<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR>Used as benchmark for the jiat liao bee ministers?
Earnings fall for SingTel's top execs
</TR><!-- headline one : end --><TR>Base salaries up, but bonuses lower due to drop in profits </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Serene Luo
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->SINGTEL bosses took home less pay in the 2009 financial year, compared to the previous one, as the economic downturn put the squeeze on bonuses.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><!-- Background Story -->RELATED LINKS
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LESSER PAY
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</TD></TR></TBODY></TABLE>Chief executive Chua Sock Koong was paid about $3.38 million for the financial year ending March 31, about 5.3 per cent lower than the $3.57 million she earned in the year ended March 31 last year.
Her base salary and annual wage supplement made up $1.35 million of the package, $200,000 more than the 2008 financial year. But her performance bonus fell $390,000 to $1.95 million, according to SingTel's annual report out yesterday.
Other top executives also received more in basic salary but bonuses, which are linked to profits, were cut in line with a fall in the bottom line.
Take its CEO for international business, Mr Lim Chuan Poh. He earned $1.83 million in the 2009 financial year - down from $2.12 million the year before due to a smaller bonus as regional earnings fell 21 per cent.
His bonus was about $1 million, compared with $1.39 million for the 2008 financial year.
The main difference was in Optus chief executive Paul O'Sullivan's pay, which appeared lower due to weaker foreign currency rates.
While Optus' performance had improved, Mr Sullivan is paid in Australian dollars and SingTel reports in Singapore dollars.
His $2.67 million pay for the 2008 financial year fell to $2.43 million, which included a bonus of $941,000.
Staff salaries group-wide have been frozen for this financial year, to 'rein in costs', said SingTel spokesman Chia Boon Chong.
'This decision has come about after careful consideration of all factors and options,' he said.
The bonus cuts for executives had been flagged by Ms Chua at a number of briefings in recent months.
She had said that reductions in bonuses, which form 25 per cent of compensation, would likely be in order to reduce costs during the downturn.
In the report out yesterday, SingTel chairman Chumpol NaLamlieng said the group 'performed well and showed resilience in a difficult year'.
This financial year, salaries group-wide have been frozen too, to 'rein in costs', Mr Chia said. 'This decision has come about after careful consideration of all factors and options.'
Late last year, SingTel implemented a hiring freeze and cut discretionary costs like travel expenses. But it will still pay staff performance bonuses for the last financial year and the leave structure remains unchanged.
In a separate announcement yesterday, SingTel's lead independent director, Mr Kai Nargolwala, who is also chief executive of Credit Suisse in Asia, has sold his shares in rival telco StarHub, Bloomberg reported a bank spokesman as saying.
SingTel confirmed that Mr Nargolwala sold the shares around last month. It would not give more details.
Mr Nargolwala, an independent member of the company's audit committee, has offered himself for re-election as a director at SingTel's annual general meeting on July 24.
[email protected]
Earnings fall for SingTel's top execs
</TR><!-- headline one : end --><TR>Base salaries up, but bonuses lower due to drop in profits </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Serene Luo
</TD></TR><!-- show image if available --></TBODY></TABLE>
<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->SINGTEL bosses took home less pay in the 2009 financial year, compared to the previous one, as the economic downturn put the squeeze on bonuses.
<TABLE width=200 align=left valign="top"><TBODY><TR><TD class=padr8><!-- Vodcast --><!-- Background Story -->RELATED LINKS
<!-- Audio --><!-- Video --><!-- PDF -->
<!-- Photo Gallery -->
</TD></TR></TBODY></TABLE>Chief executive Chua Sock Koong was paid about $3.38 million for the financial year ending March 31, about 5.3 per cent lower than the $3.57 million she earned in the year ended March 31 last year.
Her base salary and annual wage supplement made up $1.35 million of the package, $200,000 more than the 2008 financial year. But her performance bonus fell $390,000 to $1.95 million, according to SingTel's annual report out yesterday.
Other top executives also received more in basic salary but bonuses, which are linked to profits, were cut in line with a fall in the bottom line.
Take its CEO for international business, Mr Lim Chuan Poh. He earned $1.83 million in the 2009 financial year - down from $2.12 million the year before due to a smaller bonus as regional earnings fell 21 per cent.
His bonus was about $1 million, compared with $1.39 million for the 2008 financial year.
The main difference was in Optus chief executive Paul O'Sullivan's pay, which appeared lower due to weaker foreign currency rates.
While Optus' performance had improved, Mr Sullivan is paid in Australian dollars and SingTel reports in Singapore dollars.
His $2.67 million pay for the 2008 financial year fell to $2.43 million, which included a bonus of $941,000.
Staff salaries group-wide have been frozen for this financial year, to 'rein in costs', said SingTel spokesman Chia Boon Chong.
'This decision has come about after careful consideration of all factors and options,' he said.
The bonus cuts for executives had been flagged by Ms Chua at a number of briefings in recent months.
She had said that reductions in bonuses, which form 25 per cent of compensation, would likely be in order to reduce costs during the downturn.
In the report out yesterday, SingTel chairman Chumpol NaLamlieng said the group 'performed well and showed resilience in a difficult year'.
This financial year, salaries group-wide have been frozen too, to 'rein in costs', Mr Chia said. 'This decision has come about after careful consideration of all factors and options.'
Late last year, SingTel implemented a hiring freeze and cut discretionary costs like travel expenses. But it will still pay staff performance bonuses for the last financial year and the leave structure remains unchanged.
In a separate announcement yesterday, SingTel's lead independent director, Mr Kai Nargolwala, who is also chief executive of Credit Suisse in Asia, has sold his shares in rival telco StarHub, Bloomberg reported a bank spokesman as saying.
SingTel confirmed that Mr Nargolwala sold the shares around last month. It would not give more details.
Mr Nargolwala, an independent member of the company's audit committee, has offered himself for re-election as a director at SingTel's annual general meeting on July 24.
[email protected]
