The Straits Times, on 25 March 2009, reported that Singapore-listed company Capital Land had rewarded its president and chief executive with a S$20.52 million bonus in 2007. Mr Liew Mun Leong, “a civil engineer who spent 22 years as a civil servant before taking the corporate world by storm”, was rewarded “for helping the property developer achieve a record profit of S$2.76 billion that year”.
The bonus is believed to be a record for any executive at a Singapore listed company.
The Straits Times quoted Mr Liew, who held a press conference at Capital Tower on Tuesday, as having said:
“Although the sum is the highest, it is accrued… so it’s put into a bank account and you are only allowed to take one-third out. If you ask if it’s the highest, if you take one-third out, then it’s not.”
Mr Liew’s base pay was $1.15 million in 2007 and $1.19 million in 2008.
For 2008, his bonus was a much smaller $2.98 million.
What’re your thoughts on the $20.52 million bonus paid out to Mr Liew in 2007?
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we shudnt begrudge another his pay if he is worth his salt. as long as he has proved his bottomlines, is the point buddy.
Many companies state the renumeration of their top management to give shareholders the information on based on corporate governance. They normally state for the previous year. Did Capitaland reveal such information for the past five years? If they have, there is no need to reveal it again. If they have not, then why suddenly so revealing as to reveal the past two years, why not the past five years or just the past year as is normal practice? Is this done to make 3 million look like peanuts? If yes, then why is a private organisation doing this?
If one can get less fat bonuses, and if one can lower the rental for the retailers, we do not have to pay for more and more expensive items, it can also employ singaporean with higher salary and not rely so much on lower pay foreigners to be more competitive and productive as high rental takes up large portion of the operating costs rather than labour costs, we are paying more for our buying which translates to higher cost of living.
I find it so amazing the sg system – the gov is involved in private and public sector, that is GLCs.
I wonder and wonder, can USA gov also GLC their large companies like AIG or Citi?
i dunno. you kno?
In allowing a huge bonus of $20.5 million for what is essentially a GLC, but not allowing a minimum wage for workers shows the hypocrisy of the PAP government.
GST is a form of regressive taxation which favours the rich. A man earning $700 pays a GST of $70 is 10% of his income, whereas for a person with a salary of $7000 is only 1%.
The PAP government is mismanagement the Singapore economy