For the first time, City Developments Limited (CDL) has disclosed the exact pay drawn by the two brothers heading the listed property group, media reports said.
Previously, the company’s annual reports only indicated executive remuneration in bands of $250,000.
CDL’s latest annual report shows that executive chairman Kwek Leng Beng (pictured) received $9.21 million during the financial year ended 31 December. Of this, 78 percent comprised variable bonuses and allowances.
Said to be among the highest for top executives here, the 74-year-old’s renumeration was comparable to the previous year when he took home between $9 million and $9.25 million.
His 61-year old brother and deputy chairman Kwek Leng Joo earned $6.72 million last year, down from between $7.5 million and $7.75 million in the preceding year.
With a net worth of around $7.8 billion, the elder Kwek and his family were listed by Forbes magazine as Singapore’s second richest last year.
Brothers Robert and Philip Ng of the Far East Organization and Sino Group property empire were named by Forbes as Singapore’s richest last year, with US$12.8 billion.
CDL defied rocky property market conditions to post a $384.9 million net profit during the fourth quarter, an all-time quarterly record.
For the year ended 31 December, the company saw its net profit rise 12.2 percent year-on-year to $769.6 million, while revenue soared 17.1 percent to $3.76 billion.
Companies have become more transparent in disclosing the pay cheques of their directors following recommendations in the Code of Corporate Governance that is jointly managed by the Singapore Exchange and Monetary Authority of Singapore.
Romesh Navaratnarajah, Singapore Editor at PropertyGuru, edited this story. To contact him about this or other stories email romesh@propertyguru.com.sg
