Tuesday, August 16, 2011

Genting Berhad Chairman and Chief Executive, Tan Sri Lim Kok Thay is the highest paid director in Malaysia in 2010 with RM 106 Million

Genting Berhad Chairman and Chief Executive, Tan Sri Lim Kok Thay. He is the son of Genting founder the late Tan Sri Lim Goh Tong

According to a Malaysian Business survey released on Tuesday 16th August 2011, the top 20 companies in Malaysia forked out RM455.6 million last year, up 22 per cent from 2009, to pay directors remuneration.

Close to 270 directors out of the 600 companies polled drew more than RM1 million in remuneration.

Top of the list is Malaysia's casino and resort giant, Genting Berhad who paid a single director up to RM106 million last year in 2010. That works out to be a monthly salary of RM8.89 million or a GIGANTIC RM296,000 or USD 98,666 PER DAY!!! Wow, what a Price Tag!!

Genting Bhd kept its top spot from 2009 with a total board payout of RM111.48 million, an increase of 21 per cent from 2009. The gaming conglomerate also had the highest remuneration band of RM106.65 million to RM106.7 million for a single director but did not name him.

The top executive listed is its executive chairman and chief executive Tan Sri Lim Kok Thay.

This comes as a no surprise because Genting Group which consists of Genting Malaysia, Genting Singapore and Genting Plantations is among Malaysia's biggest companiy.

It employs over 58,000 globally and possesses 4,500 acres of prime resort land and 133,500 acres of land for plantation.

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Genting group's combined market capitalisation amounts to US$46 billion as of 31 May 2011 and possesses assets totaling US$13.5 billion

Coming in a distant second was IOI Corp Bhd, which paid its board RM56.29 million — up a whopping 71 per cent from the previous year — with almost all of it going to the plantation and property concern’s top executive, whose payout band was almost doubled from RM25-30 million to RM53.1 million.

“We assume that the recipient was IOI Corp director and founder Tan Sri Lee Shin Cheng,” Malaysian Business said in a statement today Tuesday 16th August 2011.

Genting subsidiary Genting Malaysia Bhd, which paid out more than RM42 million to its top executive, took third spot. The survey noted, however, that the payout might have been made to the same person after taking into account the possibility of double counting.

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Other companies that increased their board payout include YTL Corp Bhd (RM34.44 million from RM22.04 million), AirAsia Bhd (RM18.33 million from RM10.66 million) and Berjaya Corp Bhd (RM23.62 million from RM20.84 million).

Malaysian Business also noted that some companies continued to dish out large remunerations to its directors despite suffering “huge losses” last year.

But some companies, notably CIMB Group Bhd, also lowered their board remunerations last year.

Even CIMB chief Datuk Seri Nazir Razak took a pay cut even as other top listed companies upped board payouts in 2010 on the back of improved economic conditions.

CIMB, the banking group paid RM18.51 million to its directors last year, 13 per cent less than in 2009, with managing director and chief executive Datuk Seri Nazir taking home RM12 million compared to RM14.5 million previously.

Likewise, DRB-Hicom Bhd paid its board RM6.31 million last year compared to RM7.54 million in 2009 and British American Tobacco Bhd slashed its remuneration to RM8.22 million from RM11.38 million.

Both Hong Leong Financial Group Bhd and SP Setia Bhd also nudged their payouts down to RM9.08 million and RM20.44 million respectively.

The full results of the annual survey can be found in today’s edition, Tuesday 16th August 2011 of Malaysian Business.

Even tough Tan Sri Lim Kok Thay is the highest paid director in Malaysia last year in 2010, the richest person in Malaysia is not him. The honour still belongs to Tan Sri Robert Kuok (picture above) with assets worth RM 37.5 Billion or USD 12.5 Billion!!!

Kuok's business empire ranges from sugarcane plantations (Perlis Plantations Bhd), sugar refineries, flour milling, animal feed, oil, mining, finance, hotels, properties, trading, freight and publishing.

His biggest source of wealth is stake in Wilmar International, the world's largest listed palm oil company.

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