SINGAPORE (THE BUSINESS TIMES) – UOB deputy chairman and chief govt Wee Ee Cheong’s pay for 2021 rose because the financial institution posted sturdy earnings for the monetary yr amid an improved financial outlook and enterprise state of affairs.
Mr Wee’s annual remuneration climbed by 11.5 per cent to $10.9 million for the monetary yr ended Dec 31, 2021, in accordance with UOB’s annual report launched on Wednesday (March 23).
This is after his pay dropped 8.8 per cent to $9.8 million in 2020 when the Covid-19 pandemic hit companies and the economic system.
Mr Wee’s pay in 2021 includes a base wage of $1.2 million, a bonus of $9.7 million, and benefits-in-kind and others – transport-related advantages, together with the availability of a driver – of $36,668.
Some 60 per cent of his variable pay is deferred and can vest over the following three years, of which 40 per cent will probably be issued in deferred money whereas the remaining will probably be within the type of share-linked models.
Mr Wee, who’s an govt director, doesn’t obtain a director charge for serving on the board and board committees as he’s remunerated as an worker.
He can also be not eligible to take part in UOB’s revised share plan as he’s a considerable shareholder.
Under its revised share plan, UOB is planning to permit eligible non-executive administrators to be granted share awards, topic to shareholders’ approval.
It is proposing to pay roughly 30 per cent of the non-executive administrators’ charges within the type of absolutely paid strange UOB shares in lieu of money.
For FY2021, UOB posted a 40 per cent on-year enhance in internet revenue to $4.1 billion, whereas its whole earnings rose 7 per cent on yr to $9.8 billion.
The financial institution stated it noticed sturdy efficiency throughout buyer segments and geographies within the yr, with stronger earnings progress and decrease credit score allowance as Singapore and regional economies steadily recovered from the pandemic.
In the annual report, Mr Wee additionally sounded an optimistic be aware on the long-term potential of his financial institution’s enterprise in Asean.
The financial institution in January stated it was buying Citi’s client models in 4 Asean markets – Indonesia, Malaysia, Thailand and Vietnam – in an aggressive push to scale up its retail franchise within the area.
The deal will double UOB’s present retail base within the 4 markets from about 2.9 million prospects to five.3 million prospects, accelerating its goal 5 years forward of time.
Shares of UOB have been buying and selling at $32.08 at 11.32 am on Thursday, up 18 cents, or 0.6 per cent.
The post UOB CEO Wee Ee Cheong’s pay up 11.5% to $10.9 million in 2021 first appeared on Umorr.
