CEO Pay Disparity

How CEO compensation compares to non-executive director fees across SGX-listed companies. Analyses CEO-to-NED ratios, pay structure, and compensation relative to company profit.

Highest CEO Pay

$36.8M

Median CEO Pay

$1.4M

Avg CEO-to-NED Ratio

28.8x

Companies Tracked

CEO-to-NED Pay Ratio

Ratio of CEO total compensation to the median non-executive director fee at the same company.

Ticker	Company	CEO	CEO Pay	Median NED	Ratio	Level
EMI	Emperador Inc	Winston S. Co	$36,842,000	$150,000	245.6x	High
U96	SembCorp Industries Ltd	Wong Kim Yin	$6,406,000	$97,000	66.0x	High
E5H	Golden Agri-Resources Ltd	Franky Oesman Widjaja	$6,381,690	$102,000	62.6x	High
S63	Singapore Technologies Engineering Ltd	Vincent Chong Sy Feng	$6,661,564	$135,000	49.3x	High
C07	Jardine Cycle & Carriage Ltd	Benjamin Birks	$4,829,000	$110,000	43.9x	High
BN4	Keppel Ltd	Loh Chin Hua	$9,006,968	$222,096	40.6x	High
F03	Food Empire Holdings Ltd	Mr Sudeep Nair	$2,883,235	$80,128	36.0x	High
5WH	Rex International Holding Ltd	Måns Lidgren	$3,785,878	$111,506	34.0x	High
O39	Oversea-Chinese Banking Corporation Ltd	Helen Wong	$12,800,207	$388,536	32.9x	High
CC3	StarHub Ltd	Nikhil Eapen	$4,007,518	$135,504	29.6x	High
H02	Haw Par Corporation Ltd	Wee Ee Lim	$3,335,000	$118,000	28.3x	High
BCD	Indo Agri Resources Ltd	Mark Julian Wakeford	$1,437,985	$68,333	21.0x	High
T14	Tuan Sing Holdings Ltd	William Nursalim alias William Liem	$2,060,426	$106,376	19.4x	High
C09	City Developments Ltd	Sherman Kwek Eik Tse	$2,974,065	$154,428	19.3x	High
NC2	RH Petrogas Ltd	Mr Chang Cheng-Hsing Francis	$1,065,200	$58,951	18.1x	High
C2PU	Parkway Life Real Estate Investment Trust	Yong Yean Chau	$1,626,935	$90,500	18.0x	High
C52	ComfortDelGro Corporation Ltd	CHENG SIAK KIAN	$2,651,988	$156,253	17.0x	High
G07	Great Eastern Life Assurance Company Ltd	Khor Hock Seng	$3,433,000	$216,000	15.9x	High
T82U	Suntec Real Estate Investment Trust	Chong Kee Hiong	$1,375,849	$93,500	14.7x	Medium
T6I	Tiong Seng Holdings Ltd	Pay Sim Tee	$645,000	$47,500	13.6x	Medium
F9D	Boustead Singapore Ltd	Wong Fong Fui	$875,000	$72,000	12.2x	Medium
J91U	ESR-LOGOS REIT	Mr. Adrian Chui	$1,129,217	$100,000	11.3x	Medium
AP4	Riverstone Holdings Ltd	Wong Teek Son	$824,956	$80,000	10.3x	Medium
5OI	Japan Foods Holding Ltd	Takahashi Kenichi	$408,000	$41,000	10.0x	Medium
AU8U	CapitaLand China Trust	Tan Tze Wooi	$1,030,486	$106,195	9.7x	Medium
CJLU	NetLink NBN Trust	Tong Yew Heng	$2,008,930	$210,000	9.6x	Medium
H15	Hotel Properties Ltd	Ong Beng Seng	$670,206	$72,226	9.3x	Medium
S71	Sunningdale Tech Ltd	Chang Yeh Fung	$375,000	$45,000	8.3x	Medium
A7RU	Keppel Infrastructure Trust	Mr Kevin Neo	$625,000	$123,500	5.1x	Medium
JYEU	Lendlease Global Commercial REIT	Mr Kelvin Chow Chung Yip	$625,000	$131,927	4.7x	Low
M1GU	Sabana Industrial REIT	Mr Han Yong Lee (Donald)	$677,386	$167,500	4.0x	Low
A50	Thomson Medical Group Ltd	Wan Nadiah Binti Wan Mohd Abdullah Yaakob	$375,000	$125,000	3.0x	Low

Pay Structure Analysis

CEO compensation breakdown — fixed salary, short-term incentives (STI), long-term incentives (LTI), and other benefits.

