<TABLE cellSpacing=0 cellPadding=0 width="100%" border=0><TBODY><TR>He earned $10m last year
</TR><!-- headline one : end --><TR>Keppel chief Lim Chee Onn one of Singapore's highest-earning execs </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Joyce Teo
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Mr Lim, now Keppel Corp's non-executive chairman, says the way ahead will be difficult. -- BT FILE PHOTO
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->KEPPEL Corporation chairman Lim Chee Onn earned just over $10 million last year, making him one of Singapore's highest-earning corporate chiefs.
His pay of between $10 million and $10.25 million was up from between $8.75 million and $9 million a year ago.
It includes 15 per cent in base salary and 6 per cent in options granted, according to the group's annual report out yesterday. The rest is made up of performance-related bonuses - including a portion tied to the group's economic value-added (EVA) performance.
About 51 per cent of his remuneration was in the form of bonuses that have been paid, while 28 per cent - in the form of deferred EVA bonus - will be credited to his individual bonus account for payment in future years.
Mr Lim has already accumulated about $5.5 million in deferred EVA bonuses for work done between 2004 and 2007.
Mr Lim, 64, stepped down on Jan 1 as chief executive officer (CEO), a post he had held since 2000.
He has been with the Keppel group for 25 years and is staying on the board as non-executive chairman.
New CEO Choo Chiau Beng earned between $9.5 million and $9.75 million last year. He was Keppel Offshore & Marine CEO during that period.
Mr Choo also received EVA bonuses.
The EVA bonus scheme involves deferring incentive compensation over a period to motivate the executive to generate sustainable shareholder value over the longer term.
Each year, half of the current year's EVA bonus is paid out while the rest is deferred and credited to the executive's 'EVA bank account'.
The executive will also get one-third of his accrued EVA bank balance accumulated from the preceding year.
But the EVA bank amounts are not guaranteed. They can fall if the group's EVA performance is adversely hit in future years. EVA measures net operating profit after tax, less the cost of capital employed.
This EVA bonus system is also used by CapitaLand to reward its president and chief executive Liew Mun Leong. He was awarded a bonus of $20.52 million for bringing in a record $2.76 billion profit in 2007.
Keppel's full-year net profit last year was a record $1.1 billion, up 7 per cent from 2007.
The offshore and marine division was the biggest contributor, bringing in $705 million in net profit. The infrastructure division more than doubled its contribution with $63 million.
But the contribution from the property and investments divisions fell, due to the real estate slowdown and volatility in the oil and gas sector.
Keppel Land group CEO Kevin Wong, 53, earned just over $2 million last year, down from between $3.25 million and $3.5 million a year ago.
Mr Lim wrote in Keppel Corporation's annual report that the group had weathered 'difficult operating conditions to turn in a creditable performance for 2008', notwithstanding deteriorating economic conditions.
But 'the way ahead will be difficult and uncharted', he said.
Keppel Corp shares closed 20 cents higher at $5.50 each yesterday. [email protected]
</TR><!-- headline one : end --><TR>Keppel chief Lim Chee Onn one of Singapore's highest-earning execs </TR><!-- Author --><TR><TD class="padlrt8 georgia11 darkgrey bold" colSpan=2>By Joyce Teo
</TD></TR><!-- show image if available --><TR vAlign=bottom><TD width=330>
</TD><TD width=10>
Mr Lim, now Keppel Corp's non-executive chairman, says the way ahead will be difficult. -- BT FILE PHOTO
</TD></TR></TBODY></TABLE>
<TABLE><TBODY><TR><TD>
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->KEPPEL Corporation chairman Lim Chee Onn earned just over $10 million last year, making him one of Singapore's highest-earning corporate chiefs.
His pay of between $10 million and $10.25 million was up from between $8.75 million and $9 million a year ago.
It includes 15 per cent in base salary and 6 per cent in options granted, according to the group's annual report out yesterday. The rest is made up of performance-related bonuses - including a portion tied to the group's economic value-added (EVA) performance.
About 51 per cent of his remuneration was in the form of bonuses that have been paid, while 28 per cent - in the form of deferred EVA bonus - will be credited to his individual bonus account for payment in future years.
Mr Lim has already accumulated about $5.5 million in deferred EVA bonuses for work done between 2004 and 2007.
Mr Lim, 64, stepped down on Jan 1 as chief executive officer (CEO), a post he had held since 2000.
He has been with the Keppel group for 25 years and is staying on the board as non-executive chairman.
New CEO Choo Chiau Beng earned between $9.5 million and $9.75 million last year. He was Keppel Offshore & Marine CEO during that period.
Mr Choo also received EVA bonuses.
The EVA bonus scheme involves deferring incentive compensation over a period to motivate the executive to generate sustainable shareholder value over the longer term.
Each year, half of the current year's EVA bonus is paid out while the rest is deferred and credited to the executive's 'EVA bank account'.
The executive will also get one-third of his accrued EVA bank balance accumulated from the preceding year.
But the EVA bank amounts are not guaranteed. They can fall if the group's EVA performance is adversely hit in future years. EVA measures net operating profit after tax, less the cost of capital employed.
This EVA bonus system is also used by CapitaLand to reward its president and chief executive Liew Mun Leong. He was awarded a bonus of $20.52 million for bringing in a record $2.76 billion profit in 2007.
Keppel's full-year net profit last year was a record $1.1 billion, up 7 per cent from 2007.
The offshore and marine division was the biggest contributor, bringing in $705 million in net profit. The infrastructure division more than doubled its contribution with $63 million.
But the contribution from the property and investments divisions fell, due to the real estate slowdown and volatility in the oil and gas sector.
Keppel Land group CEO Kevin Wong, 53, earned just over $2 million last year, down from between $3.25 million and $3.5 million a year ago.
Mr Lim wrote in Keppel Corporation's annual report that the group had weathered 'difficult operating conditions to turn in a creditable performance for 2008', notwithstanding deteriorating economic conditions.
But 'the way ahead will be difficult and uncharted', he said.
Keppel Corp shares closed 20 cents higher at $5.50 each yesterday. [email protected]
