DBS’ outgoing chief executive Piyush Gupta received a total remuneration of S$17.6 million for the financial year ended Dec 31, 2024, representing a 56.5 per cent year-on-year increase from about S$11.2 million previously.
In FY2022, Gupta’s total remuneration was S$15.4 million. Comparing his total remuneration for FY2024 to that of FY2022, it represents an increase of 14.3 per cent.
Based on DBS’ annual report released on Thursday (Mar 6), Gupta’s base salary of S$1.5 million for 2024 remained unchanged from the previous year.
He received a higher cash bonus of S$6.6 million as opposed to S$4.1 million in FY2023 and deferred remuneration of about S$9.4 million, up from S$5.6 million the year before.
Of the deferred amount, DBS said that around 17.1 per cent or S$1.6 million will be in cash, with the remaining to be issued in the form of shares.
These shares do not include the estimated value of retention shares worth S$1.4 million, which serve as a retention tool and to compensate staff for the time value of deferral.
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DBS employees do not receive ordinary dividends on unvested shares.
A non-cash component amounting to S$80,533 was also included as part of Gupta’s total remuneration for FY2024. It comprised the value of a club, car and driver benefits received by the chief executive.
Last year, the bank had announced that it was reducing its management committee’s variable pay as its members take accountability for the bank’s digital disruptions in 2023.
Variable pay of the group management committee was collectively reduced by 21 per cent, while Gupta would take a deeper cut of 30 per cent.
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