United Overseas Bank (UOB) is one of Singapore’s biggest banks, with many citizens having banked with the institution.
Following a good year for the bank, their Chief Executive Officer (CEO) Wee Ee Cheong has been paid S$14.2 million for 2022.
This is inclusive of a bonus of S$13 million.
The figure was revealed in UOB’s Annual Report 2022, published on Thursday (23 Mar).
Under the section titled “Directors’ remuneration”, it listed the sum paid or payable to each member of its Board of Directors for the financial year that ended on 31 Dec 2022.
The directors don’t receive any other remuneration from UOB except what’s listed there, they said.
From the table, it’s apparent that Mr Wee earned a total of S$14,237,577 for 2022.
“Benefits-in-kind and others” refer to transport-related benefits, including the provision of a driver for him, said the bank.
60% of Mr Wee’s variable is deferred, and will vest over the next three years, UOB added. 40% of this deferred salary will be issued in deferred cash. The remainder will be in the form of share-linked units.
As he is a UOB employee and receives a salary as one, Mr Wee isn’t entitled to directors’ fees. He’s also not eligible for UOB’s share plan as he’s a substantial shareholder himself.
In comparison, Mr Wee earned a total of S$10,936,668 for 2021, according to UOB’s Annual Report 2021.
Thus, this means that he had a pay increase of about 30.2% in 2022 from the previous year.
The bulk of this increase was due to the larger bonus, which went up by S$3.3 million.
Mr Wee’s salary bump comes as UOB announced a record net profit for 2022.
The bank’s core net profit excluding one-time expenses was S$4.8 billion last year, compared to S$4.1 billion in 2021 — an 18% jump.
That’s a swift improvement from the recent low of S$2.9 billion in 2020 due to the pandemic.
Mr Wee, 70, has been UOB’s CEO since April 2007, when he took over from his father, Dr Wee Cho Yaw.
He’s also deputy chairman of the board, a position he has held since March 2000.
His brother, Mr Wee Ee Lim, is also on the Board of Directors. Meanwhile, his father and two brothers are substantial shareholders in the bank.
In his CEO’s report, Mr Wee said 2022 was “a strong year financially” for UOB, with a total income of S$11.6 billion.
He thanked their customers and shareholders for their support and looked forward to another strong year ahead.
Mr Wee’s salary for 2022 is about S$1.1 million less than that of his counterpart at DBS Bank.
DBS CEO Piyush Gupta earned a total of S$15,380,529 last year, the bank revealed earlier this month.
The 13% pay rise compared with his 2021 remuneration came on the heels of a “breakout year” for DBS, with a record net profit of S$8.19 billion.
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Featured image adapted from UOB on Facebook.
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