Kok Thay Lim Net Worth (2021)
Genting Berhad, an investment holding company, engages in leisure and hospitality, oil palm plantations, power generation, oil and gas, property development, life sciences, and biotechnology businesses in Malaysia and internationally. Its Leisure & Hospitality segment is involved in gaming, hotels, food and beverages, theme parks, retail, entertainment and attractions, and tours and travel related businesses; the development and operation of integrated resorts; and provision of other support services. The company’s Plantation segment engages in oil palm plantations, as well as palm oil milling and related activities. Its Power segment generates and supplies electric power. The company’s Property segment develops and invests in properties. Its Oil & Gas segment explores for, develops, and produces oil and gas. The company also offers offshore financing; advisory, technical, and administrative services to oil and gas companies; risk and insurance management consultancy services; issues private debt securities; and licenses intellectual property rights.
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Genting Singapore says chairman Lim Kok Thay took more than 50% pay cut in FY20, not big increment
KUALA LUMPUR (March 27): Genting Singapore Ltd (GENS) yesterday clarified its executive chairman Tan Sri Lim Kok Thay received less than S$5 million (RM15.
4 million) — excluding accruals — as his remuneration for the financial year ended Dec 31, 2020 (FY20).
The amount was more than a 50% reduction over the previous year, the casino operator stressed that Lim’s salary did not double as the media reported earlier.
“This reduction in remuneration was a result of the group’s business being badly affected by Covid-19 which resulted in the cancellation of performance shares granted in 2020 and no performance bonus being paid in respect of FY20,” said GENS. The statement is a response to queries raised by the Singapore Exchange Regulation (SGX RegCo) with relation to the company’s FY20 annual report.
GENS, in which Genting Bhd owns a 52.66% stake, highlighted that Lim continues to take up to 30% pay cut starting in March 2020.
In the company’s FY20 Annual Report, GENS disclosed that Lim’s total remuneration was in the range of S$21.25 million to S$21.5 million, compared with his total remuneration in the range of S$9.
GENS’ net profit fell to S$69.2 million in FY20, nearly 90% lower against S$688.6 million in FY19.
In the same filing to SGX yesterday, GENS said that a “significant proportion” of Lim’s remuneration relates to a contingent bonus of S$35 million. According to the filing, the contingent bonus is conditional upon the company being successful in its bid for a Japan integrated resort (IR), of which 50% of the bonus is due upon the company being selected by the local government as an IR operator for the city, while the balance 50% is due upon certification of the IR area by the Japan national government.
GENS also noted that none of the S$35 million bonus has been paid out to the chairman as the “conditions have not been met”, thus, the company said the accrued relevant portion of this Japan Project Incentive Award “should be viewed separately”, concerning the amount of remuneration received by the chairman for FY20.
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Board Of Directors
Tan Sri Alwi Jantan
Chairman / Independent Non-Executive Director
Tan Sri Dato’ Seri Alwi Jantan (Malaysian, aged 85, male), appointed on 10 August 1990, was redesignated as the Chairman/Independent Non-Executive Director of the Company on 27 August 2020. Prior to his redesignation, he was the Deputy Chairman/Independent Non-Executive Director of the Company since 1 January 2019. On 31 May 2017, Tan Sri Alwi Jantan retired as an Independent Non-Executive Director of the Company at the conclusion of the Company’s 37th Annual General Meeting held on 31 May 2017 in accordance with Section 129 of the Companies Act 1965. On the same day, he was appointed as an Independent Non-Executive Director of the Company pursuant to a resolution of the Board of Directors of the Company dated 31 May 2017.
Tan Sri Alwi Jantan joined the Company on 1 July 1990 as Executive Vice President – Public Affairs & Human Resources and was redesignated as Executive Director on 2 July 2007 prior to his retirement in 2009. A graduate of the University of Malaya with a Bachelor of Arts (Honours) Degree and Harvard Graduate School of Business, he had a distinguished career in the public service.
Tan Sri Lim Kok Thay
Deputy Chairman & Chief Executive / Non-Independent Executive Director
Tan Sri Lim Kok Thay (Malaysian, aged 69, male), appointed on 17 October 1988, was redesignated as the Deputy Chairman and Chief Executive of the Company on 27 August 2020. Prior to his redesignation, he was the Chairman and Chief Executive of the Company. He is the Chairman and Chief Executive of Genting Berhad; and the Executive Chairman of Genting Singapore Limited and Genting UK Plc. He was the Chief Executive and Director of Genting Plantations Berhad (“GENP”) until he relinquished his position of Chief Executive and assumed the position of Deputy Chairman and Executive Director of GENP on 1 January 2019. He has served in various positions within the Group since 1976. He is a Founding Member and a Permanent Trustee of The Community Chest, Malaysia. In addition, he sits on the Boards of other Malaysian and foreign companies as well as the Boards of Trustees of several charitable organisations in Malaysia.
Tan Sri Lim holds a Bachelor of Science degree in Civil Engineering from the University of London. He attended the Programme for Management Development of Harvard Business School, Harvard University in 1979. He is an Honorary Professor of Xiamen University, China.
Tan Sri Lim is the Chairman and Chief Executive Officer of Genting Hong Kong Limited (“GENHK”), a company listed on the Main Board of The Stock Exchange of Hong Kong Limited. He is also a Director of Travellers International Hotel Group, Inc., which is an associate of GENHK and was listed on the Main Board of The Philippine Stock Exchange, Inc., until its voluntary delisting in October 2019. He has an interest in the securities of GENHK. The GENHK group is principally engaged in the business of cruise and cruise-related operations, shipyard operations and leisure, entertainment and hospitality activities.
Tan Sri Lim is a beneficiary of a discretionary trust which ultimately owns Golden Hope Unit Trust (“GHUT”), of which Golden Hope Limited (“GHL”) is the trustee.
GHL as the trustee of GHUT, indirectly owns 51% of the common stock in Empire Resorts, Inc., (“Empire Resorts”), a company with various subsidiaries engaged in the hospitality and gaming industries. GHL as the trustee of GHUT, also indirectly owns 100% of the Series F Convertible Preferred Stock and 51% of the Series H Convertible Preferred Stock in Empire Resorts. The Company indirectly owns the remaining 49% of the common stock in Empire Resorts. The Company also indirectly owns 100% of the Series G Convertible Preferred Stock and the remaining 49% of the Series H Convertible Preferred Stock in Empire Resorts. All the Convertible Preferred Stocks carry voting rights on an as-converted basis.
In the context of the above businesses of GENHK group and Empire Resorts group, Tan Sri Lim is therefore considered as having interests in business apart from the Group’s business, which may compete indirectly with the Group’s business.
For his leadership excellence and significant contributions to the leisure and travel industry, he was named the “Travel Entrepreneur of the Year 2009” by Travel Trade Gazette (TTG) Asia, “The Most Influential Person in Asian Gaming 2009” by Inside Asian Gaming, “Asian Leader for Global Leisure and Entertainment Tourism 2011” by Seagull Philippines Inc.
, and “Lifetime Achievement Award for Corporate Philanthropy 2013” by World Chinese Economic Forum.
Mr Lim Keong Hui
Deputy Chief Executive & Executive Director / Non-Independent Executive Director
Mr Lim Keong Hui (Malaysian, aged 36, male), appointed as a Non-Independent Non-Executive Director on 23 July 2012, was redesignated as a Non-Independent Executive Director, following his appointment as the Chief Information Officer (“CIO”) of the Company on 1 January 2015. On 1 January 2019, Mr Lim was redesignated as the Deputy Chief Executive and Executive Director of the Company.
Mr Lim holds a Bachelor of Science (Honours) degree in Computer Science from the Queen Mary University of London, United Kingdom and a Master’s degree in International Marketing Management from Regent’s Business School London, United Kingdom.
Mr Lim is a son of Tan Sri Lim Kok Thay, who is the Chairman and Chief Executive of the Company.
Both Tan Sri Lim Kok Thay and Mr Lim Keong Hui are major shareholders of the Company. On 1 January 2019, Mr Lim was redesignated as the Deputy Chief Executive and Executive Director of Genting Berhad (“GENT”). He was a Non-Independent Executive Director of GENT following his appointment as the Senior Vice President (“SVP”) – Business Development on 1 March 2013 until he was redesignated as the Executive Director – Chairman’s Office of GENT on 1 June 2013 and assumed additional role as the CIO of GENT on 1 January 2015. He was a Non-Independent Non-Executive Director of Genting Plantations Berhad (“GENP”) until he was redesignated as a Non-Independent Executive Director, following his appointment as the CIO of GENP on 1 January 2015. On 5 May 2017, Mr Lim was redesignated as a Non-Independent Non-Executive Director of GENP, following his resignation as CIO of GENP. On 1 January 2019, he was appointed as the Deputy Chief Executive and Executive Director of GENP. He is also a director of Genting UK Plc and a member of the Board of Trustees of Yayasan Lim Goh Tong.
Prior to his appointment as the SVP – Business Development of GENT, he was the SVP – Business Development of GENHK until he was redesignated as the Executive Director – Chairman’s Office of GENHK following his appointment as an Executive Director of GENHK on 7 June 2013. He had taken up additional role of CIO of GENHK since 1 December 2014. On 28 March 2019, Mr Lim has been appointed as the Deputy Chief Executive Officer of GENHK and was redesignated as the Deputy Chief Executive Officer and Executive Director of GENHK until he resigned on 28 August 2020. Prior to joining GENHK in 2009, he had embarked on an investment banking career with The Hongkong and Shanghai Banking Corporation Limited. He has deemed interest in the shares of GENHK. The GENHK group is principally engaged in the business of cruise and cruise-related operations, shipyard operations and leisure, entertainment and hospitality activities.
Mr Lim is a beneficiary of a discretionary trust which ultimately owns Golden Hope Unit Trust (“GHUT”), of which Golden Hope Limited (“GHL”) is the trustee.
GHL as the trustee of GHUT, indirectly owns 51% of the common stock in Empire Resorts, Inc., (“Empire Resorts”), a company with various subsidiaries engaged in the hospitality and gaming industries. GHL as the trustee of GHUT, also indirectly owns 100% of the Series F Convertible Preferred Stock and 51% of the Series H Convertible Preferred Stock in Empire Resorts. The Company indirectly owns the remaining 49% of the common stock in Empire Resorts. The Company also indirectly owns 100% of the Series G Convertible Preferred Stock and the remaining 49% of the Series H Convertible Preferred Stock in Empire Resorts. All the Convertible Preferred Stocks carry voting rights on an as-converted basis.
In the context of the above businesses of GENHK group and Empire Resorts group, Mr Lim is therefore considered as having interests in business apart from the Group’s business, which may compete indirectly with the Group’s business.
Dato’ Sri Lee Choong Yan
President & Chief Operating Officer & Executive Director
Dato’ Sri Lee Choong Yan (Malaysian, aged 58, male) appointed as an Executive Director on 1 January 2020 and redesignated as the President and Chief Operating Officer and Executive Director of the Company.
Prior to his appointment as an Executive Director of the Company, he was the President and Chief Operating Officer of Genting Malaysia Berhad since 1 August 2006. He is responsible for the development and implementation of corporate strategies as well as management of the operations of the Company and its subsidiaries.
Dato’ Sri Lee is also the Chief Executive Officer of Genting UK Plc, a subsidiary in the United Kingdom, where the Group owns and operates over forty casinos together with an integrated resort, Resorts World Birmingham. In addition, he oversees Genting Malaysia Group’s businesses in the United States and Bahamas. His responsibilities also include directorships in other companies within the Genting Malaysia Berhad Group, including GENM Capital Berhad which is a public company.
