Tuesday, August 16, 2011

Is the generosity of Genting at the expense of the minority shareholders? You be the judge

Genting gives big payout to directors published: 2011/08/16

KUALA LUMPUR: Genting Bhd topped the list with a big payout of RM111.48 million to its board, up 21 per cent from RM92.11 million previously.

The company also has the highest remuneration band of RM106.65 million to RM106.70 million for a single director, says the Malaysian Business in a statement today.

The company, however, did not name who the director was. The top executive listed is its executive chairman and chief executive Tan Sri Lim Kok Thay.

According to the business magazine's annual survey of the "Highest-Paid Directors", listed companies paid out substantially higher remuneration to their directors last year compared to 2009 on the back of an improved economic climate.

Some companies, however, lowered their boardroom remuneration last year, including CIMB Group Holdings Bhd.

The second largest bank paid RM18.51 million or 13 per cent less to its board members and lower remuneration to its group managing director and group chief executive officer Datuk Seri Mohd Nazir Razak.

He received RM12 million last year as opposed to RM14.5 million in 2009.

IOI Corporation Bhd came in second with a total payout amounting to RM56.29 million, 71 per cent more from a year ago, said the Malaysian Business.

Meanwhile, with three companies -- YTL Corp, YTL Power International and YTL Cement -- Tan Sri Yeoh Tiong Lay received a combined remuneration of RM13.10 million.

Interestingly, out of 630 companies, 95 companies with huge losses are still rewarding their directors with huge payouts.

The survey lists a total of 630 companies with a remuneration band of RM300,000 and above as stated in the company's annual report.

Of these, only a handful of the companies were transparent in stating the exact remuneration of their top executives. -Bernama

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