Malaysia listed companies paid out higher remuneration
MALAYSIAN BUSINESS SURVEY: Top 20 companies forked out RM534.95m last year
LISTED companies paid out higher remuneration to their directors in 2011 compared to 2010 despite the cautious economic climate brought about by the eurozone debt crisis, a Malaysian Business annual survey of the “highest-paid directors” revealed.
According to the August 16 issue of the business magazine, the top 20 companies forked out RM534.95 million last year, up 17 per cent from 2010, in terms of total payouts.
“Out of the more than 600 companies surveyed, close to half paid out more than RM1 million in remuneration to their highest-ranking executives in 2011,” Malaysian Business said.
Apart from payouts, the survey also reveals director remuneration from a sectoral perspective and what government-linked companies dished out to their head hanchos.
“It also gives readers a peek into the ACE Market’s top executive earners,” it said.
Genting Bhd topped the list with a big payout of RM117.69 million to its board. However, this was a modest rise of 5.6 per cent as opposed to what it had paid out previously.
IOI Corp Bhd came in second with a total board payout amounting to RM60.30 million, up 7.1 per cent from 2010.
Genting also had the highest remuneration band of RM113 million to RM113.05 million for a single director.
However, the company did not name who the director was. The top executive listed is its executive chairman and chief executive officer Tan Sri Lim Kok Thay.
In the highest remuneration band for a single director, the second top company was IOI Corp Bhd, which paid out a remuneration band of between RM56.75 million and RM56.80 million to its highest-ranking director.
“We assume that the recipient was IOI Corp director and founder Tan Sri Lee Shin Cheng,” Malaysian Business said. – Business Times