SINGAPORE - Singapore Airlines (SIA) chief executive Goh Choon Phong’s remuneration rose 86 per cent to $6.7 million for the financial year ended March 31, 2023.
Mr Goh’s compensation in the previous year was $3.6 million, according to the company’s annual report released on Wednesday.
While his remuneration may not be quite up there with those of United States airline CEOs, he is ahead of most others.
Company filings and annual reports show that United Airlines CEO Scott Kirby was paid US$9.8 million (S$13.2 million) in 2022, while Delta Air Lines chief Ed Bastian took home US$9.6 million.
Mr Luis Gallego, head of British Airways parent IAG, was paid €3 million (S$4.4 million) and Qantas Airways CEO Alan Joyce, who has been criticised for his pay, received A$2.2 million (S$1.98 million).
Deutsche Lufthansa head Carsten Spohr pocketed €3.3 million.
For financial year 2022/23, the aggregate total remuneration paid to SIA’s key management personnel, excluding Mr Goh, amounted to $8.8 million.
Chairman Peter Seah was paid around $597,000 in fees and benefits for the financial year.
Strong demand and a continued recovery in the global aviation industry pushed SIA’s net profit to a record $2.16 billion, versus a net loss of $962 million in the previous financial year.
The SIA Group, which includes its budget airline Scoot, operates a total of 188 aircraft connecting Singapore to 109 destinations. It carried some 26.5 million passengers during the financial year 2022/23.
Following the record earnings, SIA rewarded eligible employees with a profit sharing bonus of 6.65 months, and a maximum total of 1½ months of ex-gratia bonus in recognition of their hard work and sacrifices made during the Covid-19 pandemic.
SIA said recently that its staff profit-sharing compensation is based on a long-standing formula agreed with staff unions.
A spokesman said at the time that SIA senior management will not receive the additional ex-gratia bonus.
The group now has around 24,000 employees on its payroll, up 12.3 per cent year on year.
The board also rewarded shareholders with a proposed final dividend of 28 cents per share.
Including the interim dividend of 10 cents per share, the total dividend payout for the fiscal year stands at 38 cents.
Shares of SIA were trading at $7.52 at around noon on Wednesday. THE BUSINESS TIMES, BLOOMBERG
- Additional reporting by The Straits Times
