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<TABLE border=0 cellSpacing=0 cellPadding=0 width=452><TBODY><TR><TD vAlign=top width=452 colSpan=2>Published April 10, 2010
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Sign-on bonuses help boost Gupta's 2009 pay
DBS CEO's pay of at least $4.2m includes sign-on bonuses; outgoing chairman was paid almost $5m for helming bank
By SIOW LI SEN
DBS Group Holdings, which hired Piyush Gupta as chief executive in November last year, paid him at least $4.2 million for less than two months' work, but this included sign-on bonuses, according to the bank's latest annual report.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>MR GUPTA
Was given 79,113 DBS shares worth $1.2 million as part of his sign-on terms with the bank, to compensate him for lapsing of share incentives given during his previous employment, among other things
</TD></TR></TBODY></TABLE>Outgoing chairman Koh Boon Hwee was paid almost $5 million for helming South-east Asia's biggest bank last year - more than double what he was paid in 2008. Mr Koh stepped in after chief executive Richard Stanley took medical leave in January 2009. Mr Stanley, who was appointed chief executive in May 2008 and died in April 2009, received between $2.25 million and $2.5 million.
The bank reports pay in $250,000 bands.
Mr Koh said that despite a turbulent 'year of two halves', the group lifted profit before allowances 17 per cent to a record $4 billion.
DBS, which is introducing a scrip dividend scheme, said the new shares will be issued at a 5 per cent discount.
Under the scrip dividend scheme at United Overseas Bank and OCBC Bank, shares are issued at a 10 per cent discount.
Mr Gupta, who joined DBS on Nov 9, 2009, was paid $4.2 million-$4.45 million.
DBS spokeswoman Edna Koh said 94 per cent of Mr Gupta's 2009 pay of $3 million-$3.25 million was in bonuses. 'It is standard industry practice when senior hires join a new organisation mid-way through the year for the firm to pay the person a bonus equivalent to what they would have earned in their previous job if they had served there the entire year,' she said.
Mr Gupta was also granted 79,113 DBS shares as part of his sign-on terms with the bank, to compensate him for lapsing of share incentives granted during his previous employment, among other things. Based on DBS's closing price of $15.40 on Dec 31, 2009, these shares were worth $1.2 million.
Mr Koh, who steps down as DBS chairman this month to be succeeded by Peter Seah, will be paid $4.7 million-$5 million.
In 2008, when Mr Koh was paid up to $2.5 million, he said he would donate $2 million to education causes.
Ms Koh said: 'Koh Boon Hwee remains a strong supporter of education. He is chairman of the board of trustees of Nanyang Technological University, and just made a $2.5 million contribution to the university. Over the years, he has also been a strong supporter of his alma mater St Andrew's.'
DBS is the last of the three local banks to publish its annual report.
UOB said chief executive Wee Ee Cheong's 2009 pay rose to a range of $7 million-$7.25 million, from 2008's $5.5 million-$5.75 million. This worked out to a mid-range rise of 26.7 per cent. His father, UOB chairman Wee Cho Yaw, took home $2.75 million-$3 million, unchanged from 2008.
At OCBC Bank, chief executive David Conner enjoyed a 75 per cent increase to $6.8 million, while chairman Cheong Choong Kong received $3.1 million, up 46 per cent.
</TD></TR></TBODY></TABLE>
</TD></TR><TR><TD vAlign=top width=452 colSpan=2>Sign-on bonuses help boost Gupta's 2009 pay
DBS CEO's pay of at least $4.2m includes sign-on bonuses; outgoing chairman was paid almost $5m for helming bank
By SIOW LI SEN
DBS Group Holdings, which hired Piyush Gupta as chief executive in November last year, paid him at least $4.2 million for less than two months' work, but this included sign-on bonuses, according to the bank's latest annual report.
<TABLE class=picBoxL cellSpacing=2 width=100 align=left><TBODY><TR><TD>
</TD></TR><TR class=caption><TD>MR GUPTAWas given 79,113 DBS shares worth $1.2 million as part of his sign-on terms with the bank, to compensate him for lapsing of share incentives given during his previous employment, among other things
</TD></TR></TBODY></TABLE>Outgoing chairman Koh Boon Hwee was paid almost $5 million for helming South-east Asia's biggest bank last year - more than double what he was paid in 2008. Mr Koh stepped in after chief executive Richard Stanley took medical leave in January 2009. Mr Stanley, who was appointed chief executive in May 2008 and died in April 2009, received between $2.25 million and $2.5 million.
The bank reports pay in $250,000 bands.
Mr Koh said that despite a turbulent 'year of two halves', the group lifted profit before allowances 17 per cent to a record $4 billion.
DBS, which is introducing a scrip dividend scheme, said the new shares will be issued at a 5 per cent discount.
Under the scrip dividend scheme at United Overseas Bank and OCBC Bank, shares are issued at a 10 per cent discount.
Mr Gupta, who joined DBS on Nov 9, 2009, was paid $4.2 million-$4.45 million.
DBS spokeswoman Edna Koh said 94 per cent of Mr Gupta's 2009 pay of $3 million-$3.25 million was in bonuses. 'It is standard industry practice when senior hires join a new organisation mid-way through the year for the firm to pay the person a bonus equivalent to what they would have earned in their previous job if they had served there the entire year,' she said.
Mr Gupta was also granted 79,113 DBS shares as part of his sign-on terms with the bank, to compensate him for lapsing of share incentives granted during his previous employment, among other things. Based on DBS's closing price of $15.40 on Dec 31, 2009, these shares were worth $1.2 million.
Mr Koh, who steps down as DBS chairman this month to be succeeded by Peter Seah, will be paid $4.7 million-$5 million.
In 2008, when Mr Koh was paid up to $2.5 million, he said he would donate $2 million to education causes.
Ms Koh said: 'Koh Boon Hwee remains a strong supporter of education. He is chairman of the board of trustees of Nanyang Technological University, and just made a $2.5 million contribution to the university. Over the years, he has also been a strong supporter of his alma mater St Andrew's.'
DBS is the last of the three local banks to publish its annual report.
UOB said chief executive Wee Ee Cheong's 2009 pay rose to a range of $7 million-$7.25 million, from 2008's $5.5 million-$5.75 million. This worked out to a mid-range rise of 26.7 per cent. His father, UOB chairman Wee Cho Yaw, took home $2.75 million-$3 million, unchanged from 2008.
At OCBC Bank, chief executive David Conner enjoyed a 75 per cent increase to $6.8 million, while chairman Cheong Choong Kong received $3.1 million, up 46 per cent.
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