UOB CEO Takes Pay Cut

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.