Singapore Government linked official can get away with losing hundreds of millions dollars in a GLC but continues to be awarded million dollar renumeration!
It was reported in ST recently (“Bonuses of SembMarine execs hit by downturn”) that SembMarine CEO Wong Weng Sun can still earn a renumeration of almost $2 million (salary of $926,000 with share-based compensation of $863,000) when the GLC he helmed lost $289.7 million!!
Why like that?
In public companies in other first world countries, the shareholders would have asked for the CEO’s head already!!
Even in Taiwan which has yet to gain first world status, Acer’s boss had to resign to take responsibility over its losses (AFP news – ‘Acer CEO Resigns Over 3Q Loss’):
“TAIPEI — J. T. Wang resigned as chairman and CEO of Acer Tuesday as the Taiwanese personal computer maker reported a net third-quarter loss of Tw$13.1 billion (US$442.2 million).”
But our government elites seem to be immune to being fired for losing public money.
If SembMarine CEO Wong Weng Sun still has an ounce of integrity and honour, he should learn to take responsibility and resign. No need to commit hara kiri like the Japanese sometimes do to wipe off their shame.
Tan S. K.