The pay package for the two Kwek brothers of property and hotels company City Developments Ltd (CDL) increased by as much as S$1.5 million each for the year ended 31 December 2010, according to CDL’s latest annual report.
CDL’s Executive Chairman Kwek Leng Beng received “above S$9 million and up to S$9.25 million” for the fiscal year 2010, up from “above S$7.5 million and up to S$7.75 million” in the preceding year. The company said 12 percent of Kwek’s remuneration accounted for his base salary, while variable bonuses / allowances comprised 84 percent.
CDL also said the company’s Managing Director Kwek Leng Joo received “above S$8 million and up to S$8.25 million” in 2010, compared with “above S$6.5 million and up to S$6.75 million” in the previous year.
Meanwhile, rival property developer CapitaLand said its President and CEO Liew Mun Leong received a total of S$6.69 million for the fiscal year 2010, up 15 percent from S$900,000 in 2009.
Mr. Liew’s latest remuneration comprises S$3.6 million in bonuses, close to S$1.3 million in salary and S$1.79 million in awarded shares. With CapitaLand’s 20.9 percent increase in net profit last year, Mr. Liew’s bonus for 2010 was S$226,000 lower than the S$3.8 million for 2009.