SINGAPORE (June 26): Chua Sock Koong, the long-time CEO of Singapore Telecommunications (Singtel), is feeling the heat amid intensifying competition in the telco sector.
An annual report published Wednesday has revealed that Chua was paid a total “earned” package of $3.5 million for the most recent FY19, some 42.1% lower than the total “earned package” of $6.1 million a year ago.
However, the steep pay cut was soothed somewhat by what Chua actually took home.
According to the annual report, her total “paid” package for FY19 was $ 4.9 million, down 16.7% compared to $5.9 million for FY18.
The variance between the “earned” and “paid” packages is because of compensation components pegged to share and share options as well as other variables.
These are not paid at one go but spread out over several years, which is a common practice among top management of large companies.
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Singtel’s earnings have been hit in recent years, as the company suffered from losses at its associate company Bharti Airtel in India and stagnant results in the Singapore home market.
For the year ended March 31, 2019, the company suffered a 10.4% drop in share price. Including dividends, it would have been down 5.25%.
For the preceding year ended March 31, 2018, its share price was down 14%, and 9.3% lower including dividends.
To be sure, Chua wasn’t the only one among Singtel’s top managers who suffered a pay cut. The rest of the entire management team did too.
Bill Chang, CEO Group Enterprise, was given an “earned” pay of nearly $1.9 million for FY19, down 40.3% from FY18.
Hui Weng Cheong, chief operating officer of Thai associate AIS, earned $1.8 million, down 15.2%.
Allen Lew, CEO Consumer Australia, was paid nearly A$3.7 million, down 31.3%.
Jeann Low, Group Chief Corporate Officer, was paid nearly $1.5 million, down 37.9%.
Last, but not least, Yuen Kuan Moon, CEO Consumer Singapore, took home $1.9 million, down 31.3%.
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