SINGAPORE (June 17): For all their market heft, Singapore’s government-linked companies (GLCs) seem to have exercised restraint when compensating their CEOs.

While Loh Chin Hua of Keppel Corp helped improve the conglomerate’s earnings by 381.5% in FY2018 from the year before, his compensation for last year was up just 0.8% to $6.7 million. To be sure, the group’s stellar performance was due largely to the 44% increase in earnings at its property business, driven by en-bloc sales of developments as well as gains from its divestment of a stake in a Beijing commercial project. Perhaps the board was also still mindful of its rig-building subsidiary’s involvement in a Brazil bribery case that scandalised markets here two years ago.

Singapore Airlines’ Goh Choon Phong helped lift the flag carrier’s profit after tax and minority interest by 147.8% but suffered a cut in compensation of nearly 14%, to $4.3 million. Similarly, the pay of Singapore Telecommunications’ Chua Sock Koong fell 6.9% to $6.1 million even though the telco’s Patmi rose 41.5%, owing largely to one-off divestment gains.

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