SINGAPORE: Chief executives (CEOs) at Singapore banks UOB and DBS are among the top ten best paid executives in the Asia Pacific.
A report by management consultancy Hay Group and The Asian Banker
said that UOB's Wee Ee Cheong is the 8th best paid CEO, taking home
between US$3.82 and US$3.99 million a year.
In 9th spot was former DBS CEO Richard Stanley, who was due to be paid between US$3.3 and US$3.47 million.
Mr Stanley died of cancer in April this year.
OCBC's David Conner was the 11th best paid CEO with a salary range from US$2.6 to US$2.78 million.
Australian banks remunerate their CEOs the highest salaries with seven being in the top 10, including ANZ's Mike Smith.
He gets a total pay of nearly US$9 million.
Other results show that the compensation of Asia-Pacific CEOs has dipped since the last time the survey was conducted in 2007.
In a difficult year for the sector, pay packages for the top ten best paid CEOs has come down by 11.3 per cent.
Also, the survey found that banks are increasing their reliance on performance-based pay.
Performance has moved up in scale for established and new CEOs alike, especially in the top half.
The report ranks the top 50 best paid CEOs in the region.
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