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UOB chief's pay falls 10% to S$9.2m

CHIEF executive of UOB, Wee Ee Cheong, was paid S$9.22 million in 2015, down about 10 per cent from a year ago, the bank's annual report on Wednesday showed.

Mr Wee's pay comprised mainly a salary of S$1.2 million, and a variable bonus. In 2015, his bonus stood at S$8 million, down from S$9 million in 2014. The CEO also receives "benefits-in kind" such as transport.

Of the variable pay, 60 per cent will be deferred and vest over the next three years, though this is subject to predetermined performance conditions. Of the deferred variable pay, 40 per cent will be issued in deferred cash, while the remaining 60 per cent will be paid in the form of share-linked performance units.

"We are sharpening our focus on productivity and stepping up efforts to improve efficiencies across our businesses and network, especially in this environment of moderating growth," Mr Wee said in the annual report.

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"Maintaining a strong balance sheet remains our focus. We monitor our portfolio closely and are confident of the resilience of our asset quality and adequacy of provisions."

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