Genting Singapore has responded to queries raised by Singapore Exchange Regulation (SGX RegCo) with relation to the company’s FY2020 annual report, including disclosures that its chairman Lim Kok Thay’s remuneration more than doubled to at least $21.25 million, despite the company's net profit for the period falling by 90% y-o-y.
In a filing to SGX dated March 26, Genting Singapore says that a “significant proportion” of Lim’s remuneration relates to a contingent bonus of $35 million which is conditional upon the company being successful in its bid for a Japan integrated resort (IR). 50% of the bonus is due upon the company being selected by the local government as an IR operator for the city while the balance 50% is due upon certification of the IR area by the Japan national government.
The company notes that none of the $35 million bonus has been paid out as the “conditions have not been met”, but the company has accrued the relevant portion of this incentive award for FY2020, as required by accounting standards.
Excluding the accrual, the company says the chairman received less than $5 million as his remuneration for FY2020, which is more than a 50% reduction over the previous year, and that he continues to take basic salary cut of up to 30% since March 2020.
SGX had also asked the company to elaborate on the disclosure that 750,000 performance shares were granted to Lim in FY2020, similar to FY2019.
Genting Singapore responded that the shares are granted subject to “pre-agreed performance conditions being achieved over the performance period”, and notes that the shares granted for FY2020 have lapsed in 2021 due to the "poor business performance in FY2020".
As at 3.18pm, shares in Genting Singapore are 1 cent or 1.08% lower at 91.5 cents.
