IN AN unusual move, the Singapore Exchange (SGX) updated chief executive officer Loh Boon Chye’s remuneration amount in its annual report, a day after it was released.
Loh’s total gross remuneration for the financial year ended Jun 30, 2024, was in fact S$7.57 million, according to the updated report issued by the bourse on Tuesday (Sep 17) night. This was largely unchanged from his total gross remuneration in FY2023, which was S$7.565 million.
The lower number was due to adjustments made to the cash bonus and long-term incentives he received in FY2024.
According to Tuesday’s report, Loh received a cash bonus of S$3.15 million, lower than the S$3.25 million figure reported a day earlier.
He also received a total of S$3.15 million in long-term incentives, the new report showed. This was changed from the S$3.25 million reported a day ago. These incentives include performance shares and other incentives which are subject to SGX’s long-term performance.
In FY2024, Loh’s fixed salary was S$1.21 million. This was unchanged from the previous report.
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In a letter to shareholders, the CEO said that a more “holistic approach”, with efforts from all stakeholders, is required to transform Singapore’s equities market.
He noted that in FY2024, the overall volumes in the Republic’s equities market were subdued. “While we saw signs of volumes improving in the second half of the financial year, more needs to be done to structurally enhance liquidity and listings.”
SGX will work closely with the review group set up by the Monetary Authority of Singapore on such efforts, in addition to its own work in product development, research and education, issuer and investor outreach, and regional partnerships.
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