http://www.straitstimes.com/Breaking+News/Singapore/Story/STIStory_351146.html
DBS chief to give $2m
By Gabriel Chen
DBS Group Holdings chairman Koh Boon Hwee plans to donate $2 million he is set to receive in additional pay to causes that support the 'importance of learning and education'. -- PHOTO: AGENCE FRANCE-PRESSE
DBS Group Holdings chairman Koh Boon Hwee plans to donate $2 million he is set to receive in additional pay to causes that support the 'importance of learning and education'.
This 'special remuneration' from DBS is in recognition of Mr Koh's services when he assumed an 'active management oversight' role from Jan 1 to April 30 last year. This was prior to Mr Richard Stanley's appointment as DBS chief executive on May 1, last year.
Usually, as non-executive chairman of the board, Mr Koh does not have a direct management role. He received an additional sum of between $250,000 and $500,000 for that role last year.
The payout, part in cash and part in shares, is subject to shareholder approval at the annual general meeting on April 8, according to DBS' latest annual report.
This is not the first time that Mr Koh, 58, married with four children, is giving out money to educational causes.
Last year, he donated $1 million to Nanyang Technological University and to St Andrew's schools, his alma mater.
That $1 million was also special remuneration for an active management oversight role after former chief executive Jackson Tai resigned in September of 2007.
It is not yet known who the beneficiaries of Mr Koh's latest donation will be, should the special payout be approved.
DBS' annual report also showed that the bank's 15-member senior management team, excluding directors, saw total compensation drop 20 per cent to $25 million last year compared with the previous year.
The sharp fall in compensation coincided with the bank's full-year net profit plummeting 17 per cent to $2.1 billion.
Read the full story in today's edition of The Straits Times.
DBS chief to give $2m
By Gabriel Chen
DBS Group Holdings chairman Koh Boon Hwee plans to donate $2 million he is set to receive in additional pay to causes that support the 'importance of learning and education'. -- PHOTO: AGENCE FRANCE-PRESSE
DBS Group Holdings chairman Koh Boon Hwee plans to donate $2 million he is set to receive in additional pay to causes that support the 'importance of learning and education'.
This 'special remuneration' from DBS is in recognition of Mr Koh's services when he assumed an 'active management oversight' role from Jan 1 to April 30 last year. This was prior to Mr Richard Stanley's appointment as DBS chief executive on May 1, last year.
Usually, as non-executive chairman of the board, Mr Koh does not have a direct management role. He received an additional sum of between $250,000 and $500,000 for that role last year.
The payout, part in cash and part in shares, is subject to shareholder approval at the annual general meeting on April 8, according to DBS' latest annual report.
This is not the first time that Mr Koh, 58, married with four children, is giving out money to educational causes.
Last year, he donated $1 million to Nanyang Technological University and to St Andrew's schools, his alma mater.
That $1 million was also special remuneration for an active management oversight role after former chief executive Jackson Tai resigned in September of 2007.
It is not yet known who the beneficiaries of Mr Koh's latest donation will be, should the special payout be approved.
DBS' annual report also showed that the bank's 15-member senior management team, excluding directors, saw total compensation drop 20 per cent to $25 million last year compared with the previous year.
The sharp fall in compensation coincided with the bank's full-year net profit plummeting 17 per cent to $2.1 billion.
Read the full story in today's edition of The Straits Times.
