Singapore Airlines has revealed that it paid CEO Goh Choon Phong SGD7 million (US$5.5 million) for the financial year ending March 31, marking a 13.5% decrease from the prior year, despite notable growth in both profit and passenger numbers.
Goh’s latest compensation package comprises a SGD1.5 million salary and SGD3.1 million in bonuses, both of which saw an upward trend, as reported by The Business Times. However, the value of shares awarded to him took a significant hit, plummeting by 46% to SGD2.3 million.
Despite grappling with geopolitical tensions, supply chain disruptions, and inflationary pressures, Singapore Airlines has managed to soar above the challenges. Chairman Peter Seah expressed optimism in a letter to shareholders, celebrating the airline’s robust performance. The company posted a 3.9% rise in net profit to SGD2.8 billion while also welcoming a record 39.4 million passengers aboard its flights.
In a gesture of appreciation, Singapore Airlines has maintained a substantial profit-sharing bonus for its employees, offering eligible staff a share equivalent to 7.45 months’ salary. This is slightly less than the record-breaking 7.94 months’ profit-sharing bonus from the previous year, which was the highest in the airline’s history. It’s clear that while Goh might be tightening his belt, the company continues to reward its dedicated workforce generously — which, let’s be honest, is a refreshing change in these turbulent times.
What major factors contributed to Singapore Airlines’ resilience over the last year?
Geopolitical tensions, supply chain issues, and inflation posed significant challenges, yet Singapore Airlines achieved a 3.9% increase in net profit and carried a record number of passengers.
How does Goh Choon Phong’s current compensation compare to previous years?
Goh’s total compensation is down 13.5% from the previous year, primarily due to a steep drop in the value of awarded shares, despite increases in his salary and bonuses.
What profit-sharing bonus did Singapore Airlines offer its employees this year?
The airline provided eligible staff with a profit-sharing bonus equivalent to 7.45 months of salary, just shy of the all-time high of 7.94 months from the previous year.
