UOB CEO pay package S$8m-S$8.25m

UOB CEO pay package S$8m-S$8.25m
By Rachel Kelly | Posted: 04 April 2011 2236 hrs

SINGAPORE: The CEO of United Overseas Bank (UOB), Mr Wee Ee Cheong, was paid a remuneration of between S$8 million and S$8.25 million in 2010, up from the previous year's range of S$7 million to S$7.25 million.

The bank said in its annual report that 85.2 per cent of the CEO's remuneration was in bonuses, 11 per cent in salary, 2.4 per cent in directors' fees, and 1.4 per cent in benefits-in-kind and others.

In comparison, the CEO of DBS Group Holdings, Piyush Gupta, had a pay packet of S$8.04 million for 2010 including a cash bonus of S$2.7 million.

For David Conner, chief executive of Oversea-Chinese Banking Corp (OCBC), his pay package was S$7.48 million. Half of his package was in deferred shares and share awards worth S$3.71 million.

UOB chairman, Mr Wee Cho Yaw, was paid between S$2.75 million and S$2.99 million for his services in 2010, 84.1 per cent of which came in as chairman's fee and 15.6 per cent directors' fees.

UOB's Remuneration Committee has proposed that its chairman be paid an additional fee of S$2.5 million for 2010 for providing valuable advice and guidance to management.

The proposed fee is subject to shareholders' approval at the Annual General Meeting to be held on 29 April.

The bank's full-year profit for 2010 came in at S$2.7 billion, an increase of 42 per cent from 2009.

The bank said net interest margins were healthy, at 2.09 per cent, but continued to be weighed down in an environment of massive liquidity and keen competition.

In his CEO report, Mr Wee Ee Cheong commented that industry-wide margin erosion was mitigated by the bank's continued focus on total customer profitability.

"We entered 2010 mindful of the on-going challenges, yet confident that we have what it takes to move ahead," Mr Wee said.

Going forward, Mr Wee said that the bank's regionalisation plans will continue to gain momentum.

"We continue to work hard on achieving a fully-integrated regional platform to realise the potential of our regional network. It involves harmonising people, products and processes," he said.

- CNA/ir

- wong chee tat :)