A formal ‘say on pay’ may be more effective than better disclosure

[SINGAPORE] Recently, The Business Times’ senior correspondent Ben Paul wondered aloud in his Mark to Market column if CEOs are being paid too much – and for good reason, too.

Some of the numbers from a recent study of Singapore Exchange (SGX)-listed firms by the NUS Centre for Investor Protection (CIP) are pretty damning. 

The study found that at companies where executive directors (EDs) were substantial shareholders, or family members of substantial shareholders, every dollar of remuneration yielded a median revenue of S$64.