253 NOTES TO THE FINANCIAL STATEMENTS 31 DECEMBER 2022 KENANGA INVESTMENT BANK BERHAD Annual Report 2022 37. CREDIT TRANSACTIONS AND EXPOSURES WITH CONNECTED PARTIES (CONT’D.) The disclosure on Credit Transactions and Exposures with Connected Parties above is presented in accordance with paragraph 9.1 of BNM’s revised Guidelines on Credit Transactions and Exposures with Connected Parties issued on 16 July 2014, which will be effective from 1 January 2008. Based on these guidelines, connected parties refer to the following: (i) Directors of the Bank and their close relatives; (ii) Controlling shareholder and his close relatives; (iii) Executive officer, being a member of management having authority and responsibility for planning, directing and/or controlling the activities of the Bank, and his close relatives; (iv) Officers who are responsible for or have the authority to appraise and/or approve credit transactions or review the status of existing credit transactions, either as a member of a committee or individually, and their close relatives; (v) Firms, partnerships, companies or any legal entities which control, or are controlled by any person listed in (i) to (iv) above, or in which they have an interest, as a director, partner, executive officer, agent or guarantor, and their subsidiaries or entities controlled by them; (vi) Any person for whom the persons listed in (i) to (iv) above is a guarantor; and (vii) Subsidiary of or an entity controlled by the Bank and its connected parties. 38. COMPENSATION OF KEY MANAGEMENT PERSONNEL The remuneration of Directors and other members of key management during the financial year was as follows: Group Bank 2022 RM’000 2021 RM’000 2022 RM’000 2021 RM’000 Group Managing Director - Short term employee benefits 5,420 5,212 5,420 5,212 - Post-employment benefits: EPF 854 733 854 733 Senior Management - Short term employee benefits 26,946 23,694 19,544 18,031 - Post-employment benefits: EPF 3,485 3,151 2,464 2,365 36,705 32,790 28,282 26,341 Key management personnel are defined as those persons having authority and responsibility for planning, directing and controlling the activities of the Bank either directly or indirectly including all executive directors and senior management.
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