EMI

Winston S. Co

100%

$36.8M

D05

Piyush Gupta

38%

53%

$17.6M

O39

Helen Wong

53%

35%

$12.8M

BN4

Loh Chin Hua

14%

36%

25%

$9.0M

S68

Mr Loh Boon Chye

16%

42%

$7.6M

S63

Vincent Chong Sy Feng

18%

50%

30%

$6.7M

U96

Wong Kim Yin

21%

24%

45%

$6.4M

E5H

Franky Oesman Widjaja

23%

73%

$6.4M

C07

Benjamin Birks

16%

64%

$4.8M

Y92

Mr. Thapana Sirivadhanabhakdi

37%

63%

$4.6M

CC3

Nikhil Eapen

28%

31%

38%

$4.0M

5WH

Måns Lidgren

38%

41%

$3.8M

G07

Khor Hock Seng

27%

$3.4M

H02

Wee Ee Lim

38%

53%

$3.3M

S58

Mr Kerry Mok

32%

38%

27%

$3.2M

TQ5

Mr Panote Sirivadhanabhakdi

32%

36%

32%

$3.1M

C09

Sherman Kwek Eik Tse

33%

60%

$3.0M

F03

Mr Sudeep Nair

18%

77%

$2.9M

C52

CHENG SIAK KIAN

33%

60%

$2.7M

T14

William Nursalim alias William Liem

65%

33%

$2.1M

Fixed STI LTI Other

CEO Pay as % of Net Profit

Companies where CEO total compensation represents the largest share of net profit.

Ticker	Company	CEO Pay	Net Profit	% of Profit
M1GU	Sabana Industrial REIT	$677,386	$11.4M	5.96%
I07	ISDN Holdings Ltd	$375,000	$8.5M	4.40%
F03	Food Empire Holdings Ltd	$2,883,235	$70.3M	4.10%
CC3	StarHub Ltd	$4,007,518	$160.5M	2.50%
H15	Hotel Properties Ltd	$670,206	$27.2M	2.46%
A50	Thomson Medical Group Ltd	$375,000	$15.4M	2.43%
CJLU	NetLink NBN Trust	$2,008,930	$95.4M	2.11%
E5H	Golden Agri-Resources Ltd	$6,381,690	$364.6M	1.75%
C2PU	Parkway Life Real Estate Investment Trust	$1,626,935	$95.0M	1.71%
TQ5	Frasers Property Ltd	$3,121,599	$206.3M	1.51%
C09	City Developments Ltd	$2,974,065	$201.3M	1.48%
C52	ComfortDelGro Corporation Ltd	$2,651,988	$180.5M	1.47%
F9D	Boustead Singapore Ltd	$875,000	$64.2M	1.36%
S58	SATS Ltd	$3,164,183	$243.8M	1.30%
S68	Singapore Exchange Ltd	$7,569,690	$597.9M	1.27%
T82U	Suntec Real Estate Investment Trust	$1,375,849	$126.8M	1.09%
JYEU	Lendlease Global Commercial REIT	$625,000	$58.2M	1.07%
A7RU	Keppel Infrastructure Trust	$625,000	$59.6M	1.05%
BN4	Keppel Ltd	$9,006,968	$940.2M	0.96%
AP4	Riverstone Holdings Ltd	$824,956	$86.4M	0.95%
S63	Singapore Technologies Engineering Ltd	$6,661,564	$702.3M	0.95%
U96	SembCorp Industries Ltd	$6,406,000	$1011.0M	0.63%
EMI	Emperador Inc	$36,842,000	$6322.1M	0.58%
J69U	Frasers Centrepoint Trust	$1,125,000	$197.5M	0.57%
C07	Jardine Cycle & Carriage Ltd	$4,829,000	$945.8M	0.51%
HMN	Ascott Residence Trust	$1,162,951	$241.2M	0.48%
K71U	Keppel REIT	$375,000	$99.0M	0.38%
A17U	CapitaLand Ascendas REIT	$1,367,044	$764.1M	0.18%
O39	Oversea-Chinese Banking Corporation Ltd	$12,800,207	$7587.0M	0.17%
D05	DBS Group Holdings Ltd	$17,580,533	$11289.0M	0.16%

Remuneration Band Disclosure

Companies that disclose executive remuneration in bands rather than exact amounts. SGX permits disclosure in $250,000 bands under the Code of Corporate Governance.

