The proportion of independent directors in this pay segment went up to 29% this year compared to 16% in 2023, according to the Singapore Directorship Report, which is released biennially by the Singapore Institute of Directors and cited by The Straits Times.
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People walk along the promenade at Marina Bay in Singapore on January 27, 2025. Photo by AFP |
Data also show that there are less non-independent directors in the pay range from SGD100,001 to SGD150,000, said the report.
Around 20.6% of them receive such pay this year, compared to 42% in 2023.
“The data seems to suggest that there is a shift towards slightly lower directors’ fees,” said the report’s co-lead author, Prof Ho Yew Kee from the City University of Hong Kong.
Large-cap companies had the highest concentration of independent directors earning between SGD100,001 and SGD150,000, reflecting their complexity, broader board responsibilities and capacity to offer more competitive pay.
Mid-cap firms had the largest share of independent directors in the SGD50,001 to SGD100,000 range, while small-cap firms continued to have the highest proportion earning below SGD50,000.
Among director-CEOs, 26.5% earned over SGD1 million, making them the best-paid board members.
The study also found that more companies disclosed detailed remuneration data for their director-CEOs, rising to over 69% in 2025, up from around 26% in 2023.
“This significant increase reflects the impact of Singapore Exchange’s revised listing rules and growing stakeholder expectations around pay transparency at the top leadership level,” the study said.
However, the report authors said that there is a limited visibility into how remuneration is structured and how it aligns with performance outcomes among Singapore companies, adding that boards should “take the opportunity to provide more detail and clarity on this front.”
