UOB chief Wee Ee Cheong's pay down 5.5% to $15.05 million in 2024

Board says various factors taken into account in making decision

- Sheila Chiang

UOB chief executive Wee Ee Cheong was paid less in 2024 compared with his earnings in 2023, although his base salary increased.

Mr Wee's $15.05 million pay package was 5.5 per cent lower than the $15.9 million he received in 2023, but still higher than the $14.2 million he racked up in 2022, according to the bank's annual report, out on March 21.

His annual remuneration comprises a base salary of $1.44 million, up from the $1.2 million in 2023, and a bonus of $13.56 million, down from $14.7 million in 2023. Benefits-in-kind, transport- and events-related benefits amounted to $46,944.

A UOB spokesperson told The Straits Times when asked about Mr Wee's lower pay in 2024: "The board takes into account various factors when determining the CEO's compensation. These include taking a long-term view in building the bank, the group's achievement against its goals and the CEO's overall performance as assessed by the board."

UOB, Singapore's third-largest bank, noted in its annual report that 60 per cent of Mr Wee's variable pay is deferred and will vest over the next three years.