SINGAPORE (June 14): Barry Stowe, the former chairman and chief executive of Prudential’s North American Business unit who retired in December 2018, was the highest paid manager among Singapore listed companies in 2018.
Besides being listed in London, Prudential has a secondary listing on the Singapore Exchange since May 2010.
For lifting the international financial services group’s earnings by 26%, Stowe was given a 7.8% hike in compensation to $16.5 million.
In joint second place was Oxley Holdings’ Ching Chiat Kwong and Xu Cheng Qiu, executive chairman of China Sunsine Chemical Holdings, who were paid $12 million each although Xu’s actual remuneration was still pending review by the board and had not been finalised.
Ching’s amount was about 24% lower than the year before, the property developer’s earnings were up 30.7% between FY2017 and FY2018 while Xu’s pay was up 63.8% over FY2017 as the company’s earnings grew 87.9% over the same period.
In fourth place was Dr Tan See Leng of IHH Healthcare who took home $11.9 million in FY2018, 6.7% higher than his FY2017 package. The healthcare group suffered a 35.3% drop in earnings in FY2018 from FY2017. Tan is stepping down by December this year.
Coming in fifth was Piyush Gupta of DBS Group Holdings, the most valuable listed GLC in terms of market capitalisation. Gupta saw a 15.6% hike in his compensation package to $11.9 million for 2018. DBS reported a 27.6% gain in earnings in FY2018 from the year before.
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