Editor's note: A previous version story stated that SGX Group CEO Loh Boon Chye's total gross remuneration for FY2024 is $7,770,918. SGX amended this figure in an updated version of its annual report on Sept 17, with Loh's total gross remuneration now at $7,569,690. The change comes from lower cash bonus and long-term incentives for the financial year. The Edge Singapore has reached out to SGX for comment about the amendment.
SGX Group CEO Loh Boon Chye received total gross remuneration of some $7.6 million in FY2024 ended June 30, up by some $4,000 y-o-y. Loh’s total gross remuneration has increased every year since FY2016, when he received $3.2 million. Loh was appointed CEO in July 2015.
According to the bourse operator’s latest annual report, first released Sept 16 and later updated on Sept 17, the exact dollar value of Loh’s total gross remuneration in FY2024 is $7,569,690.
Loh’s fixed pay for FY2024 remained largely unchanged y-o-y at $1.2 million, while his cash bonus for the financial year was also unchanged at $3.2 million.
Loh’s long-term incentives, which includes contingent performance shares awarded during the year, fell 0.03% y-o-y to some $3.1 million during the financial year. According to the report, this is subject to the achievement of pre-determined performance targets over a three-year performance period.
See also: SGX posts 4.5% higher adjusted net profit for FY2024, raises quarterly DPS to 9 cents
Four of SGX’s five top-earning executives remain unchanged in their rankings in FY2024.
President and head of global markets Michael Syn received $2.7 million, 6% higher y-o-y.
Senior managing director and head of wholesale markets and platforms Lee Beng Hong received $2.4 million, flat y-o-y.
See also: Interra Resources granted 12-month extension to meet SGX watch-list exit requirements
The CEO of Singapore Exchange S68 Regulation, Tan Boon Gin, received $2.2 million, 0.5% higher y-o-y.
Senior managing director and head of global sales and origination Pol de Win received $1.8 million, 3.7% higher y-o-y.
Finally, chief financial officer Ng Yao Loong received $1.8 million in FY2024. Ng replaced chief information officer Tinku Gupta in fifth place; the latter received $1.7 million in FY2023.
SGX will convene its 25th annual general meeting (AGM) on Oct 10. Along with the release of its annual report and sustainability report, SGX announced on Sept 16 that non-executive, non-independent director Subra Suresh will be retiring by rotation and will not be offering himself for re-election. Suresh was appointed in 2018.
Suresh was the fourth president of Nanyang Technological University (NTU), where he served between 2018 and 2022.
SGX intends to appoint two independent, non-executive directors at the coming AGM: Stuart Wilson Lewis and Datuk Maimoonah Binte Mohamed Hussain.
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The UK-based Lewis, 58, was with Deutsche Bank between 1996 and 2022, where he last served as chief risk officer. He is currently a director at NatWest Group.
The Singapore-based Maimoonah, 65, was formerly group managing director at Affin Hwang Capital. Maimoonah is currently on the board of Hong Leong Asia H22 , as well as the non-listed companies Ekuiti Nasional Berhad, GX Bank Berhad, National Gallery of Singapore and U Mobile Holding.
Mark Stephen Makepeace, a former CEO of FTSE Russell, resigned as an independent director in March, citing his roles with other entities outside Singapore. Makepeace was appointed to SGX's board on Sept 24, 2020.
"SGX, may, from time to time, explore business opportunities with these entities, as SGX does with potential partners," said the exchange in a March 24 filing.
In August, SGX reported $525.9 million in adjusted net profit for FY2024, 4.5% higher from the previous year. Adjusted ebitda was up 3.3% y-o-y to $711.6 million, while adjusted earnings per share (EPS) was 49.2 cents, up from 47.1 cents this time last year.
Without the adjustment, ebitda would have only risen 2.1% y-o-y and net profit would have seen higher growth, at 4.7% y-o-y. Full-year revenue grew 3.1% y-o-y to $1.23 billion.
SGX has proposed a final quarterly dividend of 9.0 cents per share, up from 8.5 cents per share in the prior year. SGX last raised its quarterly dividend at the end of FY2023 after 12 consecutive quarters of paying 8 cents per share.
Shares in SGX closed 12 cents lower, or 1.07% down, at $11.11 on Sept 16.
Tables: SGX Group
