{"id":16339,"date":"2021-03-29T16:11:01","date_gmt":"2021-03-29T16:11:01","guid":{"rendered":"https:\/\/focusgn.com\/asia-pacific\/?p=16339"},"modified":"2026-04-23T20:46:28","modified_gmt":"2026-04-23T23:46:28","slug":"genting-singapore-claims-ceos-pay-fell-in-2020","status":"publish","type":"post","link":"https:\/\/focusgn.com\/asia-pacific\/genting-singapore-claims-ceos-pay-fell-in-2020","title":{"rendered":"Genting Singapore claims CEO’s pay fell in 2020"},"content":{"rendered":"\n

Genting Singapore has responded to claims that its CEO’s remuneration doubled in 2020 despite a huge fall in profits and employee redundancies due to the Covid-19 pandemic.<\/p>\n\n\n\n\n\n\n\n

Singapore.- Genting Singapore has denied last week’s reports that its CEO’s pay doubled in 2020<\/a><\/em><\/strong>, claiming that it was actually cut by half<\/strong>.<\/p>\n\n\n\n

The company’s financial reports released last week stated that Lim Kok Thay\u2019s total remuneration was SGD21.25m in 2020<\/strong>, a 123.7 per cent rise from the SGD9.50m reported in 2019<\/strong>.<\/p>\n\n\n\n

But when prompted to explain why its CEO’s salary had doubled in a year in which profits declined by 90 per cent and large numbers of employees were laid-off, the company said that \u201ca significant proportion\u201d <\/strong>of Lim\u2019s remuneration includes a contingent bonus of S$35m awarded to him under a \u201cChairman\u2019s Japan Project Incentive Award\u201d.<\/strong><\/p>\n\n\n\n

The bonus is supposed to be dependant on the success of the company’s bid for an integrated resort in Japan.<\/strong> If the company is selected as operator, 50 per cent of the bonus will be paid to Lim. Genting added that none of the S$35m had been paid yet<\/strong> since the conditions have not been met.<\/p>\n\n\n\n

The company said that its CEO received less than S$5m in remuneration last year<\/strong>, which is more than 50 per cent less than what he earned in 2019 before the Covid-19 pandemic hit.<\/p>\n\n\n\n

It said: \u201cThis reduction in remuneration was a result of the group\u2019s business being badly affected by COVID-19 which resulted in the cancellation of performance shares granted in 2020 and no performance bonus being paid in respect of FY2020. As of to-date, the executive chairman continues to take basic salary cut of up to 30 per cent since March 2020.\u201d\u00a0<\/p>\n","protected":false},"excerpt":{"rendered":"

Genting Singapore has responded to claims that its CEO’s remuneration doubled in 2020 despite a huge fall in profits and employee redundancies due to the Covid-19 pandemic.<\/p>\n","protected":false},"author":2,"featured_media":16351,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"is_press_release":false,"is_interview":false,"is_opinion":false,"focusai_summary":"Genting Singapore clarified its CEO's 2020 remuneration, stating it was halved, not doubled, despite financial reports showing a 123.7% rise to SGD21.25m. The discrepancy stems from a contingent S$35m \"Chairman\u2019s Japan Project Incentive Award\" tied to the success of its integrated resort bid, which has not yet been paid. The company asserts the CEO received less than S$5m in actual remuneration, a 50% reduction from 2019 due to COVID-19 impacts.","focusai_entities":"Genting Singapore, Lim Kok Thay","focusai_location":"Singapore, Japan","focusai_target_profile":"ceo_executive (0.9), regulator (0.7), compliance_legal (0.7), operator_casino (0.8), investor_analyst (0.9), journalist_researcher (0.8)","focusai_suggestions":[{"label":"Governance of Contingent Bonuses?","query":"What are the specific corporate governance implications of reporting contingent bonuses as current remuneration, particularly when tied to high-stakes licensing bids?"},{"label":"Japan IR Bid Impact?","query":"How does the structure of the 'Chairman\u2019s Japan Project Incentive Award' align with best practices for executive compensation in major integrated resort bids, and what is the current status of Genting Singapore's Japan IR application?"}],"footnotes":""},"categories":[163,16333],"tags":[23687,23907],"class_list":["post-16339","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-finance-news","category-south-east-asia-news","tag-genting-singapore","tag-land-based-casino"],"_links":{"self":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16339","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/comments?post=16339"}],"version-history":[{"count":5,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16339\/revisions"}],"predecessor-version":[{"id":16356,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/posts\/16339\/revisions\/16356"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media\/16351"}],"wp:attachment":[{"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/media?parent=16339"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/categories?post=16339"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/focusgn.com\/asia-pacific\/wp-json\/wp\/v2\/tags?post=16339"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}