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<TABLE id=msgUN border=0 cellSpacing=3 cellPadding=0 width="100%"><TBODY><TR><TD id=msgUNsubj vAlign=top>Coffeeshop Chit Chat - Keppel chief's 2009 pay: $11.5m woh</TD><TD id=msgunetc noWrap align=right> </TD></TR></TBODY></TABLE><TABLE class=msgtable cellSpacing=0 cellPadding=0 width="96%"><TBODY><TR><TD class=msg vAlign=top><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR class=msghead><TD class=msgbfr1 width="1%"> </TD><TD><TABLE border=0 cellSpacing=0 cellPadding=0><TBODY><TR class=msghead vAlign=top><TD class=msgF width="1%" noWrap align=right>From: </TD><TD class=msgFname width="68%" noWrap>kojakbt_89 <NOBR></NOBR> </TD><TD class=msgDate width="30%" noWrap align=right>8:38 pm </TD></TR><TR class=msghead><TD class=msgT height=20 width="1%" noWrap align=right>To: </TD><TD class=msgTname width="68%" noWrap>ALL <NOBR></NOBR></TD><TD class=msgNum noWrap align=right> (1 of 4) </TD></TR></TBODY></TABLE></TD></TR><TR><TD class=msgleft rowSpan=4 width="1%"> </TD><TD class=wintiny noWrap align=right>31507.1 </TD></TR><TR><TD height=8></TD></TR><TR><TD class=msgtxt>Apr 10, 2010
Keppel chief's 2009 pay: $11.5m
Bonuses made up bulk of package after group raked in record profits
<!-- by line -->By Robin Chan
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Base salary formed 9 per cent of Mr Choo's pay. -- PHOTO: KEPPEL CORP
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KEPPEL Corporation chief executive Choo Chiau Beng was one of the highest-paid executives in Singapore last year, earning between $11.5 million and $11.75 million, during his first year in the post.
This was about 15 per cent more than what Mr Lim Chee Onn, the group's former chairman and CEO, earned the year before - between $10 million and $10.25 million, according to its annual report.
The company reports remuneration in bands of $250,000.
Keppel enjoyed a bumper year. Over the 12 months ended Dec 31 last year, net profit shot up 48 per cent to a record $1.63 billion.
Base salary accounted for 9 per cent of Mr Choo's pay while options granted made up 11 per cent. Another 43 per cent came from performance-related bonuses paid.
The remainder consisted of deferred bonuses, whose value can drop if the firm's performance is below par. They are tied to the group's economic value-added (EVA) performance.
Mr Choo was appointed Keppel Corp's chief on Jan 1 last year. He is also the chairman of Keppel Offshore & Marine, Keppel Land and Keppel Energy. He earned between $9.5 million and $9.75 million in 2008 as CEO of Keppel Offshore & Marine.
Property giant City Developments' executive chairman, Mr Kwek Leng Beng, was paid between $7.5 million and $7.75 million last year, the same as in 2008, the company's annual report said.
Much of that consisted of a bonus of $6.2 million to $6.4 million.
Outgoing DBS Group Holdings chairman Koh Boon Hwee's package was between $4.75 million and $5 million last year.
This was higher than the $2.25 million to $2.5 million he earned in 2008 as it included a proposed special remuneration of $4.5 million in cash and shares.
DBS said this was for the active management oversight role that Mr Koh took on for about nine months, when then-CEO Richard Stanley was ill, as well as after his death and before Mr Piyush Gupta was appointed.
In early 2008, Mr Koh had taken on a similar role for four months before Mr Stanley joined the group.
The bank's newly appointed CEO, Mr Gupta, earned between $3 million and $3.25 million last year: 6 per cent in base salary, 34 per cent in shares and the remainder in cash bonuses.
A DBS spokesman explained that 'it is standard industry practice when a senior hire joins a new organisation midway through the year, for the firm to pay the person a bonus equivalent to what he would have earned in his previous job if he had served there for the entire year'.
Mr Gupta, who took over the CEO post in November last year, also received DBS shares valued at about $1.2 million to compensate for the loss of share incentives from his previous employment, DBS said.