Dato’ Sri Lee trained as a chartered accountant in London with an international accounting firm following which he joined their offices in Hong Kong and worked in their audit and corporate advisory practices.
He subsequently embarked on a career in investment banking where he specialised in the areas of corporate finance and the equity capital markets before joining the Genting Group in 1997.
He holds a Bachelor of Science (Honours) degree in Business Economics and Accounting from the University of Southampton, England and is a Fellow of the Institute of Chartered Accountants in England and Wales.
Mr Quah Chek Tin
Independent Non-Executive Director
Mr Quah Chek Tin (Malaysian, aged 68, male), appointed on 15 January 2003, was redesignated as an Independent Non-Executive Director on 8 October 2008. He began his career with Coopers & Lybrand, London before returning to Malaysia.
He joined the Genting Group in 1979 and has served in various positions within the Group. He was the Executive Director and Chief Operating Officer of the Company as well as the Executive Director of Genting Berhad prior to his retirement in 2006.
He holds a Bachelor of Science (Honours) in Economics from the London School of Economics and Political Science and is a Fellow of the Institute of Chartered Accountants in England and Wales and a member of the Malaysian Institute of Accountants.
In addition, he sits on the Boards of Genting Plantations Berhad, Paramount Corporation Berhad and Batu Kawan Berhad.
Tan Sri Clifford Francis Herbert
Independent Non-Executive Director
Tan Sri Clifford Francis Herbert (Malaysian, aged 78, male), appointed on 27 June 2002, is an Independent Non-Executive Director. Tan Sri Clifford retired as an Independent Non-Executive Director of the Company at the conclusion of the Company’s 37th Annual General Meeting held on 31 May 2017 in accordance with Section 129 of the Companies Act 1965. On the same day, he was appointed as an Independent Non-Executive Director of the Company pursuant to a resolution of the Board of Directors of the Company dated 31 May 2017.
He holds a Bachelor of Arts (Honours) from the University of Malaya and a Master of Public Administration from the University of Pittsburgh, United States of America.
Tan Sri Clifford joined the Administrative and Diplomatic Service of the civil service in 1964, serving as an Assistant Secretary in the Public Services Department from 1964 to 1968 and as Assistant Secretary in the Development Administration Unit, Prime Minister’s Department from 1968 to 1975. Tan Sri Clifford served in the Ministry of Finance from 1975 to 1997, rising to the post of Secretary General to the Treasury.
During Tan Sri Clifford’s tenure in the civil service before his retirement in 1997, he sat on the Boards of the Pepper Marketing Agency, Tourist Development Corporation, Advisory Council of the Social Security Organisation (SOCSO), Aerospace Industries Malaysia Sdn Bhd, Malaysian Highway Authority, Malaysian Rubber Development Corporation (MARDEC), Port Klang Authority, Klang Container Terminal Berhad, Bank Industri Malaysia Berhad, Malaysia Export Credit Insurance Ltd, National Trust Fund (KWAN), Kumpulan Khazanah Nasional Berhad, Malaysian Airline System Berhad (MAS), Petroliam Nasional Berhad (PETRONAS), Bank Negara Malaysia and Multimedia Development Corporation Sdn Bhd; and he was the Chairman of the National Pensions Trust Fund (KWAP).
He also served as Chairman of the Inland Revenue Board in 1997. Tan Sri Clifford was a board member of FIDE Forum, a public company limited by guarantee.
Tan Sri Clifford is a trustee of Yayasan Nanyang Press and The National Kidney Foundation of Malaysia. He is the Chairman of Moet Hennessy Diageo Malaysia Sdn Bhd.
Tan Sri Clifford was instrumental in establishing the Securities Commission of which he was a member from 1993 to 1994 and was also a Board member of the Institute of Strategic and International Studies from 1989 to 1997. As Secretary General to the Minister of Finance, he was appointed as alternate Governor to the World Bank. Tan Sri Clifford was Chairman of KL International Airport Bhd (KLIAB) from 1993 to 1999. On 16 July 2000, he was appointed as Executive Chairman of Percetakan Nasional Malaysia Berhad (PNMB) and was Chairman of PNMB from 16 July 2002 to 31 December 2006.
Gen Dato’ Seri DiRaja Tan Sri (Dr) Mohd Zahidi Bin Haji Zainuddin (R)
Independent Non-Executive Director
Gen.
Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi bin Hj Zainuddin (R) (Malaysian, aged 71, male), appointed on 4 August 2005, is an Independent Non-Executive Director. He had a distinguished career in the Malaysian Armed Forces for nearly 40 years, before retiring from the Force on 30 April 2005. During the period as a professional military officer, he served 6 years 4 months as the Malaysian Chief of Defence Forces from 1 January 1999 and as the Chief of the Malaysian Army for one year from 1 January 1998. Most notable appointments in the Armed Forces held were Aide de Camp (ADC) to His Majesty Yang Di-Pertuan Agong Sultan Azlan Shah, Commander Infantry Brigade, Assistant Chief of Staff Human Resources, Commander of Army Training and Doctrine Command, Deputy Chief of Army and Chief of Army. In international duties, Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi (R) served as a Military Observer under the United Nations International Monitoring Group in Iraq after the Iran-Iraq War Ceasefire in 1988/1989.
Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi (R) is presently the Chairman of Genting Plantations Berhad and Lembaga Tabung Angkatan Tentera. He is a Director of Bintulu Port Holdings Berhad, Bintang Capital Partners Berhad, Affin Holdings Berhad and Sogo (K.L.) Department Store Sdn Bhd.
Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi (R) was made a Member of Dewan Negara Perak by DYMM Paduka Seri Sultan Perak on 25 November 2006 and is a Director/Trustee for the Board of Trustee of Yayasan Sultan Azlan Shah. On 23 April 2013, Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi (R) was appointed as Orang Kaya Bendahara Seri Maharaja Perak Darul Ridzuan by DYMM Paduka Seri Sultan Perak and the Dewan Negara Perak Darul Ridzuan. On 19 April 2014, he was bestowed with the Perak’s highest award for commoners, the ‘Darjah Kebesaran Seri Paduka Sultan Azlan Shah Perak Yang Amat Dimulia’ (S.P.S.A) which carries the title “Dato’ Seri DiRaja.”
Gen.
Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi (R) holds a Masters of Science Degree in Defence and Strategic Studies from the Quaid-I-Azam University, Islamabad, Pakistan and had attended the Senior Executive Programme in Harvard University, United States of America, Command and General Staff College Philippines, Joint Services Staff College Australia and National Defence College Pakistan.
In June 2015, Asia Metropolitan University (AMU) elected Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi (R) as the Chancellor of the University. In October 2016, Gen. Dato’ Seri DiRaja Tan Sri (Dr.) Mohd Zahidi (R) was conferred with an honorary doctorate in Management of Defense and Strategic Studies from National Defence University of Malaysia, also known as Universiti Pertahanan Nasional Malaysia (UPNM).
Mr Teo Eng Siong
Independent Non-Executive Director
Mr Teo Eng Siong (Malaysian, aged 73, male), appointed on 25 February 2010, is an Independent Non-Executive Director.
He began his career with Ernst & Young, Melbourne, Australia, in November 1969.
He had worked in Singapore and Malaysia; and had held several positions in various companies. Prior to his retirement on 31 March 2009, he was the General Manager and Company Secretary of Kien Huat Realty Sdn Bhd as well as the Company Secretary of Yayasan Lim Goh Tong, a charitable organisation.
He holds a Bachelor of Economics from Monash University, Melbourne and is an Associate of the Institute of Chartered Accountants in Australia, a Fellow of CPA Australia, a member of the Malaysian Institute of Certified Public Accountants, a member of the Malaysian Institute of Accountants and an Associate of The Malaysian Institute of Chartered Secretaries and Administrators.
Dato’ Koh Hong Sun
Independent Non-Executive Director
Dato’ Koh Hong Sun (Malaysian, aged 67, male), appointed on 23 July 2012, is an Independent Non-Executive Director.
He holds a Master’s Degree in Strategic and Security Studies from Universiti Kebangsaan Malaysia.
Dato’ Koh had a distinguished career with the Royal Malaysian Police (RMP) for almost 40 years, having joined RMP as a Probationary Inspector in 1971 and retired in October 2010 as the Director of Commercial Crime Investigation Department.
During the period as an officer of the RMP, Dato’ Koh has held various important command posts including as Officer-in-Charge of Brickfields Police District, Head of the Federal Traffic Police, Chief Police Officer of Penang and Commissioner of Police as Director of Commercial Crime Investigation Department.
Dato’ Koh is the Chairman of QBE Insurance (Malaysia) Berhad and he also sits on the Boards of Mega First Corporation Berhad, DeGem Berhad and GLM REIT Management Sdn Bhd, the manager of Tower Real Estate Investment Trust.
Madam Chong Kwai Ying
Independent Non-Executive Director
Madam Chong Kwai Ying (Malaysian, aged 59, female), appointed on 3 December 2018, is an Independent Non-Executive Director.
She holds a Bachelor of Economics (Hons) Degree in Business Administration from University Malaya.
Madam Chong began her career as an Administrative Officer with Bank Negara Malaysia (“BNM”) in 1982 after graduating from University Malaya. During her 35 years tenure in BNM, she has served in various positions and was a Deputy Director in the Banking Supervision Department from May 1998 until her retirement in April 2017. She was responsible for the supervision of domestic banking groups and locally incorporated foreign banks. She had a short engagement with Perbadanan Insurans Deposit Malaysia from June 2017 to January 2018 and provided advisory and consultancy services for one of its resolution planning projects.
She is currently sitting on the boards of AXA Affin Life Insurance Berhad and China Construction Bank (Malaysia) Berhad as an Independent Non-Executive Director.
Ms Loh Bee Hong
Secretary
Malaysia
Unaudited $1.
7 billion 2020 loss as Genting HK restructuring wages on
At the same date, total borrowings amounted to $3.38bn, capital commitment was $1.16bn and cash and cash equivalents (excluding bank overdrafts) were $242.8m.
Hit hard by the COVID-19 pandemic which suspended most ship operations and temporarily shuttered its shipyards, Genting HK has been engaged in restructuring efforts since last August.
The group obtained a debt holiday for 2020 borrowings that amounted to $151.4m originally due and payable by the end of 2020. Without further extension, these borrowings are to be paid from April.
Restructuring negotiations progressingAt year’s end, Genting HK was in default for principal on borrowings totaling $3.39bn. This week, the group received a letter from major creditors for $1.74bn of that, acknowledging significant progress in the restructuring negotiations and that credit approval processes were under way to be able to enter into binding terms.
The creditors confirmed their intention to stand still from exercising any enforcement or other rights available to them under the default until the restructuring’s completion or June 30, whichever is earlier.
Ad hoc groupAn ad hoc group of these major creditors and Genting HK advisors continues to work on a restructuring plan. This includes obtaining an extended debt holiday for borrowings up to two years after the restructuring effective date in addition to the existing approved debt holiday and obtaining waivers from compliance with bank covenants through this period.
The plan also seeks approval for interest step down for some borrowings, and to convert the company’s existing letter of credit facility into a term loan to finance working capital requirements. As well, the plan would formalize the forbearance from enforcement currently observed by creditors in relation to events of default.
Other creditorsIn other actions, Genting HK applied for further debt holiday and waivers for past defaults for the Genting Dream sale and leaseback arrangement and borrowings from other financial creditors not represented in the ad hoc group, collectively amounting to $916.
