15) 39.6 37.8 39.3 37.5 Research and development expenses 121.8 76.4 105.7 69.5 * Staff costs includes the remuneration of the Executive Directors amounted to RM3.9 million (2022: RM4.3 million) for the Group and the Company. The estimated monetary value of benefits received by the Directors was RM588,150 (2022: RM441,980) for the Group and the Company. All non-audit services were procured competitively in accordance with TNB Procurement Policies and Procedures. Non-audit services can be offered by the external auditors of the Group if there are clear efficiencies and value added benefits to the Group. 34 STAFF COST Accounting Policy Short Term Employee Benefits Wages, salaries, paid annual leave, bonuses, and non-monetary benefits that are expected to be settled wholly within 12 months after the end of the period inwhich the employees render the related services are recognised in respect of employees’ services up to the end of the reporting period and are measured at the amounts expected to be paid when the liabilities are settled. NOTES TO THE FINANCIAL STATEMENTS 31 December 2023 FINANCIAL STATEMENTS Sec 5 285 34 STAFF COST (CONTINUED) Group Company 2023 RM’million 2022 RM’million 2023 RM’million 2022 RM’million Wages, salaries and bonuses 2,187.9 2,131.7 1,279.2 1,249.3 Defined contribution retirement plan 442.8 409.3 333.4 307.0 LTIP 187.8 262.6 130.7 180.3 Retirement Benefit Trust Fund 65.1 90.1 49.5 69.0 Post-Retirement Medical Benefit Scheme 605.3 569.6 571.3 535.9 Other employee benefits 396.9 334.8 306.0 249.5 3,885.8 3,798.1 2,670.1 2,591.0 Details of the retirement benefit trust fund and post-retirement medical benefit scheme of the Group and of the Company are set out in Note 24. LTIP The Group and the Company operate an equity-settled share-based compensation plan under which the entity receives services from employees as consideration for equity instruments of the Group. The fair value of the employee services received in exchange for the grant of the Company’s shares is recognised as an expense