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13 April 2022

Dear editor,

1. We would like to make several important clarifications about the 2021 remuneration of CapitaLand Investment (CLI) Group CEO Mr Lee Chee Koon in the Business Times article “Chief executives at 13 STI companies get higher pay in 2021” (13 April 2022).  As a listed company, we need to correct that Mr Lee’s total remuneration is not accurate. Further, as an organisation that structures its remuneration policy to match pay to performance, aligns stakeholder interests with management, and focuses on talent attraction and retention, we are concerned that the article may have given readers the wrong impression. 

2. Mr Lee’s remuneration for the full year 2021 was not S$1.98 million and his remuneration did not decline for the third consecutive year. Mr Lee’s remuneration of S$1.98 million reported in the article was from the date of CLI’s introductory listing on 20 September 2021 to 31 December 2021 as disclosed on page 126 of CLI's Annual Report 2021.

3. For full year 2021, inclusive of the period Mr Lee served as Group CEO of CapitaLand Limited, Mr Lee’s total remuneration was S$7.01 million.  In 2020, Mr Lee took a voluntary pay cut in solidarity with stakeholders impacted by COVID-19 and his total remuneration in 2020 was S$3.87 million. 

4. In 2021, CLI posted a total PATMI of S$1,349 million, reversing a net loss of S$559 million in 2020.  The share price of CLI closed at S$4.07 on 13 April 2022, up 38% since listing.  The strong performance enabled the CLI Board to propose a dividend of 15.0 Singapore cents per share, which includes a special dividend of 3 cents.   

5. In line with the Group’s significantly improved financial performance in 2021 and successful restructuring, CLI staff, including its key management personnel, were remunerated for meeting the Group’s key business objectives.  

6. CLI will continue to offer market competitive and performance-based compensation to attract the right talent to support CLI’s growth as a global real estate investment manager (REIM).  

7. We thank all our stakeholders for their support of CLI’s ongoing journey, as we work to build a capable and high performing team to create long-term sustainable value. 

Michele Ng

Head, Group Communications

CapitaLand Investment