The SMRT's highest-paid CEO, Desmond Kuek and his prophetic remark: "...there is much more to be done to improve rail reliability."
Just recently about 2 weeks ago, Desmond Kuek was quoted to say, "We have made tremendous progress on many fronts...but there is much more to be done to improve rail reliability." Fast forward to the present, well, yesterday to be precise, and we all know how accurate his prophecy was. There IS indeed much, MUCH more to be done to improve rail reliability. Hmmm...the commuters better heed what his saying from now on.
Perhaps because of his ability to envision the future (bleak in this case), that's why he was known as the highest paid CEO of SMRT? He earned more than $2.25 million last year, according to the company's latest annual report. The amount is nothing a surprise as SMRT director Tan Ek Kia commented that it "is benchmarked to peer companies...and is competitive and at a responsible level".
I am so interested to see how the remuneration shall be for the subsequent year. The question many shall wonder how the massive disruption of the train reliability yesterday be factored in for the next year's competitive & responsible reward system.
Wait, do I only say 'reward'?
Should there not be any punishment to be involved in what some have dubbed as the The Great MRT Breakdown?! I mean, it's got to be a simple carrot-and-stick method.
In the next annual general meeting of SMRT, there should be enough of conscientious shareholders raising the issue of accountability. Otherwise, shame of you, SMRT shareholders who just look forward for mere dividends!
PS. For the record, I am not a shareholder of SMRT as it's still in my interest to search for the so-called peer companies to which the SMRT CEO's fee was benchmarked to. Not just the comparison of the CEO-s' earnings, I'd love to see how these peer companies performing compared to SMRT financially.
- Straits Times, "SMRT chief Desmond Kuek apologises for train disruption, promises better train reliability". (Wed, 08/07/15)
- Yahoo! News, "SMRT apologises after massive three-hour train breakdown". (Wed, 08/07/15)
- Asiaone, "SMRT CEO's pay of over $2m beats predecessor's". (Thu 25/06/15)