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Non-executive directors (NEDs) in Singapore enjoyed a sharp increase in fees last year, receiving a median average of $56,000 in financial year 2013/2012.
According to the Board Remuneration and Practice in Singapore 2014 report by Hay Group, this translated to a 9.8% increase as compared to the average $51,000 in the previous financial year.
The report, which examined 246 companies listed in the Singapore Exchange, attributed pay jump to the strategic integration of different business units and a higher demand of directors with technical and practical expertise.
The also survey reported mainly small and medium-sized companies increased their directors’ fees, while NEDs hailing from large industries saw marginal differences in their pay rates.
The multi-industry sector led the pay league, with the sector’s median average fee at $83,000 per annum. This was followed by sectors such as finance ($66,000), construction ($59,000) and properties ($59,000).
“The factors leading to the overall fee increase include stringent regulatory requirements such as the revised code of corporate governance, higher prevalence of risk management committees, more frequent director meetings, and a shortage of qualified non-executive directors,” Kevin Goh, director of executive rewards of Hay Group Singapore, said.
At the lower end of the pay scale, the survey reported sectors such as hotels and restaurants, properties, and construction saw a more significant fee increase. Directors in the hotels and restaurants sector received a 25% increase, those in properties received a 18% raise, and those in construction received a 15% hike.