Singapore Exchange outlines pay, perks for new CEO

July 23, 2009
Singapore Democrats

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Kevin Lim

Singapore Exchange, Asia’s second largest listed bourse, will pay incoming CEO Magnus Bocker a guaranteed base salary of S$750,000 ($520,800) a year and a minimum variable bonus of S$933,000 for his first seven months, the firm said on Thursday.

Bocker, who is currently president of Nasdaq OMX, will also get S$4.77 million over three years as compensation for loss of long-term incentives and bonuses at his present job.

His other perks include a housing allowance of S$300,000 per annum for the first two years, a club membership, and a car and driver.

SGX said on Monday that Bocker will join the firm on Dec 1 to replace Hsieh Fu Hua, who announced his intention to leave the Singapore bourse at the start of 2009.

For many financial market professionals in Asia, the days of extravagant expatriate perks have ended.

In the United States, legislation has been proposed to curb executive compensation, including a ban on pay structures at financial institutions that encourage “inappropriate risks”, part of a massive reform plan being pursued amid the worst financial crisis in generations.