Friday, August 15, 2008

Nazir Razak highest-paid banker with RM9.35m salary

Nazir Razak highest-paid banker with RM9.35m salary

KUALA LUMPUR, Aug 15 — Datuk Nazir Razak, group chief executive of Bumiputera-Commerce Holdings Bhd, was the highest-paid government-linked company head and the highest-paid banker, according to a survey conducted by Malaysian Business.

The financial business magazine, in its annual survey of the "Highest-Paid Directors", said Nazir was paid RM9.35 million in 2007.

The amount was paid by its subsidiary, CIMB Investment Bank, which Nazir headed.

Meanwhile, Tan Sri Teh Ah Lek, chief executive of Public Bank Bhd who held the highest-paid banker spot in 2006, was paid RM6.17 million in 2007.

The magazine said the top 20 companies in terms of total payout generously forked out RM388.90 million in 2007, or 14.3 per cent more compared with RM340.27 million the previous year.

The survey appeared in the Aug 16 issue of Malaysian Business.

It said Genting Bhd dished out RM92.45 million to its board compared with RM102.06 million previously.

Of this total, it paid the highest remuneration band of RM86.45 million to RM86.50 million to a single director.

However, the company did not name the director.

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

Its subsidiary, Resort World Bhd, which paid out RM41.50 million and above to its top executive, was another company with the highest remuneration for a single director.

There is, however, the possibility of double counting as this might have been paid to the same person.

Berjaya Sport Toto Bhd reduced its total director payout in 2007 by more than half, from RM17.23 million to RM6.66 million.

The company fell out of the top 20 list to take the 100th spot.

The drop coincided with a change in the leadership of the company. — Bernama

No comments: