{"id":114577,"date":"2020-02-27T11:11:52","date_gmt":"2020-02-27T04:11:52","guid":{"rendered":"http:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-to-trim-pay-for-board-members-and-senior-management-by-5-to-15\/"},"modified":"2020-02-27T12:07:12","modified_gmt":"2020-02-27T05:07:12","slug":"capitaland-to-trim-pay-for-board-members-and-senior-management-by-5-to-15","status":"publish","type":"post","link":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-to-trim-pay-for-board-members-and-senior-management-by-5-to-15\/","title":{"rendered":"CapitaLand to trim pay for board members and senior management by 5 to 15%"},"content":{"rendered":"


\nCapitaLand also decided to freeze the wages of all its staff at managerial level and above.
\nThe board members and senior management of CapitaLand will take a 5% to 15% cut in their board fee and base salary effective 1 April to show \u201ctogetherness and solidarity\u201d with stakeholders amidst the coronavirus (COVID-19) outbreak, reported The Business Times.
\n\u201cCapitaLand will fight and ride through this difficult period together with our stakeholders,\u201d said CapitaLand Group Chief Executive Lee Chee Koon.
\nLee acknowledges that the sudden virus outbreak affected the group\u2019s businesses as well as those of its partners and tenants in China and Singapore.
\nThus, CapitaLand also decided to freeze the wages of all its staff at managerial level and above.
\nRead:\u00a03 Key Reasons Why The M Condo Was a Success, Despite the Coronavirus Outbreak
\nCapitaLand will pay part of the compensation for managerial staff in Singapore in CapitaVouchers for use in CapitaLand malls. A total of $2 million worth of vouchers will be distributed to support its retail partners.
\nLee said the group will proactively manage its businesses while safeguarding the well-being of its staff, patrons, and tenants. This includes providing targeted relief measures to tenants, as well as participating in efforts to aid the community and medical staff dealing with COVID-19.
\nJust a day ago, CapitaLand\u2019s majority shareholder Temasek revealed plans to implement a firm-wide wage freeze and requested its management to voluntarily take a pay cut for up to a year.
\nTemasek will also freeze promotions while annual bonuses for the senior management team for the year will be partially reduced in its compensation exercise this April.
\nIt also requested senior management to voluntarily cut their base salaries by up to 5%.
\nMeanwhile, CapitaLand said the measures will be reassessed after six months, or when its position from the COVID-19 condition has stabilised.
\nLooking for a property in Singapore? Visit\u00a0PropertyGuru\u2019s\u00a0Listings,\u00a0Project Reviews\u00a0and\u00a0Guides.
\n\u00a0
\nVictor Kang, Digital Content Specialist at PropertyGuru, edited this story. To contact him about this or other stories, email\u00a0victorkang@propertyguru.com.sg
\n
\nSource : proppertyguru.com.sg\/Property Market
\nRead more…CapitaLand to trim pay for board members and senior management by 5 to 15%<\/a><\/p>\n","protected":false},"excerpt":{"rendered":"

CapitaLand also decided to freeze the wages of all its staff at managerial level and...<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"false","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"spay_email":"","footnotes":"","jetpack_publicize_message":"","jetpack_is_tweetstorm":false,"jetpack_publicize_feature_enabled":true},"categories":[1],"tags":[],"class_list":["post-114577","post","type-post","status-publish","format-standard","hentry","category-property-news"],"jetpack_featured_media_url":"","jetpack_publicize_connections":[],"jetpack_sharing_enabled":true,"jetpack_shortlink":"https:\/\/wp.me\/p75ss1-tO1","jetpack-related-posts":[{"id":52941,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-announces-key-executive-appointments\/","url_meta":{"origin":114577,"position":0},"title":"CapitaLand announces key executive appointments","date":"April 26, 2017","format":false,"excerpt":"\r Ronald Tay Boon Hwee appointed as chief executive officer of CapitaLand Singapore. CapitaLand announced on Tuesday (25 April) several key executive appointments aimed at supporting \u201cthe next phase of leadership and business excellence\u201d within the group. These include the appointment of Ronald Tay Boon Hwee as chief executive officer\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":115832,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-vows-to-aid-elderly-singaporeans-through-1million-worth-of-covid-19-reliefs\/","url_meta":{"origin":114577,"position":1},"title":"CapitaLand vows to aid elderly Singaporeans through $1million worth of Covid-19 reliefs","date":"April 24, 2020","format":false,"excerpt":"\r The group\u2019s move is intended to enhance the emergency preparedness for the elderly, considering that heightened precautions limited the volunteer support and supplies coming at their homes. 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CapitaLand also set up a Group Centre of Excellence (COE) which will focus\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":25543,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-named-asias-most-sustainable-diversified-property-developer-for-sixth-year\/","url_meta":{"origin":114577,"position":3},"title":"CapitaLand named Asia\u2019s most sustainable diversified property developer for sixth year","date":"September 9, 2016","format":false,"excerpt":"\r CapitaLand\u2019s Westgate mall was awarded Green Mark Platinum and Universal Design Platinum by the Building and Construction Authority. (Photo: CapitaLand) CapitaLand has been named the most sustainable diversified real estate developer in Asia by the Global Real Estate Sustainability Benchmark (GRESB) for the sixth consecutive year. The GRESB also\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":111111,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-tops-sias-20th-investors-choice-awards-for-fourth-straight-year\/","url_meta":{"origin":114577,"position":4},"title":"CapitaLand tops SIAS 20th Investors\u2019 Choice Awards for fourth straight year","date":"September 27, 2019","format":false,"excerpt":"\r The Group also received the Sustainability Award in the Big Cap category, the Most Transparent Company Award in the Real Estate category and runner-up for the Singapore Corporate Governance Award. CapitaLand Group garnered 14 wins group wide during the Securities Investors Association Singapore (SIAS) 20th Investors\u2019 Choice Awards, making\u2026","rel":"","context":"In "Property News"","img":{"alt_text":"","src":"","width":0,"height":0},"classes":[]},{"id":108590,"url":"https:\/\/www.siamlandbank.com\/propertynews\/property-news\/capitaland-completes-acquisition-of-ascendas-singbridge\/","url_meta":{"origin":114577,"position":5},"title":"CapitaLand Completes Acquisition Of Ascendas-Singbridge","date":"July 1, 2019","format":false,"excerpt":"\r CapitaLand has completed its acquisition of all the shares in Ascendas Pte Ltd and Singbridge Pte. Ltd., resulting in the creation of one of the largest diversified real estate groups in Asia, with assets under management at over $123 billion. 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