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<TABLE class=forumline border=0 cellSpacing=1 cellPadding=3 width="100%"><TBODY><TR><TD class=row1 vAlign=top width=150 align=left>yap ah loy
Joined: 03 Aug 2008
Posts: 1989
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Posted: Thu Mar 31, 2011 10:40 pm Post subject: NEWS: DBS CEO pay for 2010 just over S$8m</TD><TD vAlign=top noWrap>
</TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>DBS CEO pay for 2010 just over S$8m
By Chris Howells | Posted: 31 March 2011 2202 hrs
SINGAPORE: The CEO of DBS Group Holdings, Piyush Gupta is taking home a pay packet of just over S$8 million for 2010.
The company's CEO earned S$1.2 million in salary, S$2.7 million in cash bonuses and S$4.1 million in deferred shares.
DBS also made changes for deferred shares, now to be vested over a four year period, up from three years, and no shares will be paid out in the first year. This policy will also apply to other some other members of the board such as Chairman Peter Seah, who took home a S$678,500 pay packet, a third of which was in deferred shares.
DBS also introduced a "claw back" for remuneration, which can be triggered if the bank sees losses from negligent risk taking or inappropriate individual behaviour or fraud.
Part of Gupta's deferred shares (S$685,000) are also allocated as "kicker" shares, which can only be vested if he is still with the bank in the fourth year. DBS also said it does not pay dividends on deferred shares.
In 2010, DBS has recorded core earnings of S$2.65 billion, up 28 per cent from the previous year. The bank said this was driven by strong growth in loans across the region, higher income from cross-selling activities and an improvement in the quality of assets. This was despite headwinds caused by a low interest rate environment, where SIBOR rates had hit a 23-year low.
In a letter to shareholders as part of its annual report, Gupta and Seah said: "The bank was able to put surplus deposits to good use and mitigate the effects of net interest margin compression. In all, net interest income declined just 3 per cent to S$4.32 billion. On the other hand, non-interest income rose 28 per cent to S$2.75 billion."
Going forward, the bank reiterated its focus on strengthening its regional wealth management, SME, Treasury & Markets and Global Transaction Services Business.
This comes after the CEO of OCBC Group, David Conner, racked up S$7.5 million in pay for last year. Half of which was in deferred shares and share awards of S$3.71 million, while S$1.24 million came from base salary and fees, and S$2.5 million in bonuses.
-CNA/ac</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
Joined: 03 Aug 2008
Posts: 1989
</TD><TD class=row1 height=28 vAlign=top width="100%"><TABLE border=0 cellSpacing=0 cellPadding=0 width="100%"><TBODY><TR><TD width="100%">
Posted: Thu Mar 31, 2011 10:40 pm Post subject: NEWS: DBS CEO pay for 2010 just over S$8m</TD><TD vAlign=top noWrap> </TD></TR><TR><TD colSpan=2><HR></TD></TR><TR><TD colSpan=2>DBS CEO pay for 2010 just over S$8m By Chris Howells | Posted: 31 March 2011 2202 hrs
SINGAPORE: The CEO of DBS Group Holdings, Piyush Gupta is taking home a pay packet of just over S$8 million for 2010.
The company's CEO earned S$1.2 million in salary, S$2.7 million in cash bonuses and S$4.1 million in deferred shares.
DBS also made changes for deferred shares, now to be vested over a four year period, up from three years, and no shares will be paid out in the first year. This policy will also apply to other some other members of the board such as Chairman Peter Seah, who took home a S$678,500 pay packet, a third of which was in deferred shares.
DBS also introduced a "claw back" for remuneration, which can be triggered if the bank sees losses from negligent risk taking or inappropriate individual behaviour or fraud.
Part of Gupta's deferred shares (S$685,000) are also allocated as "kicker" shares, which can only be vested if he is still with the bank in the fourth year. DBS also said it does not pay dividends on deferred shares.
In 2010, DBS has recorded core earnings of S$2.65 billion, up 28 per cent from the previous year. The bank said this was driven by strong growth in loans across the region, higher income from cross-selling activities and an improvement in the quality of assets. This was despite headwinds caused by a low interest rate environment, where SIBOR rates had hit a 23-year low.
In a letter to shareholders as part of its annual report, Gupta and Seah said: "The bank was able to put surplus deposits to good use and mitigate the effects of net interest margin compression. In all, net interest income declined just 3 per cent to S$4.32 billion. On the other hand, non-interest income rose 28 per cent to S$2.75 billion."
Going forward, the bank reiterated its focus on strengthening its regional wealth management, SME, Treasury & Markets and Global Transaction Services Business.
This comes after the CEO of OCBC Group, David Conner, racked up S$7.5 million in pay for last year. Half of which was in deferred shares and share awards of S$3.71 million, while S$1.24 million came from base salary and fees, and S$2.5 million in bonuses.
-CNA/ac</TD></TR></TBODY></TABLE></TD></TR></TBODY></TABLE>
