SIA CEO Goh Choon Phong’s annual pay up 20.6% to $8.1 million amid record earnings

SINGAPORE - Singapore Airlines (SIA) chief executive officer Goh Choon Phong saw his pay rise 20.6 per cent to $8.1 million for financial year 2024, when the flag carrier’s earnings reached the highest-ever.

According to the company’s annual report released on July 1, Mr Goh’s total remuneration package comprised $1.4 million in basic salary (or 18 per cent of his total remuneration), $2.2 million in bonuses (27 per cent of his total package), and $4.3 million in SIA shares, with the remaining amount of nearly $148,000 in benefits.

This came as SIA posted a record net profit of $2.7 billion, up 24 per cent from $2.2 billion the previous year, and rewarded eligible employees with almost eight months of profit-sharing bonuses.

In comparison, Mr Goh’s remuneration for FY2023 was $6.7 million – made up of $1.1 million in basic salary, $3 million in bonuses, $2.5 million in shares and $146,000 in benefits.

Mr Goh’s right-hand men, chief commercial officer Lee Lik Hsin and chief operations officer Tan Kai Ping, each drew a total remuneration of between $3.5 million and $3.75 million for FY2024. Each of them was paid between $2.75 million and $3 million in FY2023.

SIA shares were trading two cents or 0.3 per cent lower at $6.88 as of 11.55am on July 1, after the annual report was published. THE BUSINESS TIMES