8m. The debt holiday for Genting Dream was extended to October this year, and Genting HK sees ‘reasonable’ prospects for obtaining a further delay, along with further debt holidays from other creditors not represented in the ad hoc group when the overall restructuring is completed.
Genting HK said it is in the process of securing a fresh equity injection of approximately $50m to $100m from an existing business partner or other investors.
Pursuing another bridge loan from GermanyFurther, the company is seeking a medium-term bridge loan of up to €300m from Germany’s Economic Stabilization Fund (WSF), a COVID-19 support program. Genting HK already received a short-term WSF bridge loan of €193m in October, which enabled MV Werften to reopen.
The additional medium-term loan would finance the shipyard operations and the completion of Global Dream. Upon the completion of that ship, now scheduled for mid-2022, further liquidity will be released from the existing post-delivery financing to repay the WSF loan.
The approval of the WSF medium-term bridge loan is conditional on the outcome of the ad hoc group restructuring solution.
Crystal Endeavor financingUpon completion of Crystal Endeavor, Genting HK expects to obtain additional secured financing of up to €280m from other lenders to repay the WSF short-term bridge loan. Crystal Endeavor is targeted to be completed by May.
Resumption of cruise operationsThe resumption of cruise operations in Taiwan with Explorer Dream since July last year, followed by World Dream in Singapore since November, have made positive contributions that have reduced Dream Cruises’ burn rate and improved cash flows. Genting Dream is targeted to start cruising in July.
Crystal Cruises also expects to resume cruising in the third quarter.
After a gradual restart as travel restrictions are lifted and vaccination plans are widely carried out by the authorities, Genting HK expects cruise operations will normalize and achieve pre-pandemic level in 2022.
Genting HK also has certain contractual financial obligations and various capital expenditures to settle, most related to newbuilds. Earlier, the group deferred the construction of Global 2 and suspended the construction of Endeavor 2 and the Universal class ships.
Management is currently finalizing the timing of the shipbuilding plans, and the viability of projects are subject to the WSF financial support.
Based on discussions with suppliers and contractors, Genting HK expects it will be able to defer the capital commitments of Global 2, and the suppliers and contractors have not taken actions to enforce the fulfilment of commitments by the shipyards.
The company said it will revisit its plan when the cruise industry has fully recovered from the COVID-19 outbreak. Meanwhile, Genting HK is ‘confident’ the capital commitments due and payable within the next 12 months will be substantially reduced.
Selling non-core assetsShould measures not work out, Genting HK is prepared to monetize some non-core assets which will provide additional liquidity.
The company disposed of its investment in Macau in December for a consideration of $96.2m.
All told, Genting HK’s directors believe there is a ‘reasonable’ prospect the group will have sufficient cash flows to meet operating requirements, investing activities and financial obligations for at least 12 months, though cautioning this depends on the successful outcomes of various initiatives.
Copyright © 2021. All rights reserved. Seatrade, a trading name of Informa Markets (UK) Limited.Top 10 Highest Paid CEOs in SGX-Listed Companies (2020)
I started collating the salaries of CEOs of SGX-listed companies back in 2019 and I thought it’s a good idea to make it an annual tradition. But it is extremely tedious to do so because I have to analyse every Singapore listed companies’ annual report to get the exact figures. I hope I’ll have the stamina to do it in the coming years (please motivate me!).
2020 was a notable year because of the Covid pandemic and it would be interesting to see if the overall CEO remuneration declined that year.
I will be discussing this in the later sections.
Here are some things you should know before I share the results:
- Not all the companies report their financial statements at the end of the year. While most companies’ financial year ended on the 31st of December 2020, others’ financial year ended on another month of that year. Some companies would have suffered the full impact of Covid, while those that released their financial report before the 31st of March 2020 would see less of an impact. Thus, I will only take information from reports issued in 2020.
- I only took note of the remuneration for the key executive. Hence, keep in mind the data presented here isn’t for the entire board; it is only for one key personnel of the company.
- Determining the key personnel can be tricky at times. Sometimes a company has both a “CEO” and a “Managing Director”, while a handful of others don’t have CEOs, only non-executive directors.
I used my own judgement to decide who is the leader – I simply picked the one with the highest salary. - Determining the exact remuneration can be quite tricky too – it can be broken down into salary, bonuses, stock options, investments, and benefits in kind. I have taken all of these into consideration. Bear in mind that the renumeration in this report isn’t all cash.
- Some companies do not disclose the salaries of their key executive. Thus, I omitted these companies from my list.
- Some companies disclose the salaries but do not mention the identity of their key personnel. In these cases, I just made my best guess.
Ready to find out the highest paid CEOs? Let’s start!
Remunerations for CEO / Key Director of SGX-listed companies in 2020Of the 674 SGX listed companies I looked into, 104 companies didn’t make it to this list because they either did not publish a report in 2020 or did not disclose the salary details of their key director for me to even make a reasonable guess.
Here are the stats:
- 2 CEOs or key directors had remunerations of more than $10M.
- 12 CEOs or key directors had remunerations between $5M and $10M.
- 116 CEOs or key directors had remunerations between $1M and $5M.
- 172 CEOs or key directors had remunerations between $500,000 to $999,999.
- 148 CEOs or key directors had remunerations between $250,000 to $499,999.
- 120 CEOs or key directors had remunerations of less than $250,000.
You might not have heard of the Tan Yong Nang or even the company, Japfa.
Japfa is an agri-food company that is mainly focused on producing quality meat and dairy products, as well as animal feeds. It has an integrated network of modern farming, distribution and processing facilities in various parts of Asia.
Tan Yong Nang is the head of Japfa and his $23,319,000 remuneration sounds a lot, considering that the company has a market capitalisation of only $1.
45B. On the other hand, Wilmar has a $27B market capitalisation and yet its CEO, Kuok Khoon Hong, received a total compensation of just $9,345,405 in 2020.
One interesting fact is that 76% of Tan Yong Nang’s $23M compensation is in equities and his salary and cash-based incentive are worth around $5,596,560.
It is worth noting that in 2019, Tan Yong Nang received $6,930,000 in total remuneration without any equity incentive.
10 highest paid CEOs / Key Directors in 2020Another executive salary worth mentioning is Tan Sri Lim Kok Thay, the executive chairman of Genting Singapore.
Genting Singapore’s main business is focused on the development and operation of large-scale integrated resorts, casino operations and investments. It is also listed on the main board of the Singapore Exchange Securities Trading.
As executive chairman of Genting, Tan Sri Lim Kok Thay’s salary ranges between $21,250,000 and $21,500,000. I find this figure overwhelming considering that the company was badly hit by Covid in 2020. Yet his compensation that year was $250,000 higher than what he received in 2019 (from $9,500,000 to $9,750,000).
Anyway, I’m not a Genting shareholder so I shouldn’t be so concerned about this.
Here are the top 10 highest paid CEOs / key directors:
| Rank | CEO / Key Director | Company | Total Remuneration |
| #1 | Tan Yong Nang | Japfa | $23.3m |
| #2 | Tan Sri Lim Kok Thay | Genting Singapore | $21.25m – $21.5m |
| #3 | Wee Ee Cheong | UOB | $9.8m |
| #4 | Kuok Khoon Hong | Wilmar | $9.3m |
| #5 | Piyush Gupta | DBS | $9.2m |
| #6 | Mike Wells | Prudential | $9.0m |
| #7 | Samuel Tsien | OCBC | $8.6m |
| #8 | Chua Thian Poh | Ho Bee | $8.3m – $8.5m |
| #9 | Wong Ngit Liong | Venture | $8.2m |
| #10 | Zhong Sheng Jian | Yanlord | $8m – $8.2m |
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10 lowest paid CEOs / Key Directors in 2020Next, we look at the bottom. Here’s the table showing CEOs / Key Directors who have received the lowest remunerations in 2020.
| Rank | CEO / Key Director | Company | Total Remuneration |
| #1 | Lau Chor Beng, Peter | Joyas | $0 |
| #2 | Chang Wei Lu | Mercurius | $0 |
| #3 | Chan Andrew Wai Men | SinoCloud | $0 |
| #4 | Lan Chunguang | Suntar Eco-City | $0 |
| #5 | Sim Wong Hoo | Creative Technology | $1 |
| #6 | Zhang Ye | SunMoon Food | $12 |
| #7 | Heng Aik Yong | Jasper Inv | $38,338 |
| #8 | Tan Sri Cheng Heng Jem | Parkson Retail | $49,000 |
| #9 | Ong Chor Wei | Net Pacific Fin | $63,500 |
| #10 | Teh Chong Seng | Adventus | $77,000 |
Interestingly, Lau Chor Beng, Peter (Joyas) did not take remuneration in 2019 as well. And Sim Wong Hoo (Creative Technology) has been taking a $1 salary for eons.
Heng Aik Yong’s compensation increased to $38,338 in 2020, from $33,992 in 2019, but he still couldn’t escape being part of this list.
Covid’s impact on executive remunerationsAs a final analysis, there wasn’t a big change to the executive remunerations in 2020 despite the pandemic, except for a slight dip in the compensation of those in the higher brackets.
