[h=2]Laughing All The Way To The Bank[/h]
July 19th, 2013 |
Author: Contributions
According to the SMRT Annual
Report for FY2012, ex-CEO Saw Phaik Hwa collected $700,000 in Basic Salary,
$1,053,000 in Variable or Performance related bonuses plus $60,000 worth of
benefits for a total remuneration of $1.813 million. Then there’s this extra
thingy called “EVA Bonus Bank Balance” of $1,115,000.
The small print explains:
“This amount is her EVA bonus bank balance payable following her resignation
(on 6 January 2012, but remained as Advisor up to April 2012 at undisclosed
compensation terms). It is made up of $123,000 from FY2012 EVA and $602,000 from
her cumulative EVA bank balance from prior years, both payable in FY2013. The
remaining $390,000 will be paid to her in 2014. These payments are in accordance
with the rules governing the EVA Based Incentive Plan.”
No wonder she couldn’t give a damn when her 100,000 PSP and 100,000 RSP
shares were forfeited. The SMRT Corporation Restricted Share Plan (RSP) and SMRT
Corporation Performance Share Plan (PSP) are incentives schemes that give out
fully-paid ordinary SMRT shares and are vested based on three year performance
periods. For instance the SMRT PSP grant dated 30 March 2012 covers the
performance period 1 April 2011 to 31 March 2014. Presumably, you have to be
performing for those years to qualify.
Meanwhile we are told SMRT’s new CEO Desmond Quek pocketed $611,000 for the
six-month period after taking over from interim CEO Tan Ek Kia in October last
year. There’s no breakdown about basic pay and bonuses, but you can be sure he’s
on track (pun intended) to millionaire status by year end. And we are still no
wiser why there are cracks in rails and stalled trains cannot be pushed to the
next
station.
Tattler
*
The writer blogs at http://singaporedesk.blogspot.com/
Report for FY2012, ex-CEO Saw Phaik Hwa collected $700,000 in Basic Salary,
$1,053,000 in Variable or Performance related bonuses plus $60,000 worth of
benefits for a total remuneration of $1.813 million. Then there’s this extra
thingy called “EVA Bonus Bank Balance” of $1,115,000.
The small print explains:
“This amount is her EVA bonus bank balance payable following her resignation
(on 6 January 2012, but remained as Advisor up to April 2012 at undisclosed
compensation terms). It is made up of $123,000 from FY2012 EVA and $602,000 from
her cumulative EVA bank balance from prior years, both payable in FY2013. The
remaining $390,000 will be paid to her in 2014. These payments are in accordance
with the rules governing the EVA Based Incentive Plan.”
No wonder she couldn’t give a damn when her 100,000 PSP and 100,000 RSP
shares were forfeited. The SMRT Corporation Restricted Share Plan (RSP) and SMRT
Corporation Performance Share Plan (PSP) are incentives schemes that give out
fully-paid ordinary SMRT shares and are vested based on three year performance
periods. For instance the SMRT PSP grant dated 30 March 2012 covers the
performance period 1 April 2011 to 31 March 2014. Presumably, you have to be
performing for those years to qualify.
Meanwhile we are told SMRT’s new CEO Desmond Quek pocketed $611,000 for the
six-month period after taking over from interim CEO Tan Ek Kia in October last
year. There’s no breakdown about basic pay and bonuses, but you can be sure he’s
on track (pun intended) to millionaire status by year end. And we are still no
wiser why there are cracks in rails and stalled trains cannot be pushed to the
next
station.
Tattler
*
The writer blogs at http://singaporedesk.blogspot.com/
