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Asti clarifies circumstances surrounding retrenched CEO's S$1.4m entitlement
In response to questions from accounting professor Mak Yuen Teen about why the S$1.4 million in retrenchment benefits given to outgoing CEO Michael Loh was higher than his total FY2020 pay of close to S$1.3 million, the company said it was because it previously wrongly paid one month of AWS to him, while he was actually supposed to be entitled to two (per his employment contract).
About why the company's report said no benefits were payable to any of its top executives even though Loh received S$1.4 million when he was retrenched, it responded that this information was omitted from its report because of an "inadvertent oversight".
