OCBC Group Chief Executive Helen Wong saw a notable increase in her salary for the year 2023, aligning with her bank’s achievement of a record-high full-year earnings, as revealed in its annual report unveiled on April 5.
Ms. Wong’s annual compensation for the year amounted to $12.1 million, marking an 8% uptick from the $11.2 million she received in 2022.
Interestingly, Ms. Wong’s earnings surpassed those of Mr. Piyush Gupta, CEO of Singapore’s leading bank DBS, who earned $11.2 million in 2023. This represented a decline of 27% from the $15.4 million he garnered in 2022.
The reduction in Mr. Gupta’s 2023 variable compensation, along with other members of DBS’ group management committee, aimed to hold them accountable for various digital disruptions in the bank’s services during the year.
Among the local bank chiefs, the highest-paid was Mr. Wee Ee Cheong from UOB, whose earnings totaled $15.9 million. This marked a 12% increase from the $14.2 million he earned in 2022.
Ms. Wong’s annual remuneration included a base salary of $1.44 million, which remained unchanged from the previous year. Additionally, she received a bonus of $6.35 million, deferred shares amounting to $4.24 million, and other benefits, such as club and car perks, valued at $69,900, according to the bank’s annual report.
Notably, the increment in Ms. Wong’s pay for 2023 was smaller compared to the significant 47% salary surge she experienced in 2022 when her earnings rose from $7.6 million to $11.2 million. Ms. Wong assumed the role of Group CEO on April 15, 2021.