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10-04-15, 23:52
http://www.straitstimes.com/archive/saturday/premium/money/story/kwek-brothers-exact-pay-disclosed-20150404
Kwek brothers' exact pay disclosed
Published on Apr 4, 2015 12:37 AM
By Chia Yan Min
CITY Developments Ltd (CDL) has disclosed for the first time the exact pay packages of the two brothers who helm the listed property and hotel group.
The company had previously indicated executive remuneration only in bands of $250,000 in its annual reports.
Executive chairman Kwek Leng Beng took home $9.21 million in the financial year ended Dec 31, according to CDL's latest annual report.
The bulk of this - 78 per cent - comprised variable bonuses and allowances.
His remuneration, believed to be among the highest for top executives in Singapore, was comparable to the preceding year, when he earned between $9 million and $9.25 million.
The pay cheque of his brother Kwek Leng Joo - the company's deputy chairman - was $6.72 million last year. This was lower than the preceding year when Mr Kwek, 61, earned between $7.5 million and $7.75 million.
Mr Kwek Leng Beng, 74, and his family were listed as the second-richest in Singapore last year by Forbes magazine, with a net worth of some US$7.8 billion (S$10.6 billion).
The richest in Singapore last year, Forbes said, were brothers Robert and Philip Ng of the Far East Organization and Sino Group property empire, with US$12.8 billion.
The Kweks' CDL had defied rocky real estate market conditions to post fourth-quarter net profit of $384.9 million - an all-time quarterly record.
A key factor in this was an earnings boost from the completion in December of the $1.5 billion investment instrument linked to the group's Sentosa Cove properties.
Net profit for the year ended Dec 31 was $769.6 million, up 12.2 per cent year on year. Full-year revenue jumped 17.1 per cent to $3.76 billion.
Companies have generally become more transparent in disclosing directors' pay cheques following recommendations in the Code of Corporate Governance jointly managed by the Monetary Authority of Singapore and Singapore Exchange.
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Kwek brothers' exact pay disclosed
Published on Apr 4, 2015 12:37 AM
By Chia Yan Min
CITY Developments Ltd (CDL) has disclosed for the first time the exact pay packages of the two brothers who helm the listed property and hotel group.
The company had previously indicated executive remuneration only in bands of $250,000 in its annual reports.
Executive chairman Kwek Leng Beng took home $9.21 million in the financial year ended Dec 31, according to CDL's latest annual report.
The bulk of this - 78 per cent - comprised variable bonuses and allowances.
His remuneration, believed to be among the highest for top executives in Singapore, was comparable to the preceding year, when he earned between $9 million and $9.25 million.
The pay cheque of his brother Kwek Leng Joo - the company's deputy chairman - was $6.72 million last year. This was lower than the preceding year when Mr Kwek, 61, earned between $7.5 million and $7.75 million.
Mr Kwek Leng Beng, 74, and his family were listed as the second-richest in Singapore last year by Forbes magazine, with a net worth of some US$7.8 billion (S$10.6 billion).
The richest in Singapore last year, Forbes said, were brothers Robert and Philip Ng of the Far East Organization and Sino Group property empire, with US$12.8 billion.
The Kweks' CDL had defied rocky real estate market conditions to post fourth-quarter net profit of $384.9 million - an all-time quarterly record.
A key factor in this was an earnings boost from the completion in December of the $1.5 billion investment instrument linked to the group's Sentosa Cove properties.
Net profit for the year ended Dec 31 was $769.6 million, up 12.2 per cent year on year. Full-year revenue jumped 17.1 per cent to $3.76 billion.
Companies have generally become more transparent in disclosing directors' pay cheques following recommendations in the Code of Corporate Governance jointly managed by the Monetary Authority of Singapore and Singapore Exchange.
[email protected]