116
CORDLIFE GROUP LIMITED
| ANNUAL REPORT 2015
NOTES TO THE FINANCIAL STATEMENTS
FOR THE FINANCIAL YEAR ENDED 30 JUNE 2015
34.
RELATED PARTY TRANSACTIONS
(a)
In addition to the related party information disclosed elsewhere in the financial statements, the
following significant transactions between the Group and related parties took place at terms agreed
between the parties during the financial year:
Group
2015
2014
$’000
$’000
Fees for providing training and technical
know-how transfer to associate
106
682
Royalty income from associate
101
–
(b)
Compensation of key management personnel
Group
2015
2014
$’000
$’000
Salaries and bonuses
1,792
1,638
Defined contribution plans
86
89
Other short-term benefits
162
155
Share-based compensation
108
45
Directors’ fees
532
600
Consultancy fees paid to non-independent and
non-executive directors *
–
63
2,680
2,590
Comprise amounts paid to:
Directors of the Company
532
1,447
Other key management personnel
2,148
1,143
2,680
2,590
*
In 2014, consultancy fees were paid to Dr. Ho Choon Hou and Ms Jin Lu in accordance with their respective consultancy
services agreement. Dr
.
Ho and Ms Jin assist the Group in investment opportunities and identifying further initiatives in
collaboration and cooperation in the region.
35.
CONTINGENT ASSET
During the current financial year, a legal claim for infringement of registered trademarks and copyrights was
lodged against one of the Company’s competitors. The competitor has agreed to enter into an amicable
settlement with the Company. The Company has sought damages of $100,000 from the competitor, but
the final quantum shall be assessed by the Court. It is not possible to reasonably determine the extent and
timing of possible inflow of economic benefits. These claims are therefore not recognised in these financial
statements.
