Piyush Gupta, CEO of DBS, saw the biggest pay cut with his total remuneration reduced by $2.94 million or 24.3% to $9.18 million for the FY2020, compared to $12.13 million in the FY2019.
The CEOs for the three biggest banks in Singapore saw pay cuts ranging from 8.2% to 24.3% for the FY2020 ended December, in tandem with lower earnings reported for the period amidst the Covid-19 environment.
While base salaries for the CEOs of DBS Group Holdings, Overseas-Chinese Banking Corporation (OCBC), and United Overseas Bank (UOB) remained flat, their respective total remunerations were lower due to cuts in bonuses, share awards, and other benefits.
