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It was reported that at least 4,793 bankers and traders were paid more than US$1 million (RM3.5 million) in bonuses last year even as profits at the biggest banks dwindled and they accepted tens of billions of dollars of taxpayer money.
The following bonuses are reported by New York attorney-general, Andrew M. Cuomo pertaining to the Wall [...] Singapore Airlines (SIA) will cut staff pay by 10 per cent after unveiling a net loss of S$307 million (RM736.8 million) in the April-June quarter — only its second-ever quarterly loss. It had recorded a net profit of S$358.6 million in the same quarter last year.
Details:
It is interesting to note that Temasek Holdings has a compensation structure where all the staff share in both positive and negative results of the company which in essence having an owner’s approach to the business and operations. When Temasek achieves above-target returns, there is the Wealth Added and reported in the annual Temasek Review, it will have gains to share with its staff. Reported recently Ho Ching (57),CEO of Temasek Holdings has announced that the entire staff from CEO to office attendants of Temasek will be receiving “negative bonuses.” where besides the annual bonuses being slashed due to poor performance over the past year and also, the staff will not get any money from the pool, or the value of the overall pool shrinks. If based on this negative bonus concept, it looks like there will be more negative bonuses for this year performance. Details: Continue reading Performance Management in Temasek Holdings Temasek Holdings is one of the two investment arms of the Singapore government ( the other is GIC) which manages a global portfolio invested in a wide range of sectors from airlines to energy, resources and consumer products. The following are a series of announcement made pertaining to Temasek Holding’s previous year performance, the reason for the departure of the new recruit (CEO) and the future objectives of the company:
For those who are involved with corporate restructuring and other, it is noteworthy to note that our Malaysian Foreign Investment Committee(FIC) which was previously in charge of ensuring the 30% bumiputra quota shareholding requirement in listed companies and property transfer,etc has been officially disbanded on 30 th June 2009. This was announced by our Prime Minister, Dato Seri Najib Razak. Moving forward, a new department set up at the Economic Planning Unit(EPU) would replace the FIC and would only process transactions involving: Continue reading Malaysia Foreign Investment Committee Disbanded on 30 th June 2009 |
FCCA,CA(MIA)with more than 26 years of post-qualifying working experiences. Previous working stints with one of the big accounting four, Regional GFC & Group Treasurer in a group of Malaysian and Group CFO in Singapore public listed concern.
Also author to another very popular free educational accounting cum finance blog: http://basiccollegeaccounting.com under the branding of College Accounting Coach. |
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