In 2020, there were only two executives with over $10M compensation, as compared to seven in 2019. The CEOs of the banks took a pay cut which contributed to the overall decline in the numbers in this bracket. The key directors in other brackets had similar remuneration in both 2019 and 2020
Full table of CEO / Key Director remunerations in 2020P.S. In case there are companies you’re interested in, here’s the full table of CEO’s remuneration in 2020:
| Company | Name | Title | Lower Band | Higher Band | Date | Remarks |
|---|---|---|---|---|---|---|
| Japfa | Tan Yong Nang | CEO | $23,319,000 | $23,319,000 | 31-Dec-20 | |
| Genting Sing | Tan Sri Lim Kok Thay | Executive Chairman | $21,250,000 | $21,500,000 | 31-Dec-20 | |
| UOB | Wee Ee Cheong | CEO | $9,805,000 | $9,805,000 | 31-Dec-20 | |
| Wilmar | Kuok Khoon Hong | CEO | $9,345,405 | $9,345,405 | 31-Dec-20 | |
| DBS | Piyush Gupta | CEO | $9,182,630 | $9,182,630 | 31-Dec-20 | |
| Prudential | Mike Wells | CEO | $9,091,920 | $9,091,920 | 31-Dec-20 | |
| OCBC | Samuel Tsien | CEO | $8,628,099 | $8,628,099 | 31-Dec-20 | |
| Ho Bee Land | Chua Thian Poh | CEO | $8,250,000 | $8,500,000 | 31-Dec-20 | |
| Venture | Wong Ngit Liong | CEO | $8,236,541 | $8,236,541 | 31-Dec-20 | |
| Yanlord | Zhong Sheng Jian | CEO | $8,000,000 | $8,249,999 | 31-Dec-20 | |
| IHH | Dr Kelvin Loh Chi-Keon | CEO | $6,614,147 | $6,614,147 | 31-Dec-20 | |
| UOB Kay Hian | Wee Ee Chao | MD | $6,385,000 | $6,385,000 | 31-Dec-20 | |
| Sheng Siong | Lim Hock Chee | CEO | $5,858,000 | $5,858,000 | 31-Dec-20 | |
| Keppel | Loh Chin Hua | CEO | $5,173,641 | $5,173,641 | 31-Dec-20 | |
| SGX | Loh Boon Chye | CEO | $4,880,212 | $4,880,212 | 30-Jun-20 | |
| Singtel | Chua Sock Koong | CEO | $4,629,907 | $4,629,907 | 31-Mar-20 | |
| Great Eastern | Khor Hock Seng | CEO | $4,374,000 | $4,374,000 | 31-Dec-20 | |
| Hong Fok | Cheong Pin Chuan | CEO | $4,250,000 | $4,499,999 | 31-Dec-20 | |
| SIA | Goh Choon Phong | CEO | $4,223,274 | $4,223,274 | 31-Mar-20 | |
| Sinarmas Land | Muktar Widjaja | CEO | $4,000,000 | $4,250,000 | 31-Dec-20 | |
| Olam | Sunny Verghese | CEO | $4,000,000 | 31-Dec-20 | ||
| First Sponsor | Neo Teck Pheng | CEO | $3,958,474 | $3,958,474 | 31-Dec-20 | |
| Capitaland | Lee Chee Koon | CEO | $3,865,287 | $3,865,287 | 31-Dec-20 | |
| Frasers Property | Panote Sirivadhanabhakdi | CEO | $3,837,674 | $3,837,674 | 30-Sep-20 | |
| Cortina | Lim Keen Ban | CEO | $3,750,000 | $4,000,000 | 31-Mar-20 | |
| Golden Agri-Res | Franky Oesman Widjaja | CEO | $3,750,000 | $4,000,000 | 31-Dec-20 | |
| ST Engineering | Vincent Chong Sy Feng | CEO | $3,743,684 | $3,743,684 | 31-Dec-20 | |
| Tat Seng Packaging | Loh See Moon | CEO | $3,250,001 | $3,500,000 | 31-Dec-20 | |
| Jardine C&C | Benjamin Birks | MD | $3,028,000 | $3,028,000 | 31-Dec-20 | |
| SATS | Alex Hungate | CEO | $2,955,066 | $2,955,066 | 31-Mar-20 | |
| Singapore Post | Paul Coutts | CEO | $2,947,300 | $2,947,300 | 31-Mar-20 | |
| Valuetronics | Tse Chong Hing | CEO | $2,750,001 | $3,000,000 | 31-Mar-20 | |
| AEM | Loke Wai Sun | Non-executive chairman | $2,750,000 | $3,000,000 | 31-Dec-20 | Was executive director prior to 1 jul 2020 |
| GuocoLand | Raymond Choong Yee How | CEO | $2,750,000 | $3,000,000 | 30-Jun-20 | |
| Mewah | Dr Cheo Tong Choon | Executive Chairman | $2,750,000 | $3,000,000 | 31-Dec-20 | |
| ThaiBev | Thapana Sirivadhanabhakdi | CEO | $2,750,000 | $3,000,000 | 30-Sep-20 | |
| The Hour Glass | Dr Kenny Chan Swee Kheng | Ex-MD | $2,750,000 | $3,000,000 | 31-Mar-20 | |
| UMS | Luong Andy | CEO | $2,743,388 | $2,743,388 | 31-Dec-20 | |
| Sembcorp Ind | Wong Kim Yin | CEO | $2,724,000 | $2,724,000 | 31-Dec-20 | |
| SIA Engineering | Png Kim Chiang | Ex-CEO | $2,713,753 | $2,713,753 | 31-Mar-20 | Till 31 Mar 2020 |
| Tan Chong Intl | Tan Eng Soon | CEO | $2,703,849 | $2,703,849 | 31-Dec-20 | |
| Stamford Land | Ow Chio Kiat | Executive Chairman | $2,600,000 | $2,700,000 | 31-Mar-20 | |
| Sunpower | Guo Hong Xin | Executive Chairman | $2,600,000 | $3,100,000 | 31-Dec-20 | |
| LHN | Kelvin Lim | MD | $2,554,000 | $2,554,000 | 30-Sep-20 | |
| Lian Beng | Ong Pang Aik | MD | $2,500,001 | $2,750,000 | 31-May-20 | |
| Wing Tai | Cheng Wai Keung | MD | $2,500,001 | $2,750,000 | 30-Jun-20 | |
| ISDN | Teo Cher Koon | MD | $2,500,001 | $3,000,000 | 31-Dec-20 | |
| Riverstone | Wong Teek Son | CEO | $2,500,000 | $2,750,000 | 31-Dec-20 | |
| Southern Alliance | Dato’ Sri Pek Kok Sam | CEO | $2,500,000 | $2,750,000 | 31-Jul-20 | |
| Aztech | Michael Mun | CEO | $2,467,868 | $2,467,868 | 31-Dec-20 | |
| CSE Global | Lim Boon Kheng | CEO | $2,424,000 | $2,424,000 | 31-Dec-20 | |
| Avarga | Tong Kooi Ong | Executive Chairman | $2,400,000 | $2,500,000 | 31-Dec-20 | |
| Hong Leong Finance | Kwek Leng Beng | MD | $2,298,000 | $2,298,000 | 31-Dec-20 | |
| Singapore O&G | Dr. Heng Tung Lan | Executive Director | $2,262,670 | $2,262,670 | 31-Dec-20 | |
| Geo Energy Res | Charles Antonny Melati | Executive Chairman | $2,250,001 | $2,400,000 | 31-Dec-20 | |
| Bumitama Agri | Gunawan H. Lim | CEO | $2,250,001 | $2,500,000 | 31-Dec-20 | |
| Delfi | John Chuang | CEO | $2,250,000 | $2,499,999 | 31-Dec-20 | |
| Multi-Chem | Foo Suan Sai | CEO | $2,250,000 | $2,500,000 | 31-Dec-20 | |
| Starhub | Peter Kaliaropoulos | CEO | $2,176,238 | $2,176,238 | 31-Dec-20 | |
| F&N | Koh Poh Tiong | Executive Director | $2,130,474 | $2,130,474 | 30-Sep-20 | |
| PropNex | Kelvin Fong Keng Seong | Executive Director | $2,037,903 | $2,037,903 | 31-Dec-20 | |
| UOA | Chong Soon Kong | MD | $2,024,832 | $2,024,832 | 31-Dec-20 | |
| Food Empire | Sudeep Nair | CEO | $2,000,000 | $2,249,999 | 31-Dec-20 | Didnt disclose name. Best guess |
| QAF | Goh Kian Hwee | Joint MD | $2,000,000 | $3,000,000 | 31-Dec-20 | |
| Serial System | Dato’ Seri Dr. Derek Goh Bak Heng | CEO | $1,898,750 | $1,898,750 | 31-Dec-20 | |
| JB Foods | Tey How Keong | CEO | $1,836,000 | $1,836,000 | 31-Dec-20 | |
| Haw Par | Wee Ee Lim | CEO | $1,830,000 | $1,830,000 | 31-Dec-20 | |
| Metro | Yip Hoong Mun | CEO | $1,812,000 | $1,812,000 | 31-Mar-20 | |
| Hiap Hoe | Teo Ho Beng | CEO | $1,750,001 | $2,000,000 | 31-Dec-20 | |
| MoneyMax | Dato’ Sri Dr. Lim Yong Guan | CEO | $1,750,000 | $2,000,000 | 31-Dec-20 | |
| Singapore Shipping | Ow Chio Kiat | Executive Chairman | $1,700,000 | $1,800,000 | 31-Mar-20 | |
| Lung Kee | Siu Yuk Lung | MD | $1,691,120 | $1,691,120 | 31-Dec-20 | |
| Sing Holdings | Lee Sze Hao | CEO | $1,666,456 | $1,666,456 | 31-Dec-20 | |
| CityDev | Kwek Leng Beng | Executive Chairman | $1,634,000 | $1,634,000 | 31-Dec-20 | |
| ComfortDelGro | Yang Ban Seng | CEO | $1,613,470 | $1,613,470 | 31-Dec-20 | |
| V2Y | Lee Shieh-Peen Clement | Ex-CEO | $1,600,000 | $1,700,000 | 31-Dec-20 | |
| Tuan Sing | William Nursalim alias William Liem | CEO | $1,536,986 | $1,536,986 | 31-Dec-20 | |
| Aspen | Dato’ Murly Manokharan | CEO | $1,500,001 | $1,750,000 | 31-Dec-20 | |
| Challenger | Loo Leong Thye | CEO | $1,500,000 | $1,549,999 | 31-Dec-20 | |
| Bund Center | Frankle Widjaja | CEO | $1,500,000 | $1,750,000 | 31-Dec-20 | |
| Yeo Hiap Seng | Koh Chee Boon | CEO | $1,445,429 | $1,445,429 | 31-Dec-20 | |
| Netlink Trust | Tong Yew Heng | CEO | $1,373,136 | $1,373,136 | 31-Mar-20 | |
| Rex Intl | Måns Lidgren | CEO | $1,367,840 | $1,367,840 | 31-Dec-20 | |
| GP Industries | Victor LO Chung Wing | CEO | $1,350,001 | $1,600,000 | 31-Mar-20 | |
| SPH | Ng Yat Chung | CEO | $1,350,000 | $1,350,000 | 31-Aug-20 | |
| Sing Inv & Fin | Lee Sze Leong | CEO | $1,310,000 | $1,310,000 | 31-Dec-20 | |
| ASTI | Dato’ Michael Loh Soon Gnee | CEO | $1,294,000 | $1,294,000 | 31-Dec-20 | |
| Chemical Ind | Lim Soo Peng | MD | $1,250,001 | $1,500,000 | 31-Mar-20 | |
| Frencken | Dennis Au | Executive Director | $1,250,001 | $1,500,000 | 31-Dec-20 | |
| Straits Trading | Chew Gek Khim | Executive Chairman | $1,250,001 | $1,500,000 | 31-Dec-20 | |
| APAC Realty | Jack Chua Khee Hak | CEO | $1,250,000 | $1,500,000 | 31-Dec-20 | |
| Aspial | Koh Wee Seng | CEO | $1,250,000 | $1,500,000 | 31-Dec-20 | |
| Clearbridge | Yee Pinh Jeremy | CEO | $1,250,000 | $1,500,000 | 31-Dec-20 | |
| DISA | Chng Weng Wah | CEO | $1,250,000 | $1,500,000 | 30-Jun-20 | |
| Hanwell | Allan Yap | Executive Chairman | $1,250,000 | $1,500,000 | 31-Dec-20 | Resigned on 23 Sep 2020 |
| Cromwell REIT | Simon Garing | CEO | $1,250,000 | $1,500,000 | 31-Dec-20 | |
