Wee Ee Cheong, the deputy chairman and CEO of United Overseas Bank (UOB) U11 , has received a 30.2% y-o-y pay increase to $14.2 million in FY2022. The amount was revealed in the bank’s annual report published on March 23.
The total package includes a base salary of $1.2 million, a bonus of $13 million and benefits-in-kind and others, including transport-related benefits, of $37,577.
Of the total amount, 60% of Wee’s variable pay is deferred and will vest over the next three years. Of the deferred variable pay, 40% will be issued in deferred cash while the remaining 60% will come in the form of share-linked units.
Wee’s pay increase comes after UOB’s record-high performance for the FY2022 ended Dec 31, 2022. During the period, the bank’s total earnings grew by 12% y-o-y to $4.57 billion thanks to higher net interest income (NII) and net interest margin (NIM).
Wee does not receive any fees for his role as an executive director on the bank's board as he is already being paid as the bank's employee.
In his deputy chairman and CEO’s report, Wee acknowledged that FY2022 was a “strong year” financially for the bank.
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In addition to its record annual earnings, UOB had posted a total income of $11.6 billion for the FY2022.
“Our achievements in 2022 were made possible by the dedication of our people across all our offices globally. I am grateful for their commitment to standing by one another, as well as our customers and community in this fast-changing world. I would also like to thank the board for its support and guidance as we stay on target to becoming the most preferred bank for consumers and businesses in Asean,” says Wee.
Shares in UOB closed 8 cents lower or 0.27% down at $29.42 on March 23.
