UOB CEO Takes Pay Cut
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His compensation in 2020 included an unchanged base salary of S$1.2 million, S$8.568 million bonuses, and S$37,000 in-kind benefits.
Wee Ee Cheong, UOB’s deputy chairman, and CEO, received a total of S$9.805 million in 2020, down 8.8 percent from S$10.75 million in 2019, according to the bank’s annual report, published Wednesday.
Some 60 percent of the variable pay will be deferred and vest over three years. Of the deferred portion, 40 percent will be in cash and the remaining 60 percent will be on the form of share-linked units, the report said.
The bank posted earnings of S$2.92 billion ($2.21 billion) for the full year 2020 – 33 percent lower than 2019’s record earnings.
Earlier this month DBS also said it would be cutting the payout of chief executive Piyush Gupta by 24 percent to S$9.18 million ($6.82 million) in 2020.
Questions & Answers
Q.What was the total compensation received by UOB's CEO in 2020?
What was the total compensation received by UOB's CEO in 2020?
Wee Ee Cheong, UOB's CEO, received a total of S$9.805 million in 2020. This amount included an unchanged base salary, bonuses, and in-kind benefits, as detailed in the bank's annual report.
Q.How much did UOB's CEO's pay decrease in 2020 compared to the previous year?
How much did UOB's CEO's pay decrease in 2020 compared to the previous year?
His total compensation in 2020 was S$9.805 million, which represents an 8.8 percent reduction from his S$10.75 million compensation in 2019. This decrease is noted in the bank's annual report.
Q.What proportion of the CEO's variable pay for 2020 is deferred and in what forms?
What proportion of the CEO's variable pay for 2020 is deferred and in what forms?
Some 60 percent of the variable pay will be deferred and will vest over three years. Of this deferred portion, 40 percent will be paid in cash, and the remaining 60 percent will be in the form of share-linked units.
Q.How did UOB's full-year earnings for 2020 compare to the previous year?
How did UOB's full-year earnings for 2020 compare to the previous year?
UOB reported full-year earnings of S$2.92 billion for 2020. This figure is 33 percent lower than the record earnings achieved by the bank in 2019, according to their annual report.
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