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

2 comments:

Unknown said...

Those greedy shareholders stupid enought to buy thier share into these companies has to blame for all the exorbitant salary to these board of directors who promise to make more gain for them.So no need to complain how much they demanded to get paid for high salary because they are private companies.but not acceptable when the company is a Glc meaning ,money that belongs to the country.This is tantamount to abusing a CEO position..totally unjustisfied..i would simply called this cheating the government.

Unknown said...

A note which i would to highlight is when Nasir Razak was the CEO,his brother was the head of government.So there is nothing to eleborate on how he got into this position and how he was given this kind of crazy salary..afterall how smart can he be by drawing a salary from a company which is an entity of the government for without the approval from the Finance Ministry and its crony directors, which was also under his brother control he wont get away with it .So we know know how deep the corruption of this poor country is even without the emergence of IMDB..BTW,by now after his brother was ousted in the May 9 election..Nasir was forced to face the new government ,obviously without his brothers protection,he has to go.The new government will not tolerated with this kind of crazy salary.So these brother are really helping each other by helping themselves on thier poor country..so much for patriotism ..i called it plainly corruption.