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<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published September 25, 2009
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Hsieh Fu Hua's FY09 pay slumps 44%
Drop comes mainly from smaller bonus and absence of long-term incentive
By WINSTON CHAI
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SINGAPORE Exchange outgoing chief executive Hsieh Fu Hua has taken a major pay cut, with his annual remuneration package slashed by 44 per cent following a year of market turmoil.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Present and future: Mr Hsieh (above), SGX CEO of more than half a decade, will be succeeded from December by Mr Bocker (next), the outgoing president of American exchange operator Nasdaq OMX </TD></TR></TBODY></TABLE>According to SGX's annual report released yesterday, Mr Hsieh's paycheck for the year ended June 30, 2009, came to $4.02 million, down from $7.18 million the previous year.
This was largely due to a 40 per cent drop in his yearly bonuses from $5.3 million in FY08 to $3.2 million in FY09, and the absence in FY09 of a long-term incentive, which in FY08 came to $1.05 million.
Mr Hsieh's fixed pay for FY09 remained unchanged from last year at $754,068, but the value of his benefits-in-kind fell to $65,553 from $71,317 the previous year.
He was granted 458,500 performance shares by SGX and these will vest on Sept 1, 2011. Under SGX's grant scheme, the actual number of shares awarded on the vesting date hinges on some performance criteria. According to SGX, Mr Hsieh's contract stipulates that he would still be eligible to receive the share award at the vesting date even though his contract ends on Nov 30.
The SGX CEO of more than half a decade will be succeeded by Magnus Bocker from December, the outgoing president of American exchange operator Nasdaq OMX.
Mr Bocker spent more than 20 years with Scandinavian exchange operator OMX and orchestrated its US$3.7 billion merger with Nasdaq in 2007.
The SGX CEO-designate will draw an annual salary of $750,000, nearly on a par with his predecessor Mr Hsieh.
Mr Bocker will be assured of at least $933,000 in bonuses for the first seven months of his tenure and he will also be entitled to receive performance shares.
In addition, he will be paid about $4.8 million for lost bonuses and incentives at his current job, part of which will be paid in instalments.
Besides Mr Hsieh, the FY09 pay reduction was extended to SGX's other key appointment holders.
SGX head of markets Gan Seow Ann earned $1.41 million, down from $2.35 million in FY08. Chief operations officer Muthukrishnan Ramaswami's paycheck for the year stood at $1.4 million, compared with $1.81 million in FY08.
Head of risk management and regulation Yeo Lian Sim's annual remuneration package shrank to $1.21 million from $1.84 million, while chief financial officer Seck Wai Kwong's yearly pay was halved to $1.16 million from $2.2 million.
</TD></TR></TBODY></TABLE>
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Hsieh Fu Hua's FY09 pay slumps 44%
Drop comes mainly from smaller bonus and absence of long-term incentive
By WINSTON CHAI
<TABLE class=storyLinks border=0 cellSpacing=4 cellPadding=1 width=136 align=right><TBODY><TR class=font10><TD width=20 align=right>
</TD><TD>Email this article</TD></TR><TR class=font10><TD width=20 align=right></TD><TD>Print article </TD></TR><TR class=font10><TD width=20 align=right></TD><TD>Feedback</TD></TR></TBODY></TABLE>SINGAPORE Exchange outgoing chief executive Hsieh Fu Hua has taken a major pay cut, with his annual remuneration package slashed by 44 per cent following a year of market turmoil.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>Present and future: Mr Hsieh (above), SGX CEO of more than half a decade, will be succeeded from December by Mr Bocker (next), the outgoing president of American exchange operator Nasdaq OMX </TD></TR></TBODY></TABLE>According to SGX's annual report released yesterday, Mr Hsieh's paycheck for the year ended June 30, 2009, came to $4.02 million, down from $7.18 million the previous year.This was largely due to a 40 per cent drop in his yearly bonuses from $5.3 million in FY08 to $3.2 million in FY09, and the absence in FY09 of a long-term incentive, which in FY08 came to $1.05 million.
Mr Hsieh's fixed pay for FY09 remained unchanged from last year at $754,068, but the value of his benefits-in-kind fell to $65,553 from $71,317 the previous year.
He was granted 458,500 performance shares by SGX and these will vest on Sept 1, 2011. Under SGX's grant scheme, the actual number of shares awarded on the vesting date hinges on some performance criteria. According to SGX, Mr Hsieh's contract stipulates that he would still be eligible to receive the share award at the vesting date even though his contract ends on Nov 30.
The SGX CEO of more than half a decade will be succeeded by Magnus Bocker from December, the outgoing president of American exchange operator Nasdaq OMX.
Mr Bocker spent more than 20 years with Scandinavian exchange operator OMX and orchestrated its US$3.7 billion merger with Nasdaq in 2007.
The SGX CEO-designate will draw an annual salary of $750,000, nearly on a par with his predecessor Mr Hsieh.
Mr Bocker will be assured of at least $933,000 in bonuses for the first seven months of his tenure and he will also be entitled to receive performance shares.
In addition, he will be paid about $4.8 million for lost bonuses and incentives at his current job, part of which will be paid in instalments.
Besides Mr Hsieh, the FY09 pay reduction was extended to SGX's other key appointment holders.
SGX head of markets Gan Seow Ann earned $1.41 million, down from $2.35 million in FY08. Chief operations officer Muthukrishnan Ramaswami's paycheck for the year stood at $1.4 million, compared with $1.81 million in FY08.
Head of risk management and regulation Yeo Lian Sim's annual remuneration package shrank to $1.21 million from $1.84 million, while chief financial officer Seck Wai Kwong's yearly pay was halved to $1.16 million from $2.2 million.
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