i'mpact Singapore Tourism Board Annual Report 2010/2011

NOTES TO THE FINANCIAL STATEMENTS
31 March 2011
22 RELATED PARTY TRANSACTIONS
Parties are considered to be related if one party has the ability to control the other party or exercise significant influence over the
other party in making financial and operating decisions.
Some of STB’s transactions and arrangements are with related parties and the effect of these on the basis determined between
the parties is reflected in these financial statements. The balances are unsecured, interest-free and repayable on demand unless
otherwise stated.
During the financial year, STB did not have any significant dealings with related parties (i.e. entities in which the Board members
have control or significant influence) which are not stated-controlled entities.
BOARD MEMBER AND KEY MANAGEMENT PERSONNEL REMUNERATION
2010/2011 2009/2010
$’000 $’000
Remuneration and other short-term benefits 8,919 8,486
Post-employment benefits 477 478
Total 9,396 8,964
The above includes total Board members’ allowance of $88,594 (2009/2010 : $149,478).
STB adopts the guidelines set by Public Service Division (PSD) and takes into consideration the reporting officers’ assessment
of individual officers in determining the remuneration of key management.
23 COMMITMENTS
(a)
Operating lease arrangements - as lessee
STB has entered into operating leases mainly for premises in respect of overseas offices. These leases have an average
period of between 1 and 10 years.
2010/2011 2009/2010
$’000 $’000
Minimum lease payments under operating lease included in income or expense 2,918 3,820
The future aggregate minimum lease payments under non-cancellable operating leases contracted for at the reporting
date but not recognised as liabilities as at 31 March 2011 are as follows:
2010/2011 2009/2010
$’000 $’000
Within one year 2,303 2,699
In the second to fifth years inclusive 2,047 1,936
After five years 308 165
4,658 4,800
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