Genting Singapore's Lim's pay for pandemic year doubles to at least $21.25 million

Genting Singapore’s revenue more than halved between FY2019 and FY2020 to $1.06 billion. Its earnings for FY2020 was just a tenth of FY2019’s, as the Covid-19 crisis hit hard, prompting the resorts operator to cut staff last year. 

Yet, executive chairman Lim Kok Thay pay for FY2020 more than doubled.

Update: Genting Singapore responds to SGX query on chairman Lim's remuneration. 

According to disclosures in Genting Singapore’s 2020 annual report, Lim received remuneration of at least $21.25 million and not more than $21.5 million for FY2020 ended December. This represents a more than 120% increase from his FY2019 remuneration of around $9.5 million.

In contrast, remuneration for Tan Hee Teck, the company’s president and COO was decreased from around $6.25 million in FY2019 to $2.75 million for FY2020.

The company also cut its dividend for FY2020 to just one cent a share, from 2.5 cents the year before.

In his own chairman’s statement in the annual report, Lim calls 2020 an “unprecedented” year as the resort and casino operator struggled with the pandemic. “Looking ahead, we expect the outlook to remain challenging,” he says.

As at 9.52am, shares in Genting Singapore are down 2 cents or 2.13% lower at 92 cents.