Sng Yih
AUTOLIVAbout Sng Yih
Sng Yih, age 56, is President, Autoliv China, a role he has held since January 2022. He previously served as AP President of Lear E-Systems (Sep 2019–Jan 2022), VP/GM Tenneco Clean Air Asia Pacific (Apr 2017–Aug 2019), and VP/GM Tenneco Clean Air China (Mar 2015–Apr 2017). He holds an MBA in Strategic Management from the Nanyan Business School in Singapore and a BSc in Economics and Sociology from the National University of Singapore . Autoliv’s executive incentive framework during his tenure emphasized Adjusted Operating Income and Adjusted Cash Conversion for annual bonuses, and EPS, Relative Organic Sales Growth, and GHG emissions for PSUs; Autoliv’s TSR outperformed its peer index in 2023 and was above peers in 2024, with Net Income of $489m and $648m and Adjusted Operating Income of $920m and $1,007m, respectively .
Past Roles
| Organization | Role | Years | Strategic Impact |
|---|---|---|---|
| Lear E-Systems | AP President | Sep 2019–Jan 2022 | Led Asia Pacific electrical systems operations |
| Tenneco Clean Air | VP/GM, Asia Pacific | Apr 2017–Aug 2019 | Oversaw regional clean air business |
| Tenneco Clean Air | VP/GM, China | Mar 2015–Apr 2017 | Led China clean air operations |
External Roles
No external public company directorships or board roles were disclosed in the reviewed proxy materials for Mr. Yih .
Fixed Compensation
Multi-year compensation summary (autoconverted FX per proxy footnotes; amounts in USD):
| Metric | FY 2022 | FY 2023 |
|---|---|---|
| Salary ($) | 484,493 | 522,791 |
| Bonus ($) | — | — |
| Stock Awards ($) | 624,994 | 189,743 |
| Non-Equity Incentive ($) | 204,941 | 428,689 |
| Change in Pension/NQDC ($) | — | — |
| All Other Compensation ($) | 163,177 | 192,885 |
| Total Compensation ($) | 1,477,605 | 1,334,108 |
Perquisites detail (2023):
- Company car, driver, housing, school fees, medical insurance; tax reimbursement on non-cash benefits .
- Breakdown: company car/driver $41,019; housing benefit $88,119; school fees $31,379; tax payment $10,566; medical insurance included in perquisites; All Other Compensation total $192,885 .
Target cash incentive parameters (2023):
| Parameter | Value |
|---|---|
| Target bonus as % of base | 50% (raised from 45% in 2022) |
| Threshold / Max | 0% / 100% of base |
Performance Compensation
Annual non-equity incentive design and 2023 payout:
| Metric | Weighting | Target Definition | Actual/Payout | Vesting/Payment Timing |
|---|---|---|---|---|
| Adjusted Operating Income | 50% | 0x at ≤70% of 2022 AOI; 2x at ≥130%; linear between | Executives outside Europe earned 164% of target overall; Mr. Yih’s cash incentive was $428,689 (≈164% of 50% target on $522,791 base) | Annual cash, paid per plan |
| Adjusted Cash Conversion | 50% | 0x at ≤50%; 2x at ≥90%; linear between | Included in 164% overall payout | Annual cash, paid per plan |
Long-term incentives (LTI) structure:
| Award Type | Metric Mix | Grant Policy | Vesting |
|---|---|---|---|
| PSUs (75% of LTI for non-CEO execs) | EPS 60%, Relative Organic Sales Growth 25%, GHG Emissions 15% | Annual grants; 2023 and 2024 configured as three one-year tranches with goals set progressively | 2023 PSUs cliff vest in Q1 2026; 2024 PSUs cliff vest in Q1 2027 |
| RSUs (25% of LTI) | Time-based | Annual grants; plus one-time sign-on/retention RSU for Mr. Yih in Feb 2022 | Retention RSU: second half vested Feb 2024; first half earlier per grant terms |
Stock vested (2023):
| Name | Shares Vested (#) | Value Realized ($) |
|---|---|---|
| Sng Yih | 2,606 | 235,087 |
Equity Ownership & Alignment
- Retention RSU: granted Feb 2022; second half vested Feb 2024 (notional value captured in termination scenario table; share count not disclosed) .
- Company policy prohibits hedging, short-selling, and pledging by executive officers and directors; stock ownership guidelines exist for executive officers .
- RSUs/PSUs vest in full upon death or retirement; none of the executives were retirement-eligible in 2023 .
Employment Terms
- Appointment and start: Autoliv announced appointment Dec 16, 2021; joining end of Jan 2022 as President, Autoliv China .
- Employment Agreement: dated Dec 14, 2021 (filed as Exhibit 10.17 in 2024 10-K) ; Amendment No. 1 dated May 15, 2025, effective Dec 31, 2024 .
- Permanent and temporary benefits per Amendment:
- Company car and driver or car allowance; monthly housing allowance CNY 55,000 .
- Schooling for accompanying children (first 3 years of employment) .
- International health and relocation insurance for accompanying family (first 6 years) .
- One return flight per family member per year; Company to gross up temporary benefit expenses .
- Change-in-control and termination framework:
- Qualifying termination after change-in-control includes resignation for good reason, termination without cause, or due to disability .
- Unvested RSUs/PSUs fully vest upon death or retirement (none eligible in 2023) .
- Upon involuntary termination, compensation and benefits continue during notice period; equity vesting limited to awards vesting in that period; Mr. Yih’s table reflects vesting of second half of retention RSU in Feb 2024 .
Compensation Framework and Peer Benchmarking
- LTI mix: For executives other than the CEO, 75% PSUs and 25% RSUs to align pay with performance .
- Benchmarking: For Mr. Yih, LDCC referenced Willis Towers Watson China executive pay levels in general industry survey data for 2023 compensation decisions .
- Say-on-Pay support: 97.1% approval in 2023 and 97.6% in 2022; 81.7% in 2021 .
Investment Implications
- Pay-for-performance alignment: Annual bonuses tied 50/50 to Adjusted Operating Income and Adjusted Cash Conversion; 2023 payout at 164% of target indicates strong Company-level execution in the period relevant to Autoliv China leadership .
- Retention and vesting dynamics: A Feb 2022 retention RSU with a second-half vest in Feb 2024 suggests targeted retention mechanisms; 2023 vesting of 2,606 shares with $235k realized implies periodic liquidity events that can create scheduled selling pressure around vest dates .
- Incentive metrics quality: PSU metrics prioritize EPS and organic sales growth with an ESG component (GHG), reinforcing strategic alignment and multi-year accountability; cliff vesting schedules (Q1 2026/2027) support long-term orientation .
- Governance and risk controls: Prohibitions on hedging/pledging and executive ownership guidelines mitigate misalignment risks, though tax gross-up on certain benefits is shareholder-unfriendly in principle and warrants monitoring for policy evolution .
- Market context: Autoliv’s TSR exceeded peers in 2023 and remained above peer group levels in 2024, with improving Net Income and Adjusted Operating Income, supporting incentive realizations but emphasizing continued dependency on Company performance for payouts .