Singapore Exchange outlines pay, perks for new CEO

SINGAPORE, July 23 (Reuters) - Singapore Exchange (SGXL.SI), Asia's second largest listed bourse, will pay incoming CEO Magnus Bocker a guaranteed base salary of S$750,000 ($520,800) a year and a minimum variable bonus of S$933,000 for his first seven months, the firm said on Thursday.

Bocker, who is currently president of Nasdaq OMX (NDAQ.O), will also get S$4.77 million over three years as compensation for loss of long-term incentives and bonuses at his present job.

His other perks include a housing allowance of S$300,000 per annum for the first two years, a club membership, and a car and driver.

SGX said on Monday that Bocker will join the firm on Dec 1 to replace Hsieh Fu Hua, who announced his intention to leave the Singapore bourse at the start of 2009 [ID:nLK397916].

For many financial market professionals in Asia, the days of extravagant expatriate perks have ended [ID:nHKG336328].

In the United States, legislation has been proposed to curb executive compensation, including a ban on pay structures at financial institutions that encourage "inappropriate risks", part of a massive reform plan being pursued amid the worst financial crisis in generations. (Reporting by Kevin Lim; Editing by Neil Chatterjee)