| Mapletree Com Trust | Sharon Lim | CEO | $1,250,000 | $1,500,000 | 31-Mar-20 | |
| Mapletree Ind Trust | Tham Kuo Wei | CEO | $1,250,000 | $1,500,000 | 31-Mar-20 | |
| Mapletree Log Trust | Ng Kiat | CEO | $1,250,000 | $1,500,000 | 31-Mar-20 | |
| Mapletree NAC Trust | Cindy Chow Pei Pe | CEO | $1,250,000 | $1,500,000 | 31-Mar-20 | |
| Hong Leong Asia | Kwek Leng Peck | Executive Chairman | $1,245,000 | $1,245,000 | 31-Dec-20 | |
| Top Glove | Tan Sri Dr Lim Wee Cha | Executive Chairman | $1,239,231 | $1,239,231 | 31-Aug-20 | |
| G K Goh | Goh Geok Khim | Executive Chairman | $1,155,000 | $1,155,000 | 31-Dec-20 | |
| Nam Cheong | Leong Seng Keat | CEO | $1,150,567 | $1,150,567 | 31-Dec-20 | |
| China Sunsine | Xu Cheng Qiu | Executive Chairman | $1,120,000 | $1,120,000 | 31-Dec-20 | |
| Trendlines | David Todd Dollinger | CEO | $1,085,663 | $1,085,663 | 31-Dec-20 | |
| First Resources | Ciliandra Fangiono | CEO | $1,057,000 | $1,057,000 | 31-Dec-20 | |
| IFAST | Lim Chung Chun | CEO | $1,056,266 | $1,056,266 | 31-Dec-20 | |
| Thakral | Inderbethal Singh Thakral | CEO | $1,034,200 | $1,034,200 | 31-Dec-20 | |
| Shangri-La HKD | Lim Beng Chee | CEO | $1,022,443 | $1,363,257 | 31-Dec-20 | no individual names. best guess |
| YHI | Tay Tian Hoe Richard | MD | $1,000,001 | $- | 31-Dec-20 | No individuals. Best guess |
| Kimly | Lim Hee Liat | Executive Chairman | $1,000,001 | $1,250,000 | 30-Sep-20 | |
| Old Chang Kee | Han Keen Juan | Executive Chairman | $1,000,001 | $1,250,000 | 31-Mar-20 | |
| HPH Trust | Lam Hing Man, Patrick | CEO | $1,000,001 | $1,250,000 | 31-Dec-20 | |
| Frasers L&C Trust | Robert Stuart Claude Wallace | CEO | $1,000,001 | $1,250,000 | 30-Sep-20 | |
| Chip Eng Seng | Chia Lee Meng Raymond | CEO | $1,000,000 | $- | 31-Dec-20 | |
| Indofood Agri | Mark Julian Wakeford | CEO | $1,000,000 | $- | 31-Dec-20 | |
| Wee Hur | Goh Yeow Lian | MD | $1,000,000 | $- | 31-Dec-20 | |
| Pacific Century | Peter A. Allen | MD | $1,000,000 | $1,249,999 | 31-Dec-20 | No names given. Best guess |
| Spindex | Tan Heok Ting | MD | $1,000,000 | $1,249,999 | 30-Jun-20 | |
| EnGro | Tan Cheng Gay | CEO | $1,000,000 | $1,250,000 | 31-Dec-20 | |
| MDR | Edward Lee Ewe Ming | Executive Chairman | $1,000,000 | $1,250,000 | 31-Dec-20 | |
| Nanofilm | Lee Liang Huang | CEO | $1,000,000 | $1,250,000 | 31-Dec-20 | |
| Samko Timber | Riko Setyabudhy Handoko | CEO | $1,000,000 | $1,250,000 | 31-Dec-20 | |
| Seroja | Andreas Tjahjadi | Executive Director | $1,000,000 | $1,250,000 | 31-Dec-20 | |
| ValueMax | Yeah Hiang Nam | CEO | $1,000,000 | $1,250,000 | 31-Dec-20 | |
| Ascendas India Trust | Sanjeev Dasgupta | CEO | $1,000,000 | $1,250,000 | 31-Dec-20 | |
| Ascendas REIT | William Tay Wee Leong | CEO | $1,000,000 | $1,250,000 | 31-Dec-20 | |
| Keppel REIT | Tham Wei Hsing, Paul | CEO | $1,000,000 | $1,250,000 | 31-Dec-20 | |
| Raffles Education | Chew Hua Seng | CEO | $1,000,000 | $1,500,000 | 30-Jun-20 | |
| InnoTek | Lou Yiliang | CEO | $985,234 | $985,234 | 31-Dec-20 | |
| Yoma | Serge Pun | Executive Chairman | $969,900 | $969,900 | 30-Sep-20 | |
| OneApex | Lawrence Chiu | Executive Director | $963,165 | $963,165 | 30-Sep-20 | |
| AVJennings A$ | Peter Summers | CEO | $957,179 | $957,179 | 30-Jun-20 | |
| Low Keng Huat | Dato’ Marco Low Peng Kiat | MD | $925,094 | $925,094 | 31-Jan-20 | |
| NeraTel | Beck Tong Hong | CEO | 912,058 | 912,058 | 31-Dec-20 | |
| EuroSports Gbl | Melvin Goh | CEO | $881,000 | $881,000 | 31-Mar-20 | |
| Ellipsiz | Kelvin Lum Wen-Sum | CEO | $870,000 | $870,000 | 30-Jun-20 | |
| Vibrant | Henry Chua Tiong Hock | Executive Director | $870,000 | $870,000 | 30-Apr-20 | Retired on 30 apr 2020 |
| Lum Chang | Raymond Lum Kwan Sung | Executive Chairman | $866,000 | $866,000 | 30-Jun-20 | |
| China Kangda Food | Fang Yu | CEO | $848,312 | $848,312 | 31-Dec-20 | |
| MindChamps | David Chiem | CEO | $800,001 | $900,000 | 31-Dec-20 | |
| Koda | James Koh Jyh Gang | MD | $800,000 | $900,000 | 30-Jun-20 | |
| Centurion | Wong Kok Hoe | Executive Director | $782,000 | $782,000 | 31-Dec-20 | |
| Alliance HC | Dr. Barry Thng Lip Mong | CEO | $750,001 | $900,000 | 30-Jun-20 | |
| Choo Chiang | Thomas Lim | CEO | $750,001 | $1,000,000 | 31-Dec-20 | |
| Credit Bureau Asia | Lim Wah Liang William | Executive Director | $750,001 | $1,000,000 | 31-Dec-20 | |
| Grand Banks | Mark Jonathon Richards | CEO | $750,001 | $1,000,000 | 30-Jun-20 | |
| HC Surgical | Dr Heah Sieu Min | CEO | $750,001 | $1,000,000 | 31-May-20 | |
| ISEC | Dr Wong Jun Shyan | CEO | $750,001 | $1,000,000 | 31-Dec-20 | |
| IX Biopharma | Eddy Lee Yip Hang | CEO | $750,001 | $1,000,000 | 30-Jun-20 | |
| TeleChoice | Lim Shuh Moh Vincent | CEO | $750,001 | $1,000,000 | 31-Dec-20 | |
| United Global | Jacky Tan Thuan Hor | CEO | $750,001 | $1,000,000 | 31-Dec-20 | |
| Frasers Centrepoint Trust | Richard Ng | CEO | $750,001 | $1,000,000 | 30-Sep-20 | |
| Manulife REIT | Jill Smith | CEO | $750,001 | $1,000,000 | 31-Dec-20 | |
| Union Gas | Teo Hark Piang | CEO | $750,000 | $- | 31-Dec-20 | |
| A-Sonic Aero | Janet Tan | CEO | $750,000 | $750,000 | 31-Dec-20 | |
| Avi-Tech | Lim Eng Hong | CEO | $750,000 | $999,999 | 30-Jun-20 | |
| Boutaed Proj | Thomas Chu Kok Hong | MD | $750,000 | $999,999 | 31-Mar-20 | |
| Far East Orchard | Alan Tang Yew Kuen | CEO | $750,000 | $999,999 | 31-Dec-20 | |
| Hotung | Tsui-hui Huang | CEO | $750,000 | $999,999 | 31-Dec-20 | |
| Koh Bros | Koh Keng Siang | CEO | $750,000 | $999,999 | 31-Dec-20 | |
| Koyo | Foo Chek Heng | CEO | $750,000 | $999,999 | 31-Dec-20 | |
| CNMC Goldmine | Lin Xiang Xiong @ Lin Ye | Executive Chairman | $750,000 | $1,000,000 | 31-Dec-20 | |
| CSC | See Yen Tarn | CEO | $750,000 | $1,000,000 | 31-Mar-20 | |
| Hai Leck | Cheng Buck Poh | CEO | $750,000 | $1,000,000 | 30-Jun-20 | |
| Jackspeed | Yap Kian Peng | CEO | $750,000 | $1,000,000 | 28-Feb-20 | |
| Keong Hong | Leo Ting Ping Ronald | CEO | $750,000 | $1,000,000 | 30-Sep-20 | |
| Maxi-Cash Fin | Ng Leok Cheng | CEO | $750,000 | $1,000,000 | 31-Dec-20 | |
| Micro-Mechanics | Christopher Reid Borch | CEO | $750,000 | $1,000,000 | 30-Jun-20 | |
| mm2 | Chang Long Jong | CEO | $750,000 | $1,000,000 | 31-Mar-20 | |
| Procurri | Thomas Sean Murphy | CEO | $750,000 | $1,000,000 | 31-Dec-20 | |
| Progen | Lee Ee | MD | $750,000 | $1,000,000 | 31-Dec-20 | |
| RH PetroGas | Chang Cheng-Hsing Francis | CEO | $750,000 | $1,000,000 | 31-Dec-20 | |
| Sysma | Sin Soon Teng | CEO | $750,000 | $1,000,000 | 31-Jul-20 | |
| Wilton Resources | Wijaya Lawrence | Executive Chairman | $750,000 | $1,000,000 | 31-Dec-20 | |
| Ascott Trust | Beh Siew Kim | CEO | $750,000 | $1,000,000 | 31-Dec-20 | |
| Capitaland China Trust | Tan Tze Wooi | CEO | $750,000 | $1,000,000 | 31-Dec-20 | |
| Capitaland Integrated Commercial Trust | Tony Tan Tee Hieong | CEO | $750,000 | $1,000,000 | 31-Dec-20 | |
| Keppel PacOak REIT | David Eric Snyder | CEO | $750,000 | $1,000,000 | 31-Dec-20 | |
| Far East HTrust | Gerald Lee Hwee Keong | CEO | $744,177 | $744,177 | 31-Dec-20 | |
| Halcyon Agri | Robert Meyer | Ex-CEO | $723,185 | $723,185 | 31-Dec-20 | Resigned on 26 jun 2020 |
| Roxy-Pacific | Teo Hong Lim | CEO | $716,000 | $716,000 | 31-Dec-20 | |
| Advanced Systems | Seah Chong Hoe | CEO | $706,000 | $706,000 | 31-Dec-20 | |
| Enviro-Hub | Raymond Ng Ah Hua | Executive Chairman | $700,001 | $800,000 | 31-Dec-20 | |
| Fu Yu | Hew Lien Lee | CEO | $700,000 | $799,999 | 31-Dec-20 | |
| Hong Lai Huat | Dato Dr Ong Bee Huat | CEO | $700,000 | $799,999 | 31-Dec-20 | |
| No Signboard | Lim Yong Sim | CEO | $700,000 | $800,000 | 30-Sep-20 | |
| Straco | Wu Hsioh Kwang | Executive Chairman | $690,000 | $690,000 | 31-Dec-20 | |
| Sarine Tech | David Block | CEO | $688,000 | $688,000 | 31-Dec-20 | |
| Silverlake Axis | Tan Teik Wei | MD | $666,915 | $666,915 | 30-Jun-20 | |
| Baker Tech | Dr Benety Chang | $664,478 | $664,478 | 31-Dec-20 | ||
| Alset | Chan Heng Fai | CEO | $652,000 | $652,000 | 31-Dec-20 | |
| Alantic NAV | Wong Siew Cheong, Bill | CEO | $651,367 | $651,367 | 31-Dec-20 | |
| Teho | Lim See Hoe | CEO | $650,000 | $750,000 | 30-Jun-20 | |
| Incredible | Christian Kwok-Leun Yau Heilesen | Executive Director | $618,105 | $618,105 | 31-Dec-20 | |
| Tai Sin Electric | Lim Boon Hock Bernard | CEO | $609,000 | $609,000 | 30-Jun-20 | |
| VICOM | Sim Wing Yew | CEO | $605,141 | $605,141 | 31-Dec-20 | |
