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ComfortDelGro Group's board and senior management to take pay cuts
COMFORTDELGRO Group's board and senior management will take a voluntary cut in directors' fees and pay respectively amid the Covid-19 crisis.
Directors of the group's three listed companies - ComfortDelGro, SBS Transit and Vicom – will have their directors' fees cut by 20 per cent till the end of the year.
Managing director and group chief executive Yang Ban Seng will take a 15 per cent pay cut, while all senior management ranked vice-president and above will have their salary cut by 10 per cent.
The cuts will be effective from April 2020 and will be reviewed at the end of June.
Group chairman Lim Jit Poh said the group will continue to look into how it can reduce non-essential expenditure while ensuring "there is no degradation to our services".
Mr Lim called the pay cuts "necessary" amid ongoing challenges. "Our taxi drivers, who are our key partners, are already reeling from the dramatic fall in demand – not just in Singapore, but in all the locations we operate in. As a group, we must come together in times such as these," he said.
ComfortDelGro ended trading at S$1.41 on Monday, down 2 Singapore cents or 1.4 per cent.
SBS Transit ended trading at S$2.62, down 1 Singapore cent or 0.38 per cent.
Vicom ended trading at S$7.23, down 2 Singapore cent or 0.28 per cent.