Nearly half of STI constituents raised their CEOs’ salaries, mostly in line with EPS gains

THE chief executive officers of 12 (see amendment note) Straits Times Index (STI) component companies received higher salaries in FY2023 than they did in FY2022 – nearly half of the blue-chip index’s 27 constituents that disclosed salary information for their top executives for the period.

Twelve (see amendment note) CEOs received pay cuts, while three others saw their salaries remain in the same range for the latest financial year. Although Seatrium – formerly Sembcorp Marine – also disclosed its CEO’s salary, it would not be meaningful to include the information as Chris Ong has been at the helm for only around a year.

Most of the STI companies raised or lowered their CEOs’ pay in line with a year-on-year increase or decrease in the company’s earnings per share (EPS).