NSL Ltd Discloses Exact Director and CEO Remuneration in Response to SGX Query
NSL Ltd Discloses Exact Director and CEO Remuneration Following SGX Query: What Investors Need to Know
Full Transparency on Director and CEO Pay May Signal Governance Shifts
NSL Ltd has released a detailed breakdown of the remuneration paid to its Board of Directors and Chief Executive Officer for the 18-month financial period ended 30 June 2025, following a formal query from the Singapore Exchange Regulation (SGX RegCo). This rare move towards precise disclosure comes after the company initially failed to provide exact remuneration figures in its annual report, a potential governance red flag that has now been addressed.
Key Points from the Announcement
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Exact Remuneration Disclosed: The company has revealed the precise amounts paid to each director and the CEO, including the breakdown by component (fixed, variable, benefits-in-kind).
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No Remuneration for Major Shareholder Directors: All Non-Independent, Non-Executive Directors, including prominent names such as Tan Sri (Sir) Yeoh Sock Ping, Dato’ Yeoh Seok Kian, Dato’ Seri Yeoh Seok Hong, Dato’ Sri Yeoh Sock Siong, and Dato’ Yeoh Soo Keng, received no remuneration or benefits of any kind for the period.
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Executive Director Remuneration: Ms Yeoh Pei Jen, the sole Executive Director, received S\$259,781.25 as fixed remuneration, with no variable component, benefits-in-kind, or other incentives.
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Independent Directors’ Fees: Lead Independent Director Mr Choo Eng Chuan (S\$78,246.58), Mr Anand Kumar (S\$140,712.23), Mr Edmund Lee Yu Chiang (S\$78,246.58), and Mr Vigneswaran Sellakannu (S\$81,205.48, resigned 31 Dec 2024) each received only directors’ fees, with no variable or other components.
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No Share-Based Incentives: No directors or the CEO received stock options, share-based incentives, or long-term incentives during the 18-month period.
Potential Price-Sensitive Implications for Shareholders
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Improved Corporate Governance Transparency: By disclosing exact remuneration figures, NSL Ltd aligns itself with best practices and regulatory requirements. This move may restore investor confidence, especially after the initial failure to comply with SGX Listing Rule 1207(10D).
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No Executive Pay for Controlling Shareholders: The lack of any form of remuneration for the company’s major Non-Executive Directors, who are linked to the controlling shareholder group, could be interpreted as a sign of fiscal prudence or strategic alignment with minority shareholders’ interests.
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Low Executive Compensation: The relatively modest remuneration for the only executive director, with no bonuses or performance-linked incentives, may raise questions regarding the company’s pay-for-performance alignment, talent retention, and future strategy.
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Response to Regulatory Pressure: The fact that these disclosures were made only after regulatory prompting may raise concerns about transparency, though the prompt response could be seen as a positive step towards enhanced compliance.
Detailed Remuneration Table
| Name |
Designation |
Directors’ Fees (S\$) |
Fixed Component (S\$) |
Variable Component (S\$) |
Benefits-in-kind (S\$) |
Total Remuneration (S\$) |
| Tan Sri (Sir) Yeoh Sock Ping |
Non-Independent, Non-Executive Director |
Nil |
Nil |
Nil |
Nil |
Nil |
| Dato’ Yeoh Seok Kian |
Non-Independent, Non-Executive Director |
Nil |
Nil |
Nil |
Nil |
Nil |
| Dato’ Seri Yeoh Seok Hong |
Non-Independent, Non-Executive Director |
Nil |
Nil |
Nil |
Nil |
Nil |
| Dato’ Sri Yeoh Sock Siong |
Managing Director |
Nil |
Nil |
Nil |
Nil |
Nil |
| Dato’ Yeoh Soo Keng |
Non-Independent, Non-Executive Director |
Nil |
Nil |
Nil |
Nil |
Nil |
| Mr Choo Eng Chuan |
Lead Independent Director |
78,246.58 |
Nil |
Nil |
Nil |
78,246.58 |
| Mr Anand Kumar |
Independent, Non-Executive Director |
140,712.23 |
Nil |
Nil |
Nil |
140,712.23 |
| Mr Edmund Lee Yu Chiang |
Independent, Non-Executive Director |
78,246.58 |
Nil |
Nil |
Nil |
78,246.58 |
| Mr Vigneswaran Sellakannu * |
Independent, Non-Executive Director |
81,205.48 |
Nil |
Nil |
Nil |
81,205.48 |
| Ms Yeoh Pei Jen |
Executive Director |
Nil |
259,781.25 |
Nil |
Nil |
259,781.25 |
*Resigned from the Board on 31 December 2024.
Investor Takeaway
NSL Ltd’s move towards full remuneration transparency could be seen as a positive development for corporate governance, with possible implications for investor sentiment and share price. The lack of executive pay for key controlling shareholders may also be interpreted as a sign of alignment with minority interests, or may raise questions about the company’s future leadership and incentives structure.
Disclaimer
This article is for informational purposes only and does not constitute investment advice. Investors should conduct their own due diligence and consult their financial advisers before making any investment decisions related to NSL Ltd.
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