Reported in The Star Malaysia that the 2008′s highest income earner among chief executives is Genting Bhd chairman and CEO Tan Sri Lim Kok Thay-his earnings Rm77.7m despite a 10% pay cut. He achieved the similar feat when he also topped in the list of 2007 with Rm86.5 million. To make it more simple, he earns [...]
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The 2008 Wall Street’s bonus pay-out has created a big uproar amongst the taxpayers. We see another counterpart in Europe-French bank BNP Paribas which on 5th August announced the expected pay-out of over one billion euros in bonus payments to traders, executives and some 17,000 staff in its investment banking [...] 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.
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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 |
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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