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Coffeeshop Chit Chat - Another big bonus for GLC's boss!</TD><TD id=msgunetc noWrap align=right>
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</NOBR> </TD><TD class=msgDate noWrap align=right width="30%">Apr-5 8:36 pm </TD></TR><TR class=msghead><TD class=msgT noWrap align=right width="1%" height=20>To: </TD><TD class=msgTname noWrap width="68%">ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 21) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft width="1%" rowSpan=4> </TD><TD class=wintiny noWrap align=right>10887.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt><TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR><TD>Sembcorp boss gets 30% more in pay
</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Yang Huiwen
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Last year, Mr Tang Kin Fei was paid about $8.85 million.
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SEMBCORP Industries chief executive Tang Kin Fei was paid about $8.85 million last year, about 30 per cent more than 2007. His pay then was $6.8 million and $3.06 million in 2006. The increment last year was mainly due to a rise in share-based compensation.
The group's 2008 annual report said Mr Tang's $8.85 million remuneration included a basic salary of $869,041, plus a bonus and share-based incentive of $3.99 million each.
In comparison, the share-based compensation component was $2.07 million and basic salary was $742,475 in 2007. Bonus gain against 2007 was virtually flat at $3.99 million.
Mr Tang, as an executive director, did not receive director's fees.
Sembcorp's compensation plan, outlined in its annual report, is tied to the performance of the group through the economic value added (EVA) as well as to the 'attainment of individual and group performance goals'.
EVA measures the net operating profit after tax minus the cost of total capital employed.
A 'bonus bank' is used to hold incentive compensation credited in any year. Typically, one-third of the available balance is paid out in cash each year, with the remaining being carried forward to the following year.
This means Mr Tang's remuneration paid out in 2008 was based on the group's performance over the three-year period from 2005 to 2007.
It also meant the group's 2008 performance was not factored into his bonus.
Such carried-forward balances of the bonus bank may either be reduced or increased in the future, based on the yearly EVA performance of the group and its subsidiaries.
Sembcorp's full-year net profit grew from $303.3 million in 2005 to $526.2 million in 2007.
Mr Tan Kwi Kin, the group president and chief executive of Sembcorp subsidiary Sembcorp Marine, was paid $5.12 million last year, up from $4.55 million in 2007. Mr Tan's bonus was markedly down to $61,000 from $2.7 million in 2007. But this was mitigated by a gain in share-based compensation, up from $1.14 million in 2007 to $4.28 million last year. His basic salary also rose from $705,000 in 2007 to $782,000 last year.
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</TD></TR><TR><TD><!-- headline one : end --></TD></TR><TR><TD><!-- Author --></TD></TR><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Yang Huiwen
</TD></TR><TR><TD><!-- show image if available --></TD></TR><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
Last year, Mr Tang Kin Fei was paid about $8.85 million.
</TD></TR></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->
SEMBCORP Industries chief executive Tang Kin Fei was paid about $8.85 million last year, about 30 per cent more than 2007. His pay then was $6.8 million and $3.06 million in 2006. The increment last year was mainly due to a rise in share-based compensation.
The group's 2008 annual report said Mr Tang's $8.85 million remuneration included a basic salary of $869,041, plus a bonus and share-based incentive of $3.99 million each.
In comparison, the share-based compensation component was $2.07 million and basic salary was $742,475 in 2007. Bonus gain against 2007 was virtually flat at $3.99 million.
Mr Tang, as an executive director, did not receive director's fees.
Sembcorp's compensation plan, outlined in its annual report, is tied to the performance of the group through the economic value added (EVA) as well as to the 'attainment of individual and group performance goals'.
EVA measures the net operating profit after tax minus the cost of total capital employed.
A 'bonus bank' is used to hold incentive compensation credited in any year. Typically, one-third of the available balance is paid out in cash each year, with the remaining being carried forward to the following year.
This means Mr Tang's remuneration paid out in 2008 was based on the group's performance over the three-year period from 2005 to 2007.
It also meant the group's 2008 performance was not factored into his bonus.
Such carried-forward balances of the bonus bank may either be reduced or increased in the future, based on the yearly EVA performance of the group and its subsidiaries.
Sembcorp's full-year net profit grew from $303.3 million in 2005 to $526.2 million in 2007.
Mr Tan Kwi Kin, the group president and chief executive of Sembcorp subsidiary Sembcorp Marine, was paid $5.12 million last year, up from $4.55 million in 2007. Mr Tan's bonus was markedly down to $61,000 from $2.7 million in 2007. But this was mitigated by a gain in share-based compensation, up from $1.14 million in 2007 to $4.28 million last year. His basic salary also rose from $705,000 in 2007 to $782,000 last year.
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