According to the lender’s annual report, Piyush Gupta, CEO of Singapore’s largest bank DBS Group and one of the highest-paid CEOs in the country, his total compensation for 2023 decreased by 27.3 percent, according to the company’s annual report, which was released on Wednesday ( Mar 6 ).
According to the quarterly report, Gupta’s total compensation decreased from S$ 11.2 million ( US$ 83 million ) in 2023 to S$ 11.4 million ( US$ 83 million ) in 2022.
Even though Southeast Asia’s largest supplier posted a record 2023 profit with an 18 % return on equity, the lower total compensation came after the lower variable pay was removed in order to take responsibility for DBS’s online banking woes from last year.
The board received a lower score review by the board than the previous year, despite record 2023 profits and outperforming in some areas, according to the bank’s annual report.
DBS added that the Group and the CEO’s achievement were taken into account when determining their failings in tech endurance and the resulting impact on customers and companies.