Genting Singapore has responded to queries raised by Singapore Exchange Regulation (SGX RegCo) with relation to the company’s FY2020 annual report, including disclosures that its chairman Lim Kok Thay’s remuneration more than doubled to at least $21.25 million, despite the company's net profit for the period falling by 90% y-o-y.

In a filing to SGX dated March 26, Genting Singapore says that a “significant proportion” of Lim’s remuneration relates to a contingent bonus of $35 million which is conditional upon the company being successful in its bid for a Japan integrated resort (IR). 50% of the bonus is due upon the company being selected by the local government as an IR operator for the city while the balance 50% is due upon certification of the IR area by the Japan national government.

The company notes that none of the $35 million bonus has been paid out as the “conditions have not been met”, but the company has accrued the relevant portion of this incentive award for FY2020, as required by accounting standards.

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