Genting Singapore cuts pay for directors and managers

Non-executive directors will see a 15% reduction in fees.

Genting Singapore has implemented a reduction in fees and salary for its directors and managerial staff as the economy braces for the effects of the COVID-19 pandemic, the company announced in an SGX filing.

The group’s non-executive directors will see a 15% reduction in fees for Q1 2020, whilst the executive directors will experience an 18% reduction in the base salary. There will also be a 9-18% reduction in the base salary for all managerial staff.

The group will also allow its employees to take no-pay leave and/or annual leave.

Due to the pandemic, Genting’s Resorts World Sentosa recorded a fall in visitor attendance and revenue across all its facilities. With this, the group is expecting its financial results to be significantly and adversely impacted for H1 2020.