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At least 10 bosses of Singapore's STI firms took home less pay in 2020

Of 20 companies studied, CityDev's Sherman Kwek had biggest cut in total compensation, at 64.2%, from S$2.84m in FY2019 to S$1.02m in FY2020

Published Mon, Apr 19, 2021 · 05:50 AM

Singapore

ABOUT half of the head honchos of Straits Times Index (STI) companies studied by The Business Times saw a decline in their respective pay cheques in FY2020, as the Covid-19 pandemic hampered businesses across most sectors.

Collectively, their total remuneration edged up marginally to S$200.80 million in FY2020, from around S$194.50 million in FY2019. This was largely due to the pay packages of the chiefs at Genting Singapore, Wilmar International, and the total stated by the Jardine Matheson Holdings which reported the lump sum of all its directors.

The figures were calculated by studying remuneration data within the annual reports of companies that had their financial years ending in December. A total of 20 companies were included. The midpoint was taken for those whose compensation fe…

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