| GDS Global | Michael Wong | CEO | $600,001 | $700,000 | 30-Sep-20 | |
| Willas-Array | Leung Chun Wah | Executive Chairman | $589,000 | $589,000 | 31-Mar-20 | |
| Asian Healthcare | Dr Chin Pak Lin | CEO | $576,000 | $576,000 | 30-Sep-20 | |
| Tiong Seng | Pay Sim Tee | CEO | $571,000 | $571,000 | 31-Dec-20 | |
| Figtree | Danny Siaw | MD | $567,000 | $567,000 | 31-Dec-20 | |
| Memories | Cyrus Pun | CEO | $556,893 | $556,893 | 30-Sep-20 | |
| Hotel Grand | Tan Eng Teong | MD | $556,000 | $556,000 | 31-Dec-20 | |
| OKH | Lock Wai Han | CEO | $543,322 | $543,322 | 30-Jun-20 | |
| CosmoSteel | Jack Ong Tong Hai | CEO | $539,523 | $539,523 | 30-Sep-20 | |
| SBS Transit | Cheng Siak Kian | CEO | $538,191 | $538,191 | 31-Dec-20 | |
| Nordic | Chang Yeh Hong | Executive Chairman | $535,000 | $535,000 | 31-Dec-20 | |
| UnUsUaL | Leslie Ong | CEO | $519,000 | $519,000 | 31-Mar-20 | |
| Khong Guan | Chew Soo Eng | MD | $506,584 | $506,584 | 31-Jul-20 | |
| Chuan Hup | Peh Kwee Chim | Executive Director | $501,768 | $752,651 | 30-Jun-20 | |
| Overseas Education | Ho Hie Wu | Executive Director | $500,741 | $500,741 | 31-Dec-20 | |
| Uni-Asia | Kenji Fukuyado | CEO | $500,001 | $600,000 | 31-Dec-20 | |
| Advanced | Dr Wong Kar King | MD | $500,001 | $750,000 | 31-Dec-20 | |
| AnnAik | James Ow Chin Seng | CEO | $500,001 | $750,000 | 31-Dec-20 | |
| Boldtek | Phua Lam Soon | CEO | $500,001 | $750,000 | 30-Jun-20 | |
| Bonvests | Henry Ngo | MD | $500,001 | $750,000 | 31-Dec-20 | |
| Eneco Energy | Colin Moran | CEO | $500,001 | $750,000 | 31-Dec-20 | |
| Golden Energy | Dwi Prasetyo Suseno | CEO | $500,001 | $750,000 | 31-Dec-20 | |
| Hwa Hong | Ong Choo Eng | MD | $500,001 | $750,000 | 31-Dec-20 | |
| Ocean Sky Intl | Ang Boon Cheow Edward | CEO | $500,001 | $750,000 | 31-Dec-20 | |
| OUE Lippo HC | Yet Kum Meng | CEO | $500,001 | $750,000 | 31-Dec-20 | |
| PNE Ind | Tan Koon Chwee | MD | $500,001 | $750,000 | 30-Sep-20 | |
| QT Vascular | Eitan Konstantino | CEO | $500,001 | $750,000 | 31-Dec-20 | |
| Sin Heng Mach | Tan Cheng Guan | Executive Director | $500,001 | $750,000 | 31-Dec-20 | |
| Sinjia Land | Cheong Weixiong, Jeff | CEO | $500,001 | $750,000 | 31-Dec-20 | |
| TA | Liong Kiam Teck | Executive Chairman | $500,001 | $750,000 | 31-Dec-20 | |
| Vallianz | Yeo Chee Neng | Executive Director | $500,001 | $750,000 | 31-Mar-20 | |
| Frasers HTrust | Colin Low | CEO | $500,001 | $750,000 | 30-Sep-20 | |
| Kim Heng | Thomas Tan Keng Siong | CEO | $500,001 | $1,000,000 | 31-Dec-20 | |
| TalkMed | Dr Ang Peng Tiam | CEO | $500,001 | 31-Dec-20 | ||
| Del Monte | Rolando C Gapud | Executive Chairman | $500,000 | $- | 30-Apr-20 | |
| Excelpoint | Albert Phuay | CEO | $500,000 | $- | 31-Dec-20 | |
| GKE | Neo Cheow Hui | CEO | $500,000 | $- | 31-Dec-20 | |
| KOP | Leny Suparman | CEO | $500,000 | $- | 31-Mar-20 | |
| ZICO | Chew Seng Kok | MD | $500,000 | $- | 31-Dec-20 | |
| TTJ | Teo Hock Chwee | MD | $500,000 | $600,000 | 31-Jul-20 | |
| Pavillon | Lee Tong Soon | MD | $500,000 | $749,000 | 31-Dec-20 | |
| Boustead | Wong Fong Fui | CEO | $500,000 | $749,999 | 31-Mar-20 | |
| BRC Asia | Seah Kiin Peng | CEO | $500,000 | $749,999 | 30-Sep-20 | |
| Hosen | Lim Hai Cheok | CEO | $500,000 | $749,999 | 31-Dec-20 | |
| Intl Cement | Ma Zhaoyang | Executive Chairman | $500,000 | $749,999 | 31-Dec-20 | |
| Intraco | Nicholas Yoong | CEO | $500,000 | $749,999 | 31-Dec-20 | |
| Jadason | Fung Chi Wai | CEO | $500,000 | $749,999 | 31-Dec-20 | |
| JEP | Andy Luong | CEO | $500,000 | $749,999 | 31-Dec-20 | |
| Koh Eco | Shin Yong Seub | CEO | $500,000 | $749,999 | 31-Dec-20 | |
| KSH | Choo Chee Onn | MD | $500,000 | $749,999 | 31-Mar-20 | |
| Nam Lee Metal | Yong Kin Sen | Ex-MD | $500,000 | $749,999 | 30-Sep-20 | |
| Natural Cool | Tsng Joo Peng | CEO | $500,000 | $749,999 | 31-Dec-20 | |
| OKP | Or Kim Peow | Executive Chairman | $500,000 | $749,999 | 31-Dec-20 | |
| Sunright | Samuel Lim Syn Soo | CEO | $500,000 | $749,999 | 31-Jul-20 | |
| UOI | David Chan Mun Wai | CEO | $500,000 | $749,999 | 31-Dec-20 | |
| Accrelist | Terence Tea Yeok Kian | Executive Chairman | $500,000 | $750,000 | 31-Mar-20 | |
| Advancer Global | Gary Chin Mei Yang | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| Amara | Albert Teo Hock Chuan | CEO | $500,000 | $750,000 | 31-Dec-20 | Best guess because exact names not disclosed |
| AusGroup | Shane Kimpton | CEO | $500,000 | $750,000 | 30-Jun-20 | |
| BBR | Tan Kheng Hwee Andrew | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| Biolidics | Yee Pinh Jeremy | Non-executive Chairman | $500,000 | $750,000 | 31-Dec-20 | |
| Cheung Woh | Law Kung Ying | Non-executive Chairman | $500,000 | $750,000 | 28-Feb-20 | |
| China Everbright | An Xuesong | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| Cordlife | Tan Poh Lan | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| COSCO Shipping SG | Li Xi Bei | Executive Director | $500,000 | $750,000 | 31-Dec-20 | |
| Federal Int | Koh Kian Kiong | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| Fragrance | Koh Wee Meng | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| G Invacom | Anthony Brian Taylor | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| Goodland | Dr. Alvin Tan Chee Tiong | CEO | $500,000 | $750,000 | 30-Sep-20 | |
| GRP | Kwan Chee Seng | Executive Director | $500,000 | $750,000 | 30-Jun-20 | |
| Hatten Land | Dato’ Colin Tan June Teng | MD | $500,000 | $750,000 | 30-Jun-20 | |
| Heeton | Toh Giap Eng | Executive Director | $500,000 | $750,000 | 31-Dec-20 | |
| HGH | Tan Poh Guan | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| Hiap Tong | Ong Teck Meng | CEO | 500,000 | 750,000 | 31-Mar-20 | |
| Hock Lian Seng | Chua Leong Hai | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| Hor Kew | Dennis Aw Khoon Hwee | Non-executive director | $500,000 | $750,000 | 31-Dec-20 | |
| IPS Securex | Kelvin Lim Ching Song | CEO | $500,000 | $750,000 | 30-Jun-20 | |
| Lasseters | Datuk Paul Wong Baan Chun, J.P | CEO | $500,000 | $750,000 | 30-Jun-20 | |
| MegaChem | Sidney Chew Choon Tee | MD | $500,000 | $750,000 | 31-Dec-20 | |
| Miyoshi | Andrew Sin Kwong Wah | CEO | $500,000 | $750,000 | 31-Aug-20 | |
| Penguin | James Tham Tuck Choong | MD | $500,000 | $750,000 | 31-Dec-20 | |
| Sakae | Douglas Foo Peow Yong | Executive Chairman | $500,000 | $750,000 | 30-Jun-20 | |
| Samurai 2k | Ong Yoke En | CEO | $500,000 | $750,000 | 31-Mar-20 | |
| Second Chance | Mohamed Salleh | CEO | $500,000 | $750,000 | 31-Aug-20 | |
| Singapura Finance | Jamie Teo Miang Yeow | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| SLB Dev | Matthew Ong Eng Keong | CEO | $500,000 | $750,000 | 31-May-20 | |
| Stamford Tyres | Wee Kok Wah | President | $500,000 | $750,000 | 30-Apr-20 | |
| Starburst | Yap Tin Foo | MD | $500,000 | $750,000 | 31-Dec-20 | |
| Tiong Woon | Ang Kah Hong | Executive Chairman | $500,000 | $750,000 | 30-Jun-20 | |
| Union Steel | Ang Yu Seng | CEO | $500,000 | $750,000 | 30-Jun-20 | |
| XMH | Tan Tin Yeow | MD | $500,000 | $750,000 | 30-Apr-20 | |
| EC World REIT | Goh Toh Sim | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| ESR REIT | Adrian Chui | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| IREIT | Louis d’Estienne d’Orves | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| Prime US REIT | Barbara Cambon | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| Sasseur REIT | Anthony Ang | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| United Hampshire REIT | Robert T. Schmitt | CEO | $500,000 | $750,000 | 31-Dec-20 | |
| TT Intl | Sng Sze Hiang | CEO | $500,000 | $1,000,000 | 31-Mar-20 | |
| Singapore Myanmar | Mark Francis Bedingham | CEO | $500,000 | $1,200,000 | 31-Mar-20 | |
| Gallant Venture | Eugene Cho Park | CEO | $500,000 | $1,499,999 | 31-Dec-20 | |
| Chasen | Low Weng Fatt | CEO | 500,000 | – | 31-Mar-20 | |
| Raffles Medical | Dr Loo Choon Yong | Executive Chairman | $500,000 | 31-Dec-20 | ||
| Singapore Medical Group | Dr Beng Teck Liang | CEO | $500,000 | 31-Dec-20 | ||
| Thomson Medical | Dr Wong Chiang Yin | CEO | $500,000 | 30-Jun-20 | No names. Best guess | |
| CDW | YOSHIKAWA Makoto | CEO | $482,700 | $482,700 | 31-Dec-20 | |
| Civmec | James Finbarr Fitzgerald | Executive Chairman | $481,093 | $721,639 | 30-Jun-20 | |
| EcoWise | Lee Thiam Seng | CEO | $451,000 | $451,000 | 31-Oct-20 | |
