UOB CEO's pay falls 8.8% to $9.8m in 2020

Mr Wee Ee Cheong's base salary remained unchanged at S$1.2 million. PHOTO: UOB

SINGAPORE (THE BUSINESS TIMES) - UOB chief executive officer Wee Ee Cheong earned a total salary of S$9.805 million in 2020, down 8.8 per cent from S$10.75 million in 2019, according to the bank's annual report out on Wednesday.

Mr Wee's base salary remained unchanged at S$1.2 million. He received an S$8.568 million in bonuses, and S$37,000 in benefits-in-kind and others.

As before, 60 per cent of the variable pay due to Mr Wee will be deferred and vest over three years.

Of the deferred portion, 40 per cent will be in cash, and the remaining 60 per cent will be in the form of share-linked units.

In his message in the annual report, Mr Wee noted the banks' commitment to deepening its Asean franchise; enhancing digital capabilities so customers can transform their businesses; and investing in developing its people's capabilities.

UOB shares closed down S$0.10 or 0.39 per cent at S$25.83 on Wednesday.

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