Wednesday, March 25, 2009

Daily news - 25 Mar

$29.86m accrued bonus over 3 yrs for CapLand CEO
CapitaLand's chief executive officer Liew Mun Leong was awarded a performance-based bonus of $2.98 million last year, bringing the total awarded to $29.86 million for three record profit years from 2006 to 2008. But this does not mean that he gets to take home all the money as accrued bonuses in his account are subject to clawbacks during bad years for the group. The bonus awards for 2006 and 2007 were $6.36 million and $20.52 million respectively. The three years from 2006 to 2008 saw net earnings of $1.01 billion, $2.76 billion and $1.26 billion respectively. The bonuses accrued to Mr Liew were due primarily to an economic value added (EVA) bonus payment, CapitaLand said yesterday in its 2008 summary report. 'Essentially, EVA measures the net operating profit after tax of the group minus the cost of all capital employed,' said CapitaLand. However, Mr Liew did not get to take home all the money. The bonuses for CapitaLand's top management are awarded on an accrual basis.

Keppel signs 'knowledge city' MOU
Keppel Corp is planning a 'knowledge city' in the southern Chinese city of Guangzhou that will focus on attracting and retaining talent, said Keppel Corp chairman Lim Chee Onn yesterday. Mr Lim said the 'knowledge city', which is likely to be built on an undeveloped 50 sq km site 35 km north-east of Guangzhou, will try to create attractive conditions for talented people to flourish and stay. He did not disclose how much Keppel may eventually commit to the project, or the extent or nature of its involvement. Mr Lim was speaking to reporters in Guangzhou after signing a memorandum of understanding with Guangzhou Development District administrative committee chairman Xue Xiaofeng to conduct a feasibility study, which could take four months and will focus on identifying target industries and sectors. If the study is successful, the knowledge city project will be the third such concept undertaken by Keppel in China. Keppel also took a lead role in the Suzhou Industrial Park and the Tianjin eco-city project, which had its groundbreaking in September last year.

Source: Kim Eng

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