| NSL | Dr LOW Chin Nam | Executive Director | $450,000 | $450,000 | 31-Dec-20 | |
| Banyan Tree | Ho Kwonping | Executive Chairman | $446,995 | $446,995 | 31-Dec-20 | |
| Medinex | Jessie Low Mui Choo | CEO | $435,000 | $435,000 | 31-Mar-20 | |
| MTQ | Kuah Boon Wee | CEO | $431,000 | $431,000 | 31-Mar-20 | |
| OEL | Dr Zhang Jian | Executive Chairman | $413,653 | $413,653 | 31-Dec-20 | |
| Q&M | Dr Ng Chin Siau | CEO | $410,400 | $410,400 | 31-Dec-20 | |
| Japan Foods | Takahashi Kenichi | CEO | $410,000 | $410,000 | 31-Mar-20 | |
| Resources Prima | Agus Sugiono | CEO | $409,000 | $409,000 | 31-Dec-20 | |
| HG Metal | Foo Sey Liang | Executive Director | $400,000 | $499,999 | 31-Dec-20 | |
| AP Oil | Ho Chee Hon | CEO | $400,000 | $500,000 | 31-Dec-20 | |
| Mermaid Maritime | Chalermchai Mahagitsiri | CEO | $400,000 | $500,000 | 31-Dec-20 | |
| Far East | Steven Loh Mun Yew | CEO | $400,000 | $599,999 | 31-Dec-20 | |
| Kori | Hooi Yu Koh | CEO | $398,916 | $398,916 | 31-Dec-20 | |
| Yongnam | Seow Soon Yong | CEO | $388,000 | $388,000 | 31-Dec-20 | |
| Reclaims Global | Andrew Chew | CEO | $376,000 | $376,000 | 31-Jan-20 | |
| Hotel Royal | Lee Chou Hock | CEO | $374,601 | $374,601 | 31-Dec-20 | |
| Pacific Star Dev | Glen Chan | Ex-CEO | $350,000 | $400,000 | 30-Jun-20 | Stepped down on 30 Jun 2020 |
| FJ Benjamin | Eli Manasseh Benjamin | CEO | $350,000 | $499,999 | 30-Jun-20 | |
| Soup Restaurant | Wong Wei Teck | MD | $346,000 | $346,000 | 31-Dec-20 | |
| Kingsmen Creative | Andrew Cheng Oon Teck | CEO | $342,000 | $342,000 | 31-Dec-20 | |
| New Toyo | Angela Heng Chor Kiang | CEO | $339,875 | $339,875 | 31-Dec-20 | |
| Global Palm Res | Dr Tan Hong Kiat @ Suparno Adijanto | CEO | $333,000 | $333,000 | 31-Dec-20 | |
| Combine Will | Tam Jo Tak, Dominic | CEO | $324,000 | $324,000 | 31-Dec-20 | |
| China Aviation | Wang Yanjun | CEO | $321,478 | $321,478 | 31-Dec-20 | |
| Dutech | Dr Johnny Liu | CEO | $316,743 | $316,743 | 31-Dec-20 | |
| British & Malayan | Paul Martin Pavey | Executive Director | $312,320 | $312,230 | 30-Jun-20 | |
| Brook Crompton | Richard Eason | CEO | $312,000 | $312,000 | 31-Dec-20 | |
| Qian Hu | Kenny Yap Kim Lee | CEO | $304,560 | $304,560 | 31-Dec-20 | |
| Asiatic | Tan Book Kheng | MD | $301,000 | $301,000 | 31-Mar-20 | |
| KTMG | Damien Lim Vhe Kai | CEO | $300,001 | $400,000 | 31-Dec-20 | |
| Dyna-Mac | Lim Ah Cheng | CEO | $300,000 | $400,000 | 31-Dec-20 | |
| PEC | Robert Dompeling | CEO | $300,000 | $400,000 | 30-Jun-20 | |
| ASL Marine | Ang Kok Tian | CEO | $290,000 | $290,000 | 30-Jun-20 | |
| OIO | Fan Chee Seng | Executive Chairman | $285,000 | $285,000 | 31-Dec-20 | |
| Acromec | Lim Say Chin | Executive Chairman | $250,001 | $500,000 | 30-Sep-20 | |
| Astaka | Dato’ Zamani Bin Kasim | Executive Director | $250,001 | $500,000 | 30-Jun-20 | |
| Captii | Wong Tze Leng | Executive Chairman | $250,001 | $500,000 | 31-Dec-20 | |
| Don Agro | Marat Devlet-Kildeyev | CEO | $250,001 | $500,000 | 31-Dec-20 | |
| Edition | Ong Boon Chuan | CEO | $250,001 | $500,000 | 31-Dec-20 | |
| Ezion | Chew Thiam Keng | CEO | $250,001 | $500,000 | 31-Dec-20 | |
| Grand Venture | Ng Wai Yuen, Julian | CEO | $250,001 | $500,000 | 31-Dec-20 | |
| GS Holdings | Pang Pok | CEO | $250,001 | $500,000 | 31-Dec-20 | |
| HRNetGroup | Peter Sim | Executive Director | $250,001 | $500,000 | 31-Dec-20 | |
| Hyphens Pharma | Lim See Wah | CEO | $250,001 | $500,000 | 31-Dec-20 | |
| Jumbo | Ang Kiam Meng | CEO | $250,001 | $500,000 | 30-Sep-20 | |
| Kencana Agri | Albert Maknawi | CEO | $250,001 | $500,000 | 31-Dec-20 | |
| LY Corp | Tan Kwee Chai | Executive Chairman | $250,001 | $500,000 | 31-Dec-20 | |
| Mencast | Sim Soon Ngee Glenndle | CEO | $250,001 | $500,000 | 31-Dec-20 | |
| Metal Component | Chua Kheng Choon | CEO | $250,001 | $500,000 | 31-Dec-20 | |
| MS Holdings | Yap Chin Hock | CEO | $250,001 | $500,000 | 30-Apr-20 | |
| New Silkroutes | Dr Goh Jin Hian | Ex-CEO | $250,001 | $500,000 | 30-Jun-20 | |
| Pacific Radiance | Pang Yoke Min | Executive Chairman | $250,001 | $500,000 | 31-Dec-20 | |
| Pan Asian | Richard Koh Chye Heng | Executive Chairman | $250,001 | $500,000 | 31-Dec-20 | |
| Reenova | Chen Tong | CEO | $250,001 | $500,000 | 31-Dec-20 | |
| Resources Global | Francis Lee | CEO | $250,001 | $500,000 | 31-Dec-20 | |
| Sing Paincare | Dr. Lee Mun Kam Bernard | CEO | $250,001 | $500,000 | 30-Jun-20 | |
| TLV | Teo Boon Leng | MD | $250,001 | $500,000 | 30-Jun-20 | |
| Tritech | Jeffrey Wang Yongjie | MD | $250,001 | $500,000 | 31-Mar-20 | |
| TSH | Chua Khoon Hui | CEO | $250,001 | $500,000 | 31-Dec-20 | |
| AGV | Chua Wei Kee | Executive Chairman | $250,001 | $500,001 | 30-Sep-20 | |
| Fortress Minerals | Dato’ Sri Ivan Chee | CEO | $250,000 | $- | 28-Feb-20 | |
| Yangzijiang | Ren Letian | CEO | $250,000 | $250,000 | 31-Dec-20 | |
| Jason Marine | Foo Chew Tuck | CEO | $250,000 | $499,000 | 31-Mar-20 | |
| Acma | Quek Sim Pin | Executive Chairman | $250,000 | $499,999 | 31-Dec-20 | |
| Addvalue Tech | Dr Chan Kum Lok, Colin | CEO | $250,000 | $499,999 | 31-Mar-20 | |
| Asia Enterprises | Lee Yih Chyi, Yvonne | MD | $250,000 | $499,999 | 31-Dec-20 | |
| BH Global | Vincent Lim Hui Eng | CEO | $250,000 | $499,999 | 31-Dec-20 | |
| Global Dragon | Koh Kian Soo | Executive Chairman | $250,000 | $499,999 | 30-Jun-20 | |
| GSS Energy | Sydney Yeung | CEO | $250,000 | $499,999 | 31-Dec-20 | |
| Hafary | Low Kok Ann | CEO | $250,000 | $499,999 | 31-Dec-20 | |
| Hoe Leong | Liew Yoke Pheng Joseph | CEO | $250,000 | $499,999 | 31-Dec-20 | |
| IPC Corp | Ngiam Mia Je Patrick | CEO | $250,000 | $499,999 | 31-Dec-20 | |
| Karin Tech | Raymond Ng | CEO | $250,000 | $499,999 | 30-Jun-20 | |
| Ley Choon | Toh Choo Huat | CEO | $250,000 | $499,999 | 31-Mar-20 | |
| Manhattan Res | Low Yi Ngo | CEO | $250,000 | $499,999 | 31-Dec-20 | |
| Ossia | Goh Ching Huat | CEO | $250,000 | $499,999 | 31-Mar-20 | |
| SHS | Ng Han Kok, Henry | CEO | $250,000 | $499,999 | 31-Dec-20 | |
| Vicplas | Cheng Liang | CEO | $250,000 | $499,999 | 31-Jul-20 | |
| A-Smart | Lim Huan Chiang | CEO | $250,000 | $500,000 | 31-Jul-20 | |
| ABR | Chua Tiang Choon, Keith | Executive Chairman | $250,000 | $500,000 | 31-Dec-20 | |
| Abundance | Shi Jiangang | Executive Chairman | $250,000 | $500,000 | 31-Dec-20 | |
| Acesian Partners | Loh Yih | Executive Chairman | $250,000 | $500,000 | 31-Dec-20 | |
| AF Global | Chay Yue Kai | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Amcorp Global | Phua Cher Chew | CEO | $250,000 | $500,000 | 31-Mar-20 | Resigned on 3 aug 2020 |
| Arion Ent | Ng Kai Man | Executive Director | $250,000 | $500,000 | 31-Mar-20 | |
| Asia Vets | Tan Tong Guan | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Asian Micro | Lim Kee Liew @ Victor Lim | CEO | $250,000 | $500,000 | 30-Jun-20 | |
| Ban Leong | Ronald Teng Woo Boon | MD | $250,000 | $500,000 | 31-Mar-20 | |
| Beverly JCG | Dato’ Ng Tian Sang @ Ng Kek Chuan | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Broadway Ind | Tan Choon Hoong | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Casa | Lim Soo Kong @ Lim Soo Chong | CEO | $250,000 | $500,000 | 30-Sep-20 | |
| CH Offshore | Dr Benety Chang | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Darco Water Tech | Poh Kok Hong | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| ES | Low Chee Wee | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Forise Int | Peng WeiLe | Executive Director | $250,000 | $500,000 | 31-Dec-20 | |
| GHY Culture | Guo Jingyu | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| GSH | Gilbert Ee Guan Hui | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| GYP Properties | Stanley Tan | CEO | $250,000 | $500,000 | 30-Jun-20 | |
| Hotel Properties | Ong Beng Seng | MD | $250,000 | $500,000 | 31-Dec-20 | |
| Huationg Global | Ng Kian Ann Patrick | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| ICP | Aw Ming-Yao Marcus | Executive Director | $250,000 | $500,000 | 30-Jun-20 | Resigned on 30 jun 2020 |
| IFS Capital | Randy Sim Cheng Leong | CEO | $250,000 | $500,000 | 31-Dec-20 | Appointed on 1 Jul 2020 |
| Interra Resource | Marcel Han Liong Tjia | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Jiutian Chemical | Lee Chee Seng | Executive Director | $250,000 | $500,000 | 31-Dec-20 | |
| Katrina | Alan Goh Keng Chian | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Kitchen Culture | Lim Wee Li | CEO | $250,000 | $500,000 | 30-Jun-20 | |
