Piyush Gupta, CEO of DBS, saw the biggest pay cut with his total remuneration reduced by $2.94 million or 24.3% to $9.18 million for the FY2020, compared to $12.13 million in the FY2019.
Excluding his base salary of $1.2 million, Gupta saw his cash bonus, shares awarded, and other remuneration lowered by $1.2 million, $1.8 million, and $14,412 respectively. The reduction was attributed to the “difficult operating environment”, general cutbacks adopted across the bank, and the reduction in the bank's profits, which fell by $1.67 billion or 26% y-o-y to $4.72 billion.
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OCBC Bank’s Samuel Tsien, who will be retiring from his role as executive director and CEO on April 15, saw his total remuneration reduced by $2.45 million or 22.1% to $8.63 million for the FY2020, compared to $11.08 million previously.
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Apart from his base salary of $1.24 million, Tsien’s bonus, deferred shares, and other benefits were reduced by $1.46 million, $0.97 million, and $17,458 respectively. OCBC’s earnings for the FY2020 fell $1.28 billion or 26% y-o-y to $3.59 billion.
United Overseas Bank (UOB) CEO Wee Ee Cheong saw the smallest pay cut, with his total remuneration lowered by $0.95 million or 8.8% to $9.81 million for the FY2020, from $10.75 million the year before. UOB’s earnings for the period fell $1.43 billion or 33% y-o-y to $2.92 billion.
Excluding his base salary of $1.2 million, Wee saw his bonus reduced by $0.95 million, though his benefits-in-kind, which includes transport benefits and the provision of a driver, marginally increased by approximately $5,000.
As at 4.52pm, shares in DBS, OCBC and UOB are trading at $29.31, $11.81 and $25.95 respectively.
