The bank has also deferred the adoption of a revised directors' fee structure. Under a review done in 2019, the appointed consultant Aon Hewitt assessed that the UOB directors' fees were"below market" and did not commensurate with their enlarged responsibilities. The recommendation to raise the directors' fees was approved by the board in 2019.
"However, in view of the challenging environment exacerbated by the Covid-19 outbreak and in anticipation of difficult times ahead, our board has decided to defer the adoption of the revised directors' fee structure."As a comparison, DBS' chairman Peter Seah was paid directors' fees of S$1.33 million, as well as a share-based remuneration of S$571,200.
In the annual report, Mr Wee, who is also deputy chairman of UOB, said that this era is"marked by immense change". "Uncertainty and volatility shape markets, diverse and divergent economic and political beliefs challenge international relations, while advances in technology propel how businesses are run and lives led. At the moment, many countries are grappling with the impact of Covid-19 which is affecting global growth over the near term," he wrote in his report.
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