UOB chief executive Wee Ee Cheong’s 2022 salary rises 30.2% to S$14.2 million
WITH its net profit hitting a record high of S$4.6 billion for the financial year ended Dec 31, 2022, the salary of United Overseas Bank’s : U11 0%(UOB) chief executive officer has also gone up.
Wee Ee Cheong’s annual salary for 2022 came in at S$14.2 million, a 30.2 per cent increase from his annual salary of S$10.9 million in 2021.
His annual remuneration comprises a base pay of S$1.2 million, a bonus of S$13 million, as well as benefits-in-kind and other transport-related benefits amounting to S$37,577.
UOB’s annual report published on Thursday (Mar 23) showed that 60 per cent of Wee’s variable pay is deferred, and will vest over the next three years.
Of the deferred sum, 40 per cent will be issued in deferred cash, while the remaining 60 per cent will be in the form of share-linked units.
Since Wee is already remunerated as an employee of UOB, he does not receive any fees for serving as an executive director on the bank’s board and its board committees.
GET BT IN YOUR INBOX DAILY
Start and end each day with the latest news stories and analyses delivered straight to your inbox.
As a substantial shareholder, he is also ineligible to participate in UOB’s share plan, a scheme which allows the delivery of UOB ordinary shares held in treasury by the bank.
Wee said in the annual report that 2022 was a strong year financially for UOB.
Its core net profit, which excluded one-off costs from integrating Citigroup’s Malaysia and Thailand consumer businesses, was a record high of S$4.8 billion, an increase of 18 per cent from a year earlier.
Correspondingly, return on equity increased to 11.9 per cent for the year.
UOB’s shares closed at S$29.42 on Thursday, down 0.3 per cent or S$0.08.
KEYWORDS IN THIS ARTICLE
BT is now on Telegram!
For daily updates on weekdays and specially selected content for the weekend. Subscribe to t.me/BizTimes
Banking & Finance
Singapore moves to boost law to hunt and prosecute money launderers
Manulife profit beats on growth in Asia, wealth management
Robinhood beats profit estimates on interest income strength
Prudential shutters Hong Kong wealth unit Pulse
JPMorgan, Nomura limit Segantii exposure on Hong Kong case
UOB awards Wong Kan Seng over S$400,000 in shares