UOB chief Wee Ee Cheong’s 2023 pay up 11.9% to S$15.9 million

UOB : U11 0% chief executive Wee Ee Cheong received S$15.9 million in total remuneration for the financial year ended Dec 31, 2023, implying an 11.9 per cent increase from his annual salary of S$14.2 million in 2022.

The jump in pay came in tandem with UOB’s FY2023 financial results release. Net profit for the full year rose 24.9 per cent to a record high of S$5.7 billion despite missing a S$6 million consensus forecast.

Based on the bank’s annual report released on Thursday (Mar 21), Wee’s annual remuneration included a base pay of S$1.2 million, a bonus of S$14.7 million and benefits-in-kind, and other transport-related benefits amounting to S$39,701.

Some 60 per cent of Wee’s variable pay is deferred and will vest over the next three years. Of this amount, 40 per cent will be issued in deferred cash, while the remaining 60 per cent will be in the form of share-linked units.

The bank said Wee did not receive any fees for serving as an executive director on the lender’s board and board committees, as he is already remunerated as an employee of UOB.

At S$15.9 million, Wee’s total remuneration outpaces the salary of DBS chief executive Piyush Gupta, who earned S$11.2 million in total remuneration for FY2023.

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Gupta’s salary for the full year fell 27 per cent from the previous year on a lower cash bonus and deferred remuneration, although his base pay remained the same.

Wee said in the annual report that UOB’s financial performance remained resilient in 2023.

Core net profit, which excludes one-off costs from its Citigroup integration, amounted to S$6.1 billion, up 25.8 per cent from the same period a year earlier.

Wee expects these one-off costs to “largely taper off” in 2024 as the bank focuses on tapping synergies to cross-sell to its expanded customer base.

UOB shares were trading 0.9 per cent or S$0.27 higher at S$29.18 as at 10.45 am on Thursday.