As Singapore continues to boast one of the world’s highest GDP per capita, it is no surprise that its top executives’ remuneration packages are among the most lucrative globally. This high level of compensation reflects the city-state’s thriving economy and status as a premier financial hub.
Top executives in Singapore benefit from comprehensive remuneration packages that include a mix of base salaries, performance-based bonuses and a variety of incentives designed to align their interests with the long-term goals of their companies. These packages are structured to attract and retain the best talent in a highly competitive global market.
UOB – CEO Wee Ee Cheong
In FY2023, Wee Ee Cheong, the CEO of United Overseas Bank Limited (U11), emerged as the highest-paid CEO among the top 10 largest companies on the SGX.
His total compensation rose to S$15.9 million, comprising a base salary of S$1.2 million and a substantial bonus of S$14.7 million, with other benefits amounting to S$39,700. About 60% of his bonus 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.
Wilmar International – CEO Kuok Khoon Hong
Kuok Khoon Hong, CEO of Wilmar International Limited (SGX: F34), received a total compensation of S$13.4 million in FY2023. His base salary was S$1.4 million, complemented by a bonus of S$11.5 million and other benefits of S$52,300.
This is slightly up from his FY2022 remuneration of S$13.2 million, reflecting his continued success in expanding Wilmar’s global footprint.
OCBC – CEO Helen Wong
Helen Wong, the CEO of Oversea-Chinese Banking Corp (SGX: O39) received total remuneration of S$12.1 million in FY2023.
This was an 8% increase from the previous year. Wong, who is the only female CEO among the top 10 largest companies on the SGX, has been instrumental in leading the bank’s strong performance and successful digital transformation.
DBS Group – CEO Piyush Gupta
Piyush Gupta, the CEO of DBS Group Holdings Ltd (SGX: D05), saw his pay cut by 27% in FY2023 (from FY2022) despite the bank reporting record earnings.
Still, for FY2023, he received a total compensation of S$11.2 million. His package included a base salary of S$1.5 million, plus a bonus of S$4.1 million, deferred awards amounting to S$5.6 million, and other benefits worth S$73,000.
Gupta’s pay cut signalled responsibility for a series of digital disruptions experienced by the bank’s customers.
Singapore Airlines – CEO Goh Choon Phong
Goh Choon Phong of Singapore Airlines Ltd was compensated with S$8.1 million in FY2024, a mix of base salary, bonuses, deferred awards, and other benefits.
His base salary was S$1.4 million, with a bonus of S$2.2 million, deferred awards totalling S$4.3 million, and other benefits of S$147,600.
This represents an increase from his FY2023 package of around S$6.7 million, highlighting his strategic initiatives that have been crucial in the airline’s post-pandemic recovery.
Singtel – CEO Yuen Kuan Moon
At Singapore Telecommunications Limited (Singtel) (SGX: Z74), Yuen Kuan Moon saw his total remuneration rise significantly to S$7.0 million in FY2024, up from S$5.4 million in FY2023.
This comprehensive package includes the restricted share award (RSA) and performance share award (PSA), highlighting the company’s recognition of his pivotal role.
Yuen’s efforts to steer Singtel’s digital transformation and bolster its market leadership have been substantial.
Singapore Technologies Engineering – CEO Vincent Chong Sy Feng
Singapore Technologies Engineering Ltd (SGX: S63) CEO Vincent Chong Sy Feng took home S$6.1 million in FY2023, as compared to S$5.4 million in FY2022.
This showcases his role in driving the company’s innovation and global reach. ST Engineering has been expanding its cybersecurity and smart city solutions, positioning itself as a leader in these high-growth sectors.
CapitaLand Investment – CEO Lee Chee Koon
Lee Chee Koon, CEO of CapitaLand Investment Limited (SGX: 9CI), earned a total of S$5.2 million in FY2023.
His compensation consisted of a base salary of S$1.1 million, a bonus of S$1.7 million, deferred awards of S$2.3 million, and other benefits. Compared to FY2022, where his total package was S$6 million, the slight decrease reflects the strategic realignment within the company.
Great Eastern – CEO Khor Hock Seng
Khor Hock Seng of Great Eastern Holdings (SGX: G07) received total remuneration of S$4.7 million in FY2023, including a base salary of S$1.1 million, a bonus of S$1.7 million, deferred awards of S$1.4 million, and other benefits of S$454,000.
This marks a decrease from his FY2022 package of S$4.9 million but underscores his continued efforts in maintaining Great Eastern’s market position.
CapitaLand Integrated Commercial Trust – CEO Tony Tan Tee Hieong
As for CapitaLand Integrated Commercial Trust (SGX: C38U) CEO, Tony Tan Tee Hieong, his compensation details were not fully disclosed but it is noted that his remuneration band for FY2023 falls between SGD 1.25 million to 1.5 million, similar to FY2022.
His package includes 35% base salary, 30% bonus and other benefits, and 35% award of units, slightly adjusted from FY2022’s structure.
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