In its latest Annual Report for fiscal year ended 31 March 2016 (FY 16) SMRT revealed that the basic salary of its CEO had increased by about $37,000, from $793,170 he earned in the previous financial year to, $830,955 he earned in the last one. The public transport operator has however cut the variable income of its CEO, Mr Desmond Kuek.
In the financial year ended 31 Mar 2015 (FY15), Mr Kuek earned $1,517,853 in variable income which is tied to performance. In FY16 however he earned $1,040,759, or about $500,000 less than FY15. Mr Kuek, 53, also holds 260,000 shares awarded to him by SMRT.
Despite Mr Kuek’s total income for the last financial year dropping by about $500,000 compared to FY15, he still earned a whopping $1.87 million, and is SMRT’s highest paid chief executive in its history. The transport operator’s previous CEO Ms Saw Phaik Hwa drew about $1.85 million when she left SMRT in 2012.
SMRT has two other senior staff in the million-dollar-income category, but it failed to disclose further details of the two saying, “given the wage discrepancies in the industry, and the competitive pressures that may result from such disclosure.”
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