The chairman of Fraser & Neave, Michael Fam has become one of the highest earners at any Singapore-listed company, according to press reports. In 2003, Fam took home up to S$9.4m (US$5.5m), the Straits Times reports today.

Fam was awarded S$6.4m for raising the company's stock price above a target pre-set by a remuneration committee, according to the paper.

The Straits Times also says that in 2002, Fam received between S$2.25m and S$2.5m, less than one-third of his salary in 2003.

In November last year, Fraser & Neave reported a 38% rise in full-year profit to S$333m (US$191.9m) against S$241m year-on-year.