Listed company Lian Beng refuses to disclose how much family members are paid, Money News
LIAN Beng Group has rejected a request from regulators for the company to disclose compensation for employees named as family members of a director, chief executive or significant shareholder, citing potential impact on the group’s ability attract and retain key and middle managers. Talent.
The Singapore Stock Exchange (SGX) had asked the construction group and property developer to detail the responsibilities of 5 employees and state their compensation in increments of $100,000 with the upper limit disclosed.
SGX, which is tough on its stance on compensation disclosure, said if the company refuses, it should provide a solid explanation as to why disclosure would not be in its best interests.
In response to the question, Lian Beng: L03 -0.93% said he would not disclose the compensation of Ong Sui Hui (senior contracts manager), Ong Lee Yap (purchasing director), Ong Phang Hoo ( project manager) and Ong Phang Hui (factory and machinery manager).
These employees have been with the company since the 1990s, with the exception of Ong Lee Yap, who started in 1988.
Lian Beng said the disclosure could lead to challenges in a highly competitive business environment with a limited talent pool.
“This may encourage inappropriate peer comparison and give competitors an opportunity to use the information to their advantage,” Lian Beng said in a stock market filing Tuesday, September 20. “The information is therefore treated as sensitive and confidential to ensure stability and business continuity.”
The latest employee, Ong Eng Keong, is executive director and general manager of SLB Development, a Catalist-listed subsidiary of Lian Beng. Lian Beng said Ong’s compensation package is not subject to group approval, but is instead approved by SLB’s compensation committee and board. His compensation was disclosed in SLB’s FY2022 annual report.
In a bid to raise corporate governance standards, the Singapore Exchange Regulation said on September 13 that it plans to require companies to disclose exactly how much they pay their CEOs and directors.
Only 35% of companies disclosed directors’ compensation in dollar value, and only 18% did so for their CEOs. The majority of companies disclosed compensation in salary bands.
Shares of Lian Beng traded at $0.54 on Tuesday.
This article first appeared in The Business Times.