Singapore Airlines CEO Goh Choon Phong’s total annual pay jumped 86% to S$6.7 million (US$4.9 million) in the just-concluded financial year, according to the company’s annual report. The sharp increase in pay was largely due to a one-off bonus of S$3.4 million, which was awarded to Goh for his “leadership and strong performance” in steering the company through the COVID-19 pandemic.
Goh’s base salary remained unchanged at S$1.4 million, but his other compensation, such as his long-term incentive award, also increased. The company’s annual report said that Goh’s pay was “competitive” with other CEOs of major airlines. However, some critics have said that the increase in pay is excessive, given the fact that Singapore Airlines is still recovering from the pandemic.
In 2020, the company posted a net loss of S$4.3 billion, its worst ever loss. However, it returned to profitability in 2021, with a net profit of S$198 million.
Goh has been CEO of Singapore Airlines since 2011. He is one of the highest-paid CEOs in Singapore. In 2021, he was ranked the fourth-highest paid CEO in Singapore, according to a list compiled by Dr Wealth.
The increase in Goh’s pay is likely to spark debate about executive pay in Singapore. The country has a reputation for having relatively low levels of executive pay compared to other developed countries. However, there has been some recent upward pressure on executive pay, as companies compete to attract and retain top talent.
