Following a record 2022 for profits at UOB, its chief executive officer has received a pay increase of over 30 percent.
UOB CEO Wee Ee Cheong received S$14.2 million ($10.7 million) in total remuneration for 2022, according to the bank’s annual report, up 30.3 percent from 2021’s S$10.9 million.
Wee’s 2022 remuneration includes S$1.2 million in annual salary, S$13 million in bonuses and S$37,577 in transport-related benefits. Around 60 percent of the variable pay is deferred and will vest over the next three years. It includes 40 percent in deferred cash and 60 percent in share-linked units.
Wee’s pay hike coincides with UOB’s record profits in 2022 which rose 12 percent to S$4.6 billion, largely due to higher net interest income from rising rates.
