Wee Ee Cheong, the Deputy Chairman and Chief Executive Officer of United Overseas Bank (UOB), received a remuneration of S$14.23 million in 2022, a 30 per cent increase from his 2021 remuneration of S$10.93 million.
The information was made public with the bank's annual report released on Mar. 23, stating that its core net profit has grown to a new high of S$4.8 billion in 2022, marking an 18 per cent increase from 2021.
This is the second consecutive year the bank has increased Wee's remuneration.
His remuneration was increased by 11.5 per cent last year from S$9.8 million when UOB had a net profit of S$4.1 billion for FY2021.
The increase came after his remuneration dropped by 8.8 per cent for FY2020 due to the pandemic.
CEO since 2007
Wee has been the CEO of UOB since 2007.
Wee's remuneration includes salary, bonus, and benefits-in-kind.
As he is paid as an employee, he receives no directors’ fees for serving on the board and board committees as an executive director.
Additionally, as a substantial shareholder, Wee is also ineligible to participate in the UOB Share Plan, which allows eligible directors to receive part of their directors’ fees in the form of shares in lieu of cash.
UOB says remuneration reflects employee's contribution & performance
In its 2022 annual report, UOB explains its remuneration policy:
"Our meritocratic compensation practices support the Group’s long-term business and people strategies and objectives and provide a fair total compensation that reflects each employee’s contribution and performance for the year and their upholding of the UOB values in their decision-making and actions."
The group also added that its policy is reviewed by its Remuneration and Human Capital Committee regularly to ensure its compensation practices and programmes are appropriate to attract, retain, and motivate a highly-skilled workforce while meeting applicable regulatory requirements.
Earlier this month, DBS Group announced in its 2022 annual report that its Chief Executive Officer, Piyush Gupta, received a remuneration of S$15.38 million last year after the bank made a record S$8.19 billion net profit.
The bank said that Gupta's remuneration was in recognition of his contribution to its stellar performance in 2022, despite being "a challenging year marked by high inflation, glow growth, and bearish markets".
Top images via UOB/Facebook