The small print explains:
"This amount is her EVA bonus bank balance payable following her resignation (on 6 January 2012, but remained as Advisor up to April 2012 at undisclosed compensation terms). It is made up of $123,000 from FY2012 EVA and $602,000 from her cumulative EVA bank balance from prior years, both payable in FY2013. The remaining $390,000 will be paid to her in 2014. These payments are in accordance with the rules governing the EVA Based Incentive Plan."
No wonder she couldn't give a damn when her 100,000 PSP and 100,000 RSP shares were forfeited. The SMRT Corporation Restricted Share Plan (RSP) and SMRT Corporation Performance Share Plan (PSP) are incentives schemes that give out fully-paid ordinary SMRT shares and are vested based on three year performance periods. For instance the SMRT PSP grant dated 30 March 2012 covers the performance period 1 April 2011 to 31 March 2014. Presumably, you have to be performing for those years to qualify.
Meanwhile we are told SMRT's new CEO Desmond Quek pocketed $611,000 for the six-month period after taking over from interim CEO Tan Ek Kia in October last year. There's no breakdown about basic pay and bonuses, but you can be sure he's on track (pun intended) to millionaire status by year end. And we are still no wiser why there are cracks in rails and stalled trains cannot be pushed to the next station.
Posts
Why SMRT never advertise for the CEO job?
ReplyDeleteIs Desmond Quek the best man for the job?
Is Ho Ching the best man for the job?
Is Lee Hsien Loong the best man for the job?
Is Lui Tuck Yew the best man for the job?
I am not convinced at all.
Who dictates who gets hired in these companies?
Is the process open and transparent?
Is it meritocracy or cronyism that was upheld?
Tell me.
LKY is the owner of the department store. LHL the CEO. the rest are Dept. Managers, Marketing & Pr Managers. Further down we have Supervisors, Sales personnel, Security & etc. Do you think the owner need to ask permission to engage them. I rest my case
DeleteThe acronym PMET best describes PM Lee.
DeletePampered, Mediocre, Expensive, Tentative.
While the majority of PAP stooges serving him ....
Pompous, Mediocre, Expensive, Thoughtless.
Without a doubt, this is the legacy of LKY.
And the law minister said, biggest risk is when one-party govt spends without accountability: "Whenever we put down a programme today to spend money, I think the biggest risk for Singapore is a populist government that decides that the way to succeed is to spend more and more money."
ReplyDeleteKNN. Lavishing money on the cronies and elites is meritocracy, but throwing crumbs to the peasants is populist and breeds an entitlement mentality. Isn't this how the French Revolution started? And don't get me started on the defence expenditure and ministerial salaries. Accountability my arse!
It's all a game of musical chairs - replacing one PAP crony with another.
ReplyDeleteNow that phrase " the gravy train" make sense for me. There are too many of these around but the squeezing and breakdowns are still around too. Oh yes, it could certainly been worst if not for a " regime change " of a sort,no ?
DeleteIn time when the old man & son eventually disappeared from the scene where the winner takes all, all those who can survive will most probably be those cunning cronies who will have no qualms to stab their own enemies in the back to vie for the most coveted lucrative positions.
ReplyDeleteThat will be the day when PAP will be fed to the dogs especially when they have raised the stakes so high. We are already fools if we believe them that they need to be paid millions in order not to be corrupt.
Maybe the army is taking over even before a freak election results?
ReplyDelete$610,000 to ensure the loyalty of a general in the event of a freak election result is cheap?
Especially if SMRT is paying the salary and not THE political party.
saw phaik hwa is a malaysian citizen (S'pore PR) who has lived in S'pore for the past 38 years.
ReplyDeleteCan some kind soul verify this ? Apparently she is a pal of Ho Ching.
DeletePerhaps it is SinCity's good fortune Saw remains a PR, otherwise she would be in parliament through the GRC like Khaw BW.
Imagine SawPH as transport minister or taking over from MahBT ?
How about Saw as Foreign Minister?
DeleteThere will be plenty to do for our army boys with her shooting her mouth off.
so if you are a pal of Ho P, you stay on the payroll long after retirement and no longer live Singapore huh.
DeleteStatic meritocracy anyone? If at the ripe old age of 18 years and you have either a) decent grades, b) parents of desired credentials or c) a gift of the gap to convince the PSC scholarship interviewing staffed by cronies, then bingo, your million-dollar future is made. And all your "senior scholars" in the elite Admin or military will continue to choose the same mold, giving each other good assessment to show that their juniors, like them, are "top talent". The system self-perpetuates at the same mediocre level. After 5 decades, you have a rotten ship and holes cannot be hidden any further - all the cocks-ups suddenly show up, all the scholars thrown at the problems cannot understand why and try to buy time until their 3 year rotation switches them to the next level of incompetence. There you have it, "Dummies for PAPigs meritocracy" or "101 PAP Meritocracy" for you red dotters. QED
ReplyDeleteYou mean the system is like ....
DeleteThe Pope appoints the Cardinals, who appoints the Pope?
We will have to call Singapore "Crony Island".
these are based on the fine prints ...
ReplyDeletei hope there are no other instances where benefits paid to specific indidual are written in micro prints and or even invisible ink
my bad ... "specific individual"
Deletecronyism went as far back as the early 80s when he planted his khakis from his uni days and wives with no work experiences in high positions in statutory boards. One such wife went round giving angpaos to sweeten staff to make up for her lack of technical skills and knowledge. Shame!
ReplyDeleteIt would be interesting how situations on the ground could play out as each passing day means getting closer to 2016.
ReplyDeleteHope everything eventually turns out well for this little red dot .....
Cheers :)