Over at Sembcorp Industries, CEO Tang Kin Fei likely earned about $5.2 million last year. In 2008, the disclosure was made on the basis of remuneration paid for the year. The annual report said Mr Tang was paid $8.9 million that year.
His earnings last year comprised $862,398 in basic salary, $1,144,190 in shares and $2,796,040 in earned bonuses, according to the annual report.
He also has $6,928,272 in accumulated bonuses from previous years that will be paid out in future years. Typically, a third of the accumulated bonus - comprising the bonus earned in the financial year and the bonus brought forward - is paid out in cash each year, with the balance being carried forward to the following year, the report said.
It was earlier reported that CapitaLand president and CEO Liew Mun Leong had a total remuneration last year of $5.8 million, down 22 per cent from $7.42 million in 2008.
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Keppel chief's 2009 pay: $11.5m
Bonuses made up bulk of package after group raked in record profits
<!-- by line -->By Robin Chan
<!-- end by line -->
<!-- end left side bar -->
<!-- story content : start -->
KEPPEL Corporation chief executive Choo Chiau Beng was one of the highest-paid executives in Singapore last year, earning between $11.5 million and $11.75 million, during his first year in the post.
This was about 15 per cent more than what Mr Lim Chee Onn, the group's former chairman and CEO, earned the year before - between $10 million and $10.25 million, according to its annual report.
The company reports remuneration in bands of $250,000.
Keppel enjoyed a bumper year. Over the 12 months ended Dec 31 last year, net profit shot up 48 per cent to a record $1.63 billion.
Base salary accounted for 9 per cent of Mr Choo's pay while options granted made up 11 per cent. Another 43 per cent came from performance-related bonuses paid.
The remainder consisted of deferred bonuses, whose value can drop if the firm's performance is below par. They are tied to the group's economic value-added (EVA) performance.
Mr Choo was appointed Keppel Corp's chief on Jan 1 last year. He is also the chairman of Keppel Offshore & Marine, Keppel Land and Keppel Energy. He earned between $9.5 million and $9.75 million in 2008 as CEO of Keppel Offshore & Marine.
Property giant City Developments' executive chairman, Mr Kwek Leng Beng, was paid between $7.5 million and $7.75 million last year, the same as in 2008, the company's annual report said.
Much of that consisted of a bonus of $6.2 million to $6.4 million.
Outgoing DBS Group Holdings chairman Koh Boon Hwee's package was between $4.75 million and $5 million last year.
This was higher than the $2.25 million to $2.5 million he earned in 2008 as it included a proposed special remuneration of $4.5 million in cash and shares.
DBS said this was for the active management oversight role that Mr Koh took on for about nine months, when then-CEO Richard Stanley was ill, as well as after his death and before Mr Piyush Gupta was appointed.
In early 2008, Mr Koh had taken on a similar role for four months before Mr Stanley joined the group.
The bank's newly appointed CEO, Mr Gupta, earned between $3 million and $3.25 million last year: 6 per cent in base salary, 34 per cent in shares and the remainder in cash bonuses.
A DBS spokesman explained that 'it is standard industry practice when a senior hire joins a new organisation midway through the year, for the firm to pay the person a bonus equivalent to what he would have earned in his previous job if he had served there for the entire year'.
Mr Gupta, who took over the CEO post in November last year, also received DBS shares valued at about $1.2 million to compensate for the loss of share incentives from his previous employment, DBS said.
Over at Sembcorp Industries, CEO Tang Kin Fei likely earned about $5.2 million last year. In 2008, the disclosure was made on the basis of remuneration paid for the year. The annual report said Mr Tang was paid $8.9 million that year.
His earnings last year comprised $862,398 in basic salary, $1,144,190 in shares and $2,796,040 in earned bonuses, according to the annual report.
He also has $6,928,272 in accumulated bonuses from previous years that will be paid out in future years. Typically, a third of the accumulated bonus - comprising the bonus earned in the financial year and the bonus brought forward - is paid out in cash each year, with the balance being carried forward to the following year, the report said.
It was earlier reported that CapitaLand president and CEO Liew Mun Leong had a total remuneration last year of $5.8 million, down 22 per cent from $7.42 million in 2008.
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