Singapore Exchange, Asia’s second largest listed bourse, will pay incoming CEO Magnus Bocker a guaranteed base salary of S$750,000 a year and a minimum variable bonus of S$933,000 for his first seven months, the firm said on Thursday.
Bocker, who is currently president of Nasdaq OMX , will also get S$4.77 million over three years as compensation for loss of long-term incentives and bonuses at his present job.
His other perks include a housing allowance of S$300,000 per annum for the first two years, a club membership, and a car and driver.
SGX said on Monday that Bocker will join the firm on December 1 to replace Hsieh Fu Hua, who announced his intention to leave the Singapore bourse at the start of 2009 [ID:nLK397916].
For many financial market professionals in Asia, the days of extravagant expatriate perks have ended [ID:nHKG336328].
In the United States, legislation has been proposed to curb executive compensation, including a ban on pay structures at financial institutions that encourage “inappropriate risks”, part of a massive reform plan being pursued amid the worst financial crisis in generations.