<TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR>SGX payout for CEO-designate not a bonus but compensation
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->WE REFER to Tuesday's letter by Mr Harry Tong, 'Have rolling payout instead', and wish to point out that the one-time payments to Mr Magnus Bocker, the new CEO-designate of the Singapore Exchange (SGX), are not given as a bonus but as compensation for his loss of benefits as a result of terminating his contract with his previous employer to join SGX.
Compensation for loss of benefits is a widely accepted industry practice.
As was announced last Thursday, SGX is staggering Mr Bocker's variable compensation (SGX Performance Share Plan) over a period of three years, as per the usual practice, which echoes the same principles that Mr Tong advocates.
SGX has always made full disclosure on the compensation for its senior executives in its annual reports, and the SGX Remuneration Committee is always mindful of the need to align executive pay to shareholders' interest.
Joyce Fong
General Counsel and
Company Secretary
Singapore Exchange Limited
=> That more bonus is in store for the ang moh FTrash? Or that Sporns are so al cheepo that it's always a penny too much for them while millions are not even good enough for FTrash?
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<!-- START OF : div id="storytext"--><!-- more than 4 paragraphs -->WE REFER to Tuesday's letter by Mr Harry Tong, 'Have rolling payout instead', and wish to point out that the one-time payments to Mr Magnus Bocker, the new CEO-designate of the Singapore Exchange (SGX), are not given as a bonus but as compensation for his loss of benefits as a result of terminating his contract with his previous employer to join SGX.
Compensation for loss of benefits is a widely accepted industry practice.
As was announced last Thursday, SGX is staggering Mr Bocker's variable compensation (SGX Performance Share Plan) over a period of three years, as per the usual practice, which echoes the same principles that Mr Tong advocates.
SGX has always made full disclosure on the compensation for its senior executives in its annual reports, and the SGX Remuneration Committee is always mindful of the need to align executive pay to shareholders' interest.
Joyce Fong
General Counsel and
Company Secretary
Singapore Exchange Limited
=> That more bonus is in store for the ang moh FTrash? Or that Sporns are so al cheepo that it's always a penny too much for them while millions are not even good enough for FTrash?
