SINGAPORE: Chief executives (CEOs) at Singapore banks UOB
and DBS are among the top ten best paid executives in the Asia
Pacific.
A report by management consultancy Hay Group and The Asian
Banker said that UOB's Wee Ee Cheong is the 8th best paid CEO,
taking home between US$3.82 and US$3.99 million a year.
In 9th spot was former DBS CEO Richard Stanley, who was due to be
paid between US$3.3 and US$3.47 million.
Mr Stanley died of cancer in April this year.
OCBC's David Conner was the 11th best paid CEO with a salary range
from US$2.6 to US$2.78 million.
Australian banks remunerate their CEOs the highest salaries with
seven being in the top 10, including ANZ's Mike Smith.
He gets a total pay of nearly US$9 million.
Other results show that the compensation of Asia-Pacific CEOs has
dipped since the last time the survey was conducted in 2007.
In a difficult year for the sector, pay packages for the top ten
best paid CEOs has come down by 11.3 per cent.
Also, the survey found that banks are increasing their reliance on
performance-based pay.
Performance has moved up in scale for established and new CEOs
alike, especially in the top half.
The report ranks the top 50 best paid CEOs in the
region.
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