More feel good factors needed
Read in the ST, Vivian Balakrishnan said, 'If someone needs help and isn't getting it, tell me.' And another headline, CEOs' shrinking pay, telling the story that CEOs of Singapore listed companies are collecting lesser pay, ie, less than $5million. In the Vivian case, the people should feel better that the minister cares and will extend a helping hand to those who are in need of help. In the second headline, there is a report on the comparative salaries of some of the top honchos. Lim Cee Onn, Keppel Corp, $10m - $10.25m, Tang Kin Fei, Sembcorp Industries - $8.85m, Kwek Leng Beng, City Dev, $7.75m - $8m, Hsieh Fu Hua, SGX, $7.18m, Wee Ee Cheong, UOB, $5.5m - $5.75m, Tan Kwi Kin, Sembcorp Marine, $5.12m. Down the ladder were those getting around $3m - $4m, were David Conner, OCBC, Wong Ngit Liong, Venture Corp, Chua Sock Koong, Singtel, Chew Choon Seng, SIA, Kuok Khoon Hong, Wilmar and Cheng Wai Keung, Wing Tai. What is interesting is that those that are part owners or majority owners of their respective companies appear to be more stingy in paying themselves huge salaries. I thought they should reward themselves more, after all they are the majority owners and built the companies themselves, with their own monies. Kwek Leng Beng is only the third highest paid and Wee Ee Cheong is the fifth. Then Wong Ngit Liong, Kuok Khoon Hong, Cheng Wai Keung paid themselves a miserly $3m - $4m. The worst paid majority owners is Olivia Lum who paid herself only $250k - $500k. And this amount is even lesser than most employees in the public sector. Very unbecoming. One notable absentee is Liew Mun Leong who was rewarded with a $10m bonus on top of his salaries. Shouldn't he be number One? My conclusion is that it is more rewarding to be just an employee and not an employee cum major shareholders.