The pay and remuneration for top executives and directors have always been subjects of intense debate. Some cry foul claiming that the top guys continue to receive staggering remuneration packages while the investors have to suffer the consequences of the dwindling company share price.
A study conducted recently by the Malaysian Business magazine found Genting to be the company that rewards its directors with the highest pay of all. In total, they were paid well in excess of RM80 million in 2008, well ahead of other corporations.
It wasn’t mentioned where the big chunk of the money went to, but judging from the company’s history, it is quite clear that the current CEO and Chairman, Tan Sri Lim Kok Thay, to be the principal beneficiary.
Lim is the second son of the Genting founder, the late Tan Sri Lim Goh Tong, and has taken over the helm of the company even before the latter’s demise. He is regarded as one of the key persons who has successfully steered the company his father founded into multitude of other diversified businesses.
Lim is said to be paid RM77.7 million, the highest amount paid to a single director in the country.
By comparison, the RM77.7 million amount will make Nazir Razak, the CEO of CIMB Bank, to look like a little hobbit standing next to an elf. Nazir is the highest paid CEO among the government companies, with earnings of about RM10 million.
Apart from Genting, other companies which reward its directors with good money include IOI Corporation (RM45 million), Genting Malaysia (formerly Resorts World, a Genting subsidiary. RM37.25 million), SP Setia (RM11 million) and Public Bank (RM7 million).
The magazine also found that more than 600 companies in the country paid its directors more than RM300,000 for the 2008 financial year.