MANUFACTURING | Staff Reporter, Singapore

This CEO's remuneration package soared 119% in 2017

He received $12.02m after the company’s profits soared due to high sales.

In 2017, Venture Corporation CEO Wong Ngit Liong received a remuneration package of $12.02m, excluding share options, a 119% increase from last year’s $5.5m, as company profits rose over 170% due to exciting sales momentum.

Wong’s remuneration package was at par with and even greater than what Singapore’s bankers received. DBS CEO Piyush Gupta received $10.26m in 2017, up 22% from $8.44m last year. Meanwhile, UOB CEO Wee Ee Cheong got $9.38m, up 11% from $8.42m in 2016.

Venture shareholders also took some of the larger pie. Wong said in Venture’s annual report, “Inclusive of the proposed dividend, total shareholders return for the financial year 2017 approximates 110% ahead of the 17.4% rise in the Straits Times Index in 2017.”

He noted that many global original equipment manufacturers (OEMs) in leading technology domains have selected Venture as their preferred partner. “Over the years, we have built deeper and stronger collaboration with these technology leaders. By working together, these partnerships are building a better tomorrow and making a positive difference to the lives of many,” the CEO added.

It was also previously reported that Venture has been doing well with strong double-digit revenue growth that its Wong has been making open market share purchases frequently.

According to OCBC Investment Research, Wong has been exercising his employee share options and making open market share purchases on numerous occasions. Over three instances, Wong spent a total of $9.5m in open market purchases of VMS' shares. 

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