United Overseas Bank (UOB) is likely to defer its annual general meeting (AGM) set for April 30 given the curbs on mass gatherings. DBS Bank and OCBC Bank have already postponed theirs.
UOB investors were due to approve a final dividend of 55 cents a share and a special dividend of 20 cents a share at the AGM.
The bank's annual report out yesterday showed that chief executive Wee Ee Cheong's total salary last year was $10.75 million, up from $10.56 million a year earlier. His base salary was unchanged at $1.2 million, with the remaining captured in bonus.
As in 2018, 60 per cent of the variable pay due will be deferred and vested over three years. Of the deferred variable pay, 40 per cent will be issued in deferred cash with 60 per cent in the form of share-linked units.
The bank has also deferred the adoption of a revised directors' fee structure given concerns over the coronavirus pandemic.
UOB chairman Wong Kan Seng was paid a total of $907,000.
By comparison, DBS chairman Peter Seah was paid director's fees of $1.33 million and a share-based remuneration of $571,200. Taken together with the service of a car and driver, Mr Seah received total remuneration of $1.97 million last year.
Mr Wee, who is also UOB deputy chairman, said in the report: "At the moment, many countries are grappling with the impact of Covid-19, which is affecting global growth over the near term. Storms will pass. We will stay the course."
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