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SINGAPORE: Chief executives 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 - which ranks the top 50 best paid CEOs in the region - 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 showed that the compensation of Asia-Pacific CEOs has dipped since the last survey conducted in 2007. In a difficult year for the sector, pay packages for the top ten best paid CEOs have come down by 11.3 per cent.
The survey also 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.
- 938LIVE/vm
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