| Koufu | Pang Lim | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| LHT | Yap Mui Kee | MD | $250,000 | $500,000 | 31-Dec-20 | |
| LifeBrandz | Saito Hiroyuki | CEO | $250,000 | $500,000 | 31-Jul-20 | |
| Lion Asiapac | Loh Kgai Mun | Executive Director | $250,000 | $500,000 | 30-Jun-20 | |
| Luxking | Leung Chee Kwong | CEO | $250,000 | $500,000 | 30-Jun-20 | |
| MarcoPolo Marine | Sean Lee Yun Feng | CEO | $250,000 | $500,000 | 30-Sep-20 | |
| Mary Chia | Wendy Ho | CEO | $250,000 | $500,000 | 31-Mar-20 | |
| Medi Lifestyle | Christopher Nghia Do | Ex-CEO | $250,000 | $500,000 | 31-Dec-20 | Resigned on 30 Nov 2020 |
| Memiontec | Tay Kiat Seng | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Moya Asia | Irwan A. Dinata | MD | $250,000 | $500,000 | 31-Dec-20 | |
| Noel Gifts | Alfred Wong Siu Hong | MD | $250,000 | $500,000 | 30-Jun-20 | |
| Ntegrator | Jimmy Chang Joo Whut | MD | $250,000 | $500,000 | 31-Dec-20 | |
| Oceanus | Peter Koh Heng Kang | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| OUE | Brian Riady | Dy CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Oxley | Ching Chiat Kwong | CEO | $250,000 | $500,000 | 30-Jun-20 | |
| RE&S | Foo Kah Lee | CEO | $250,000 | $500,000 | 30-Jun-20 | |
| Santak | Tan Chee Hawai | MD | $250,000 | $500,000 | 30-Jun-20 | |
| Secura | Lim Siok Leng | Executive Director | $250,000 | $500,000 | 31-Dec-20 | |
| Sen Yue | Neo Gim Kiong | CEO | $250,000 | $500,000 | 30-Sep-20 | |
| Shopper360 | Matthew Ho | CEO | $250,000 | $500,000 | 31-May-20 | |
| Soon Lian | Tan Yee Leong | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| ST Group Food | Saw Tatt Ghee | CEO | $250,000 | $500,000 | 30-Jun-20 | |
| SUTL Enterprise | Arthur Tay Teng Guan | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Tee Intl | Phua Boon Kin | CEO | $250,000 | $500,000 | 31-May-20 | |
| The Place Holding | Ji Zenghe | Executive Chairman | $250,000 | $500,000 | 31-Dec-20 | |
| Travelite | Thang Teck Jong | Executive Chairman | $250,000 | $500,000 | 31-Mar-20 | |
| TrickleStar | Bernard Christopher Emby | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Tung Lok Restaurant | Tjioe Ka Men | CEO | $250,000 | $500,000 | 31-Mar-20 | |
| Tye Soon | David Chong Tek Yew | $250,000 | $500,000 | 31-Dec-20 | ||
| VibroPower | Benedict Chen Onn Meng | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Wong Fong Ind | James Liew | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Y Ventures | Adam Low Yik Sen | MD | $250,000 | $500,000 | 31-Dec-20 | |
| Ying Li | Hu Bing | Ex-CEO | $250,000 | $500,000 | 31-Dec-20 | Ceased on 7 Dec 2020 |
| Yongmao | Tian Ruo Nan | CEO | $250,000 | $500,000 | 31-Mar-20 | |
| Zhongmin Baihui | Chen Kaitong | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Dasin Retail Trust | Wang Qiu | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Lendlease REIT | Kelvin Chow Chung Yip | CEO | $250,000 | $500,000 | 30-Jun-20 | |
| Lippo Malls Trust | Liew Chee Seng James | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| Sabana REIT | Han Yong Lee | CEO | $250,000 | $500,000 | 31-Dec-20 | |
| China Haida | Xu Youcai | CEO | $245,560 | $245,560 | 31-Dec-20 | Suspended from duties from 9 Jun 2021 |
| Matex Intl | Dr Tan Pang Kee | CEO | $241,781 | $241,781 | 31-Dec-20 | |
| Raffles Infrastructure | Eric Choo Han Kiat | CEO | $240,000 | $240,000 | 30-Jun-20 | |
| Mun Siong Engg | Cheng Woei Fen | Executive Chairman | $230,000 | $230,000 | 31-Dec-20 | |
| Fuxing China | Hong Qing Liang | CEO | $219,000 | $219,000 | 31-Dec-20 | |
| Blumont | Lee Tak Meng | ex-CEO | $214,615 | $214,615 | 31-Dec-20 | Resign on 30 Nov 2020 |
| Vividthree | Charles Yeo | MD | $200,001 | $350,000 | 31-Mar-20 | |
| Polaris | Soennerstedt Carl Johan Pontus | CEO | $200,001 | $400,000 | 31-Dec-20 | |
| MeGroup | Wong Cheong Chee | CEO | $200,000 | $299,999 | 31-Mar-20 | |
| Olive Tree | Daniel Long Chee Tim | Executive Director | $192,000 | $192,000 | 31-Dec-20 | |
| Dragon | Dato’ Michael Loh Soon Gnee | Executive Chairman | $188,270 | $188,270 | 31-Dec-20 | |
| MFG Integration | Lim Chin Hong( | CEO | $181,000 | $181,000 | 31-Dec-20 | |
| SP Corp | Boediman Gozali (alias Tony Wu) | CEO | $160,935 | $160,935 | 31-Dec-20 | Passed on on 8 Feb 2020 |
| Transit Concrete | Liu Kien Fang | Acting CEO | $156,000 | $156,000 | 28-Feb-20 | |
| Informatics | Yau Su Peng | Executive Director | $125,000 | $125,000 | 30-Jun-20 | |
| China Yuanbang | Ouyang Sheng | CEO | $124,968 | $124,968 | 30-Jun-20 | |
| Bukit Sembawang | Ng Chee Seng | ex-CEO | $117,975 | $117,975 | 31-Mar-20 | Retire on 31 Aug 2019 |
| AsiaPhos | Dr Ong Hian Eng | CEO | $116,000 | $116,000 | 31-Dec-20 | |
| Azeus | Lee Wan Lik | MD | $113,316 | $113,316 | 31-Mar-20 | |
| Amplefield | Yap Weng Yau | Executive Director | $112,000 | $112,000 | 30-Sep-20 | |
| United Food | Wu Xiaoran | Executive Director | $110,015 | $110,015 | 31-Mar-20 | |
| 3Cenergy | Chung Chee Khuen | CEO | $105,000 | $105,000 | 31-Dec-20 | |
| MYP | Jonathan Tahir | CEO | $100,001 | $200,000 | 31-Mar-20 | |
| Sitra | Michael Yong Wen Wei | CEO | $100,001 | $200,000 | 31-Dec-20 | |
| Leader Env | Dr Lin Yucheng | CEO | $100,000 | $249,999 | 31-Dec-20 | |
| TIH | Kin Chan | Deemed Director | $86,000 | $86,000 | 31-Dec-20 | |
| Adventus | Teh Chong Seng | Executive Chairman | $77,000 | $77,000 | 31-Dec-20 | Appointed on 8 Jun 2020 |
| Net Pacific Fin | Ong Chor Wei | CEO | $63,500 | $63,500 | 31-Dec-20 | |
| Parkson Retail | Tan Sri Cheng Heng Jem | Executive Chairman | $49,000 | $49,000 | 30-Jun-20 | |
| Jasper Inv | Heng Aik Yong | Acting CEO | $38,338 | $38,338 | 31-Mar-20 | |
| SunMoon Food | Zhang Ye | CEO | $12 | $12 | 31-Mar-20 | |
| Creative | Sim Wong Hoo | CEO | $1 | $1 | 30-Jun-20 | Since 2008 |
| Joyas | Lau Chor Beng, Peter | MD | $- | $- | 31-Dec-20 | Paid based on performance. $0 because company made a loss |
| Mercurius | Chang Wei Lu | CEO | $- | $- | After taking into consideration that the Group had not generated any revenue in FY2020, Mr. Chang Wei Lu (Executive Chairman and CEO) has agreed not to receive any remuneration (including salary, bonus and benefits-in-kind) in respect of FY2020. |
|
| SinoCloud | Chan Andrew Wai Men | CEO | $- | $- | 30 Jul 2020 | |
| Suntar Eco-City | Lan Chunguang | CEO | $- | $- | 31-Dec-20 | |
| Green Build | Wu Xueying | CEO | $- | $50,000 | 31-Dec-20 | |
| Sinopipe | Wang Sen | Non-executive Chairman | $- | $50,000 | 31-Dec-20 | |
| Renaissance United | James Moffatt Blythman | Executive Director | $- | $150,000 | 30-Apr-20 | |
| Yunnan Energy | Zhang Jing | CEO | $- | $170,407 | 31-Dec-20 | |
| Jawala | Datuk Jema Anton Khan | CEO | $- | $249,593 | 31-Jul-20 | |
| AEI | Sun Quan | Executive Director | $- | $250,000 | 31-Dec-20 | |
| AlphaDX | Daiji Yamada | CEO | $- | $250,000 | 31-Dec-20 | |
| AMOS | Kyle Arnold Shaw, Jr | Executive Chairman | $- | $250,000 | 31-Mar-20 | |
| Anchun Intl | Zheng Zhi Zhong | CEO | $- | $250,000 | 31-Dec-20 | |
| Annica | Sandra Liz Hon Ai Ling | CEO | $- | $250,000 | 31-Dec-20 | |
| Aoxin Q & M | Dr. Shao Yongxin | CEO | $- | $250,000 | 31-Dec-20 | |
| AsiaMedic | Charles Wang Chong Guang | Non-executive Director | $- | $250,000 | 31-Dec-20 | |
| Axington | $- | $250,000 | 31-Dec-20 | |||
| Ayondo | Dominic Anthony Morris | Interim CEO | $- | $250,000 | 31-Dec-20 | |
| Beng Kuang | Chua Beng Kuang | Executive Chairman | $- | $250,000 | 31-Dec-20 | |
| BlackGoldNatural | Andreas Rinaldi | CEO | $- | $250,000 | 31-Dec-20 | |
| CFM | Ip Kwok Wing | Executive Chairman | $- | $250,000 | 30-Jun-20 | |
| Charisma Energy | Tan Ser Ko | CEO | $- | $250,000 | 31-Dec-20 | |
| ChasWood Res | Andrew Roach Reddy | MD | $- | $250,000 | 31-Dec-20 | |
| China Intl | Zhang Rong Xiang | MD | $- | $250,000 | 31-Dec-20 | |
| China Kunda Tech | Cai Kaoqun | CEO | $- | $250,000 | 31-Mar-20 | |
| China Mining | Zhai Kebin | CEO | $- | $250,000 | 31-Dec-20 | |
| China Star Food | Liang Chengwang | CEO | $- | $250,000 | 31-Mar-20 | |
| Colex | Henry Ngo | Executive Chairman | $- | $250,000 | 31-Dec-20 | |
| CPH | Choo Tung Kheng | MD | $- | $250,000 | 31-Mar-20 | |
| Datapulse | Lee Kam Seng | Executive Director | $- | $250,000 | 31-Jul-20 | |
| Duty Free Intl | Ong Bok Siong | MD | $- | $250,000 | 29-Feb-20 | |
| Eindec | Queenie Foo | Acting CEO | $- | $250,000 | 31-Dec-20 | |
| