Most of ex-CEO's shares in SMRT forfeited

[BuiKia]

By Christopher Tan Senior Transport Correspondent

A SIZEABLE chunk of former SMRT chief executive Saw Phaik Hwa's share entitlement has been forfeited, the listed rail operator disclosed in its latest annual report.

Of the 100,000 performance share plan (PSP) shares SMRT granted to Ms Saw for financial year 2010, all were forfeited because the company's key performance indicators were not met. And of the 107,800 restricted share plan (RSP) shares granted to her, only 69,400 were actually awarded. The remaining 38,400 shares were not vested in time.

Ms Saw quit in January 2012. And because she resigned, all the 100,000 PSP and 100,000 RSP shares granted for FY2011 were forfeited. The 338,400 shares she did not receive would have been worth $490,680 at yesterday's closing price of $1.45.

SMRT did not disclose what happened to the allotment for FY2012, which would have been granted in August 2011 under normal circumstances.

 

[enterprise2]

By Christopher Tan Senior Transport Correspondent

A SIZEABLE chunk of former SMRT chief executive Saw Phaik Hwa's share entitlement has been forfeited, the listed rail operator disclosed in its latest annual report.

Of the 100,000 performance share plan (PSP) shares SMRT granted to Ms Saw for financial year 2010, all were forfeited because the company's key performance indicators were not met. And of the 107,800 restricted share plan (RSP) shares granted to her, only 69,400 were actually awarded. The remaining 38,400 shares were not vested in time.

Ms Saw quit in January 2012. And because she resigned, all the 100,000 PSP and 100,000 RSP shares granted for FY2011 were forfeited. The 338,400 shares she did not receive would have been worth $490,680 at yesterday's closing price of $1.45.

SMRT did not disclose what happened to the allotment for FY2012, which would have been granted in August 2011 under normal circumstances.

For all the woes she caused which is still affecting us, she still earned millions...so whats a few hundred $ worth of shares forfeited??

 

[jonahlomu]

Sup Sup Sui. Loose change to her.

 

[Dark Knight]

Sup Sup Sui. Loose change to her.

Performance share and bonus for her in bringing revenue on retail outlet and advertising space rental.
But when it comes to operation management, deduct back her performance share plus bonus.
The outcomes is that she will only get the balance of these two KPI.

 

[enterprise2]

Performance share and bonus for her in bringing revenue on retail outlet and advertising space rental.
But when it comes to operation management, deduct back her performance share plus bonus.
The outcomes is that she will only get the balance of these two KPI.

I think the screw-ups costs of the Ops Management more than outweight the revenue generated from the retail....so she should have more of her pay docked! In fact, she should have been terminated instead of having to resign...and on top of being terminated, she should have her past pay returned to pay for the woes she caused.

 

[johnny333]

Shouldn't she be charged for negligence

 

[enterprise2]

Shouldn't she be charged for negligence

I tell u she got off lightly. Probably a PAP supporter....even though she's Malaysian!!

 

[Dark Knight]

I think the screw-ups costs of the Ops Management more than outweight the revenue generated from the retail....so she should have more of her pay docked! In fact, she should have been terminated instead of having to resign...and on top of being terminated, she should have her past pay returned to pay for the woes she caused.

In Sillypore, top civil servant seldom got terminated. They will be asked to resign or retire to save face.

 

[enterprise2]

In Sillypore, top civil servant seldom got terminated. They will be asked to resign or retire to save face.

Sorry...the civil serpents get 'rotated' to other Gahment Linked Companies and continue to draw their million $ salaries.

 

[Dark Knight]

Sorry...the civil serpents get 'rotated' to other Gahment Linked Companies and continue to draw their million $ salaries.

Not all of them are so fortunate. People like "Georgie Yeo" and "Desperate Choo" (if you know who they are) ended going nowhere in GLCs.

 

[vincenttan]

All those forfeited shares will be channeled to newly appointed ex-generals for their job well done.

SMRT chief executive, Mr Desmond Kuek assessed SMRT to have at least a B-rating compared to other metro systems, in terms of benchmarks such as reliability, capacity and maintenance.

 

[IamTiong]

Everything now go to desmond.

 

[looneytan]

This man sells chicken rice near my office

 

[LITTLEREDDOT]

 

[LITTLEREDDOT]

What is forfeiture of one year's shares? She has been given so many shares in her earlier years that she became a multi-millionaire just from her SMRT shares alone.

 

[GoldenDragon]

She's a good pal of HC. Need we say more?

 

[songsongjurong]

 

[johnny333]

Isn't that the makan Sutra guy

 

[PrinceCharming]

Pay attention to the fifth paragraph: "....while the award of RSP shares hinges on performance over a two-year period. The latter has since been revised to one year..."

Cleopatra Saw's successor certainly knows how to manipulate the system to his advantage. But can he prove to be capable of increasing revenue streams like his predecessor did?

The Straits Times, 19 July 2013, page A2

 

[SamSeng]

This man sells chicken rice near my office

I saw this man queueing up for hello kitty plush toy the night, pushing and crossing swords with the crowds.