GENTING director highest paid

Malaysian Business' annual survey revealed that listed companies had paid out higher remuneration to their directors in 2009 compared to the year before.

Interestingly, several companies with huge losses also rewarded their directors with huge payouts.

The survey, which appeared in the magazine's August 16 issue, showed that the top 10 companies forked out total payouts of nearly RM300 million last year.

Out of the more than 600 companies surveyed, close to 240 directors drew more than RM1 million in remuneration in 2009 despite the cautious economic environment.

In a press statement, Malaysian Business said a large part of the rise came from Genting Bhd, which topped the list with a big payout of RM92.11 million to its board.

Genting also had the highest remuneration band of RM87.6 million - for a single director.

"The top executive listed is its executive chairman and chief executive officer Tan Sri Lim Kok Thay," the magazine said.

The other company with the highest remuneration band for a single director was Genting's subsidiary Genting Malaysia Bhd, which paid out RM37.25 million and above to its top executive.

"These payouts, however, might have been paid to the same person taking into view the possibility of double counting," Malaysian Business said.

In third place was IOI Corp Bhd, which paid out between RM25 million and RM30 million to its highest-ranking director.

However, the magazine said this was less than the RM41.1 million to RM41.15 million it paid in 2008.

"We assume the recipient was IOI Corp director and founder Tan Sri Lee Shin Cheng," it said.

Malaysian Business said the survey listed a total of 628 companies with a remuneration band of above RM300,000 as stated in the company's annual report.

"Of these, only 7 per cent of the companies were transparent in stating the exact remuneration of their top executive," it said.

The survey also revealed director remuneration from a sectoral perspective and what government-linked companies dished out to their head honchos.

It also gave readers a peek into the ACE Market's top executive earners. - by Business Times


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