Ticker	Company	Bands Disclosed	Execs in Bands
Y92	Thai Beverage Public Company Ltd	B, C, D, E, F	18
1B0	mm2 Asia Ltd	Below $250,000	11
BS6	Yangzijiang Shipbuilding Holdings Ltd	Below S$250,000	11
C52	ComfortDelGro Corporation Ltd	S$1,000,000 to S$1,249,999, S$1,250,000 to S$1,499,999, S$500,000 to S$749,999, S$750,000 to S$999,999	10
CJLU	NetLink NBN Trust	$250,001-$500,000, $500,001-$750,000, $750,001-$1,000,000, Between $250,001 and $500,000, Between $500,001 and $750,000, Between $750,001 and $1,000,000	10
E5H	Golden Agri-Resources Ltd	$1,000,000 to $1,250,000, $1,100,000 to $1,200,000, $3,000,000 to $3,250,000, $3,500,000 to $3,600,000, $3,500,000 to $3,750,000, $4,500,000 to $4,750,000, $500,000 to $750,000	7
S58	SATS Ltd	$1,250,001 to $1,500,000, $1,500,001 to $1,750,000, $1,750,001 to $2,000,000, S$1,750,001 to S$2,000,000	7
F9D	Boustead Singapore Ltd	$1,250,000-$1,499,999, $250,000-$499,999, $500,000-$749,999, $750,000-$999,999	7
42R	Jumbo Group Ltd	$100,001-$200,000, $200,001-$300,000, $250,001-$500,000, $300,001-$400,000, $700,001-$800,000	7
OV8	Sheng Siong Group Ltd	$200,001 to $300,000, $250,001 to $500,000, $300,001 to $400,000, $500,001 to $600,000	7
S71	Sunningdale Tech Ltd	Between $0 and $250,000, Between $100,001 and $200,000, Between $250,001 and $500,000	6
U96	SembCorp Industries Ltd	$2,500,001 to $2,750,000, $3,000,001 to $3,250,000, $3,250,001 to $3,500,000, $4,250,001 to $4,500,000	5
P8Z	Bumitama Agri Ltd	S$100,001 – S$200,000, S$2,500,001 – S$2,750,000, S$3,200,001 - S$3,300,000, S$3,250,001 – S$3,500,000, S$400,001 – S$500,000	5
CC3	StarHub Ltd	$1,000,001-$1,250,000, $1,250,001-$1,500,000, $1,500,001-$1,750,000, $500,001-$750,000, $750,001-$1,000,000	5
G13	Genting Singapore Ltd	From $1,250,000 to below $1,500,000, From $250,000 to below $500,000, From $500,000 to below $750,000, From $750,000 to below $1,000,000	5
V03	Venture Corporation Ltd	Between S$250,000 - S$499,999, Between S$500,000 - S$749,999, Between S$750,000 - S$999,999	5
AIY	iFAST Corporation Ltd	Between $500,000 to $599,999, Between $600,000 to $699,999, Between $800,000 to $899,999	5
YF8	YZJ Financial Holdings Ltd	Below S$250,000, S$250,000 to S$500,000, S$500,001 to S$750,000	5
T14	Tuan Sing Holdings Ltd	$250,000-$499,999, $500,000-$749,999	5
YK9	Yangzijiang Financial Holding Ltd	$250,000-$500,000, $500,001-$750,000, Below $250,000	5
I07	ISDN Holdings Ltd	S$150,001 - S$200,000, S$200,001 - S$250,000, S$250,001 - S$300,000, S$350,001 to S$400,000	5
5OI	Japan Foods Holding Ltd	Band A: $0-$250,000, Band B: $250,001-$500,000	5
S63	Singapore Technologies Engineering Ltd	Between $2,000,000 and $2,250,000, Between $2,250,000 and $2,500,000	4
NC2	RH Petrogas Ltd	$250,000 to $500,000, $500,001 to $750,000, Below $250,000	4
A50	Thomson Medical Group Ltd	$500,000 and above, Between $250,000 and $500,000	4
1J5	Hyphens Pharma International Ltd	$250,000 and below, $250,001 – $500,000	4
H15	Hotel Properties Ltd	Between $1,750,000 and $2,000,000, Between $2,000,000 and $2,250,000, Between $2,500,000 and $2,750,000	3
5WH	Rex International Holding Ltd	$2,250,001-$2,500,000, $500,001-$750,000, $600,001-$700,000	3
C2PU	Parkway Life Real Estate Investment Trust	Between S$1,000,001 to S$1,250,000, Between S$250,000 to S$500,000, Between S$750,001 to S$1,000,000	3
C6L	Singapore Airlines Ltd	$1,000,000-$1,250,000, $1,250,000-$1,500,000, $750,000-$1,000,000	3
A7RU	Keppel Infrastructure Trust	Above S$250,000 to S$500,000, Above S$500,000 to S$750,000	3
JYEU	Lendlease Global Commercial REIT	$250,000 to $500,000, $500,000 to $750,000	2
M1GU	Sabana Industrial REIT	$250,000 - $500,000	2
J69U	Frasers Centrepoint Trust	$1,000,001-$1,250,000	1
K71U	Keppel REIT	Above S$250,000 to S$500,000	1
BCD	Indo Agri Resources Ltd	S$250,000 – S$500,000	1

Average CEO Pay by Sector

Consumer Staples

$10.4M

5 CEOs

Financials

$10.3M

4 CEOs

Utilities

$3.5M

2 CEOs

Industrials

$2.7M

9 CEOs

Consumer Discretionary

$2.6M

2 CEOs

Energy

$2.4M

2 CEOs

Communication Services

$2.0M

3 CEOs

Health Care

$1.5M

3 CEOs

Real Estate

$1.3M

16 CEOs

Analysis presented is based on available data and disclosed methodology. Observations may not account for all relevant factors. This content is provided for educational and informational purposes only.

Data sources · Full disclaimer