For some pay day inspiration today, let’s check out the highest paid CEOs in Singapore.
Household name companies such as Singtel, DBS, SIA etc.
Curious about how much their CEOs are paid? Lets find out more below.
This article was written by a Financial Horse Contributor.
1. Singtel CEO: $3.3 million
Singtel CEO, Yuen Kuan Moon, earned $3.3 million for the year ended 31 March.
This is a slight dip of 2.9% from FY2023’s total pay of $3.4 million.
Yuen’s FY2024 remuneration comprised a S$1.3 million salary, S$1.9 million cash bonus and S$76,384 in benefits, which include car benefits, medical cover and club membership.
According to BT, Singtel reported a 64 per cent fall in FY2024 net profit to S$795 million, on the back of a S$1.47 billion exceptional loss arising from impairment charges on goodwill and the fixed network assets of Australian unit Optus’ enterprise business. Underlying net profit was up 10.1 per cent to S$2.3 billion.
Interestingly, Singtel disclosed that its chairman Lee Theng Kiat requested to receive and was paid $960,000 in chairman’s fees for FY2024, lower than the all-in chairman’s fee of $1.15 million. Lee has also requested to receive the lower fee of S$960,000 for FY2025.
In a message to shareholders, Yuen and Lee said that the company is now focused on its “Singtel28” strategy to lift business performance and embark on smart capital management.
2. SIA CEO: $8.1 million
SIA’s CEO Goh Choon Phong’s annual salary for FY2023/24 came in at S$8.1 million.
This is a 20.5% increase from S$6.73 million in the previous year.
His annual renumeration comprises a base pay of S$1.44 million, bonuses of S$2.18 million, as well as shares and benefits amounting to about S$4.48 million.
In May, SIA reported an annual net profit of S$2.68 billion for the fiscal year ended March 2024, compared with S$2.16 billion a year ago.
It also declared a final dividend of S$0.38 apiece, higher than the S$0.28 a year ago. Having delivered a record annual profit for two years straight, SIA announced in May that its staff would receive about eight month’s bonus, the highest in the airline’s history.
3. DBS CEO: $11.2 million
Soon to be retired Piyush Gupta saw his total compensation drop 27.3% for 2023.
Gupta’s total compensation fell to S$11.2 million in 2023 from S$15.4 million in 2022.
CEO Piyush Gupta’s variable compensation, which typically covers bonus payouts, was cut by 30%, which amounted to SG$4.14 million.
“Despite record 2023 profits and outperformance in many areas, the gaps in technology resiliency resulted in a lower scorecard appraisal by the Board compared to the previous year” – DBS annual report.
“We announced that we’re taking accountability at the senior management, starting with me, but also the rest of my senior management team. I think that’s a good element of governance,” Mr Gupta said at a results briefing in February earlier this year.
Other senior management members, those who comprise the company’s group management committee, had their 2023 variable compensation reduced by 21%.
4. SATS CEO: $2.4 million
SATS CEO, Kerry Mok, obtained a $2.4 million pay package for FY 2024.
The remuneration is made up of about $920,000 in salary, $900,000 in bonuses, $540,000 in vested shares, and $74,000 in benefits.
This was a 27.9% jump over financial year 2023’s $1.9 million.
The second highest-paid executive was the CEO for Americas at Worldwide Flight Services (WFS), Mr Michael Simpson, who Sats brought into the fold in April 2023 at an enterprise value of S$3.4 billion. He drew a remuneration of $2 million to $2.25 million.
Sats recorded the highest-ever revenue of $5.1 billion (up from $1.8 billion) and earnings of $56.4 million for financial year 2024 to March, against a net loss of $26.5 million in the year-ago period.
5. SingPost CEO: $1.7 million
Singapore Post CEO, Vincent Phang, total annual compensation was worth $1.7m over the year to March 2024.
This represents a 25% decrease from last year.
Singapore Post Limited’s earnings per share (EPS) grew 27% per year over the last three years. It saw its revenue drop 9.9% over the last year.
SingPost slashed its annual dividend from S$0.035 in fiscal 2018 (FY2018) to just S$0.0058 for FY2023. Its share price has also fallen by nearly 29% in the past year to hit an all-time low of S$0.40.
6. UOB CEO: $15.9 million
UOB CEO Wee Ee Cheong’s annual pay for the year came in at $15.9 million.
This is a 12% increase from the $14.2 million he earned in 2022.
His annual remuneration comprises a base salary of $1.2 million, unchanged from 2022, as well as a bonus of $14.7 million, benefits-in-kind and transport-related benefits amounting to $39,700.
60% of Mr Wee’s variable pay is deferred, and will vest over the next three years.
Of the deferred variable pay, 40% will be issued in deferred cash, while the remaining 60% will be in the form of share-linked units.
The increase was smaller than the 30% salary jump he had in 2022, when his pay of $14.2 million rose from $10.9 million the previous year.
Mr Wee’s pay overtakes that of DBS’s CEO.
7. OCBC CEO: $12.1 million
OCBC Bank CEO Helen Wong’s pay came in at $12.1 million in 2023, an 8% from the $11.2 million she earned in 2022.
Ms Wong’s annual remuneration comprises a base salary of $1.44 million, unchanged from 2022. She also received a bonus of $6.35 million, deferred shares amounting to $4.24 million and other benefits, such as club and car benefits, worth $69,900.
The increase in her pay was smaller than the 47% salary jump she had in 2022, when her pay of $11.2 million rose from $7.6 million the previous year. Ms Wong was appointed group CEO on April 15, 2021.
OCBC’s full-year earnings grew 27% to $7.02 billion in 2023. This marked the first time its profits crossed the $7 billion mark.
What would you do with an 8 figure salary? Comment below!
Webull Promotion
I’m excited to share my experience with Webull, a brokerage that offers low-cost trading for US Stocks, Options, and ETFs on a very easy-to-use platform.
They’re currently running a promotion where you can get USD60* or USD400* in cash vouchers.
You just need to:
- Deposit USD2,000 (or USD10,000 for higher rewards)
- Execute 3 US buy trades (or 5 US buy trades for higher rewards)
- Maintain your balance until 31 Oct 2024
Additionally, for those who would like to invest their idle funds, get up to 7%^ Moneybull interest for up to 90 days with returns up to USD1,7501!
1 The USD1,750 Moneybull Yield is based on USD100,000 subscription of the USD Moneybull. The 7% Moneybull Interest only apply to the first USD100,000 USD Moneybull subscription.
^Moneybull Yield is calculated based on 5.16% 7-Day Yield P.A. of the USD Cash Fund in Moneybull as of 23 Jul 2024 and a 1.84% USD Yield P.A. from the Moneybull Booster. Principal is not guaranteed. Returns are not guaranteed and not an indication of future performance. All investments involve risks and are not suitable for every investor. This advertisement has not been reviewed by the Monetary Authority of Singapore.
Moreover, take advantage of Webull’s special promotion and enjoy zero commission* on US options trading. This benefit is now available for traders who trade at least 100 contracts per month.
If you’re interested in affordable and easy trading, don’t hesitate to give Webull a try today!