Egregious examples of highly paid CEOs who "fiddled while Rome burned" are not systemic of Singapore's corporate landscape. These aberrations denote a failure of corporate governance on the part of the Board and, in particular, of the Remuneration Committee (RC). As an RC member on three listed companies, I'm aware of the rigour of pegging CEO pay to KPIs that include profitability and stock price performance, benchmarking to industry peers, and engaging consultants when necessary.
The idea of an equitable CEO-to-worker pay ratio also is specious. The groups operate in totally different labour markets with no overlap. A CEO's actions are also much more scaleable. Further, the ratios differ significantly across industries and comparisons will be invidious.
Instead of a focus on cutting the CEO's pay which a "high" pay ratio may suggest, it is far better to look at increasing the company's value and then raising the average worker's pay. Such a "levelling up" approach is the sustainable way to go.