SGX CEO Loh Boon Chye paid $7.57 million in FY2024

SINGAPORE - Singapore Exchange (SGX) chief executive Loh Boon Chye’s total gross remuneration in financial year (FY) 2024 was $7.57 million, almost unchanged from the previous year’s but more than 76 per cent higher compared with five years ago.

He received more than double what he was paid in FY2016, his first year in service, when he was awarded $3.2 million.

His FY2024 pay package included $3.15 million in long-term incentives such as performance shares and other incentives aligned with SGX’s long-term results, according to its annual report released on Sept 16.

Mr Loh’s fixed pay stood at $1.21 million, and he also received a cash bonus of $3.15 million and benefits in kind of $57,256.

In his last year of service in FY2015, then CEO Magnus Bocker’s total gross remuneration amounted to $3.84 million. This included fixed pay of around $1 million, a cash bonus of $1.94 million and long-term incentives of just over $780,900. He headed the exchange for six years.

Mr Loh’s latest pay award comes on the back of SGX’s 3.1 per cent year-on-year rise in revenue to $1.23 billion in FY2024, driven by the bourse operator’s fixed income, currencies and commodities derivatives business.

Net profit rose 4.7 per cent to $597.9 million over the same period, yielding total dividends of 34.5 cents per share, up from 32 cents per share in FY2023.

Still, SGX’s equities business performance has been less satisfactory, with more companies taking their initial public offerings to other exchanges, delistings on the rise and daily trading volumes sliding.

In his annual report letter to shareholders, Mr Loh noted that overall volumes in the cash equities business were “subdued” and that “more needs to be done to structurally enhance liquidity and listings”. He added a call for help, noting that “efforts from all stakeholders are required for real change to take place”.

Over the years, pressure from the industry to revive the Singapore stock market has intensified. This culminated in the set-up of a review group by the Monetary Authority of Singapore on Aug 2 to help SGX look into ways to revive the stock market.

Mr Loh has said SGX will work closely with the review group.

Shares of SGX closed at $11.18 on Sept 17, up 0.63 per cent during the day. The shares are up 12.6 per cent compared with a year ago.

Correction note: An earlier version of the story stated Mr Loh’s total gross remuneration for FY2024 as $7.77 million. The figure was from SGX’s annual report. SGX has since corrected the figure to $7.57 million in an updated annual report on the evening of Sept 17.