M1 – BT

Montefiore earned $1.25-1.5m last year

MOBILEONE Ltd, Singapore’s smallest mobile phone company, paid chief executive officer Neil Montefiore between $1.25 million and $1.5 million in 2007.

Mr Montefiore, 55, was also given 940,000 share options last year, the company said in its latest annual report. A year earlier, he was paid a similar salary and was awarded 880,000 options.

Companies listed in Singapore are not required to disclose executives’ pay more precisely than in bands of $250,000. M1’s net income rose 4.4 per cent to $171.8 million in 2007, while sales climbed 3.9 per cent to $803.3 million.

StarHub Ltd, Singapore’s second largest phone company, paid chief executive officer Terry Clontz between $3 million and $3.25 million last year, according to its 2007 annual report. That is a decline from 2006’s $3.25 million to $3.5 million.

Mr Clontz’s pay in 2006 included a one-time so-called economic value- added ‘incentive’ due to previous years’ performance, Jeannie Ong, StarHub’s spokeswoman, said. His 2006 pay would have been between $3 million to $3.25 million without the economic value- added payment, Ms Ong said.

Mr Clontz also sold $1.4 million worth of shares in Singapore’s second largest phone company, according to a regulatory filing yesterday.

US-born Mr Clontz, sold 461,000 shares, or a 0.03 per cent stake, at an average of $3.08 each on Monday, the company said in a statement to the Singapore Exchange. The sale cuts Mr Clontz’s stake to 0.42 per cent, or about 7.2 million shares.

‘Under the US tax law, all US citizens are taxed on their full world-wide income,’ StarHub spokeswoman Jeannie Ong said in a statement. ‘Terry is planning to sell a portion of his performance shares for tax and financial planning reasons.’ – Bloomberg

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