For DBS, even car park charges are up for disclosure

Singapore

PARKING charges do not usually show up in director remuneration disclosures, but they did in DBS Group Holdings' latest annual report.

The bank's disclosures were detailed enough to show that independent director Euleen Goh was allocated S$5,778 for car park charges last year, part of her total compensation of S$344,778. No other directors on the nine-member board were paid car park benefits.

Ms Goh, 61, attended a total of 30 board meetings; her attendance was also the second highest among the non-executive directors, according to the DBS 2016 annual report. The DBS board is made up of six independent and three non-independent directors. The only executive director on the board is Piyush Gupta, who is also the chief executive.

"Season parking is made available to Euleen Goh due to the significant amount of time she spends at the bank," said Edna Koh, DBS spokeswoman.

She is at the DBS office regularly for meetings in her capacity as a DBS director, chairwoman of the board risk management committee, chairwoman of the DBS Foundation Board, as well as member of the board executive committee, compensation and management development committee and nominating committee, said Ms Koh.

"In addition to the 30 formal board and board committee meetings she attended last year, she also had to attend numerous ad-hoc meetings, DBS Bank and DBS Foundation related engagements." DBS Foundation was launched in 2014 with a S$50 million fund to champion social entrepreneurship.

Ms Goh's season parking is at Marina Bay Financial Centre Tower 3, which is also DBS' headquarters. She had received a similar amount for 2015.

She is the second highest paid non-executive director on the board. Peter Seah, DBS chairman, the highest paid non-executive and independent director, was paid S$1.84 million which included S$51,212 for car and driver. Mr Gupta was paid S$8.44 million which included S$61,132 for club, car and driver.

The latest DBS report continues to depart from the norm in annual reports. The bank dispensed with the usual photographs of board members and the group management committee, replacing them with drawings.