Published September 17, 2008

SGX's Hsieh gets $7.18 million salary

Pay was raised 12.5% thanks to $5.3m bonus, annual report shows

By JAMIE LEE
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SINGAPORE Exchange (SGX) chief executive Hsieh Fu Hua was paid $7.18 million for the fiscal year ended June 30, 2008, a 12.5 per cent increase from the preceding year's $6.38 million.

SGX's annual report shows that the higher remuneration was due to a $0.8 million or 17.8 per cent rise in variable bonus to $5.3 million from $4.5 million.

The report said the bonus took into consideration the achievement of specific quantitative and qualitative key performance indicators.

In addition to the bonus, Mr Hsieh was paid a fixed salary of $754,068, a long- term incentive of about $1 million (from the second and final partial vesting of performance shares awarded in fiscal 2006) and $71,317 worth of benefits- in-kind.

SGX also granted 225,000 performance shares - which will vest in November 2010 - to Mr Hsieh in fiscal 2008.

The report said the bonus took into consideration the achievement of specific quantitative and qualitative key performance indicators.

JY Pillay, who was re-designated as non-executive chairman with effect from Sept 28, 2007, took home $857,973 for the fiscal year.

This comprised $136,550 in fixed pay, $133,923 of benefits-in- kind, and pro-rated director's fees of $587,500 from the beginning of October last year to June 30 this year.

Of those in the 'five top-earning executives' remuneration' category, head of markets Gan Seow Ann earned $2.35 million, up from $2.1 million for the preceding year; chief financial officer Seck Wai Kwong took home about $2.2 million, up from $1.99 million; and head of risk management and regulation Yeo Lian Sim received $1.84 million, up from $1.59 million a year ago.

Head of listings Lawrence Wong earned $1.24 million. A comparative figure for FY2007 was not available.

Chief operations officer Muthukrishnan Ramaswami, who joined SGX from Citigroup in July last year, took home $1.81 million. This excludes a 'hiring incentive payment' of $1 million.

SGX reported a 48.7 per cent slump in net profit to $90.4 million for its fiscal fourth quarter, from $176.3 million a year ago, which included a $65.5 million gain on disposal of SGX Centre.

Still, SGX's full-year net profit rose 13.4 per cent to $478.3 million, from $421.8 million the preceding year, beating a consensus forecast of $460 million from 11 analysts polled by Bloomberg.