His pay of between $10 million and $10.25 million was up from between $8.75 million and $9 million a year ago.

It includes 15 per cent in base salary and 6 per cent in options granted, according to the group's annual report out yesterday. The rest is made up of performance-related bonuses - including a portion tied to the group's economic value-added (EVA) performance.

About 51 per cent of his remuneration was in the form of bonuses that have been paid, while 28 per cent - in the form of deferred EVA bonus - will be credited to his individual bonus account for payment in future years.

Mr Lim has already accumulated about $5.5 million in deferred EVA bonuses for work done between 2004 and 2007.

Mr Lim, 64, stepped down on Jan 1 as chief executive officer (CEO), a post he had held since 2000.

He has been with the Keppel group for 25 years and is staying on the board as non-executive chairman.

New CEO Choo Chiau Beng earned between $9.5 million and $9.75 million last year. He was Keppel Offshore & Marine CEO during that period.

Mr Choo also received EVA bonuses.

The EVA bonus scheme involves deferring incentive compensation over a period to motivate the executive to generate sustainable shareholder value over the longer term.

Read the full story in Friday's edition of The Straits Times.