defined benefit schemes are made in accordance with the recommendations of independent actuaries who value the retirement schemes at regular intervals, usually triennially, and are charged to the profit and loss account.
The most recent actuarial valuations of the two schemes were at 31 December 1994 which showed that there were sufficient assets in the schemes to cover both the solvency and on-going liabilities of the schemes. Other relevant information extracted from the valuation pertaining to the two schemes is set out below:
The KMB monthly-rated employees provident fund scheme
i)
The scheme was established with effect from 15 February 1978.
ii)
The actuary of the scheme is Mr CK Cheung, Fellow of the Canadian Institute of Actuaries and Fellow of the Society of Actuaries. In the actuarial valuation, the aggregate cost valuation method was used. Other major assumptions used in the valuation were: Investment return and Salary Escalation at 8% per annum; Mortality Rates 1981 Hong Kong Life Tables; Normal Retirement Age 65; and Service Related Withdrawal Rates.
iii) The market value of the scheme assets at 31 December 1994 was HK$452.8 million.
iv)
The minimum level of funding as recommended by the actuary was 11.1% of pay.
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The on-going funding surplus in the scheme was HK$98.7 million and the solvency basis funding surplus was HK$158.6 million as at 31 December 1994.
The KMB daily-rated employees retirement fund scheme
i)
The scheme was established with effect from 1 July 1983.
ii)
The actuary of the scheme is Mr C K Cheung, Fellow of the Canadian Institute of Actuaries and Fellow of the Society of Actuaries. In the actuarial valuation, the aggregate cost valuation method was used. Other major assumptions used in the valuation were: Investment return and Salary Escalation at 8% per annum; Mortality Rates 1981 Hong Kong Life Tables; Normal Retirement Age 60; and Service Related Withdrawal Rates.
iii) The market value of the scheme assets at 31 December 1994 was HK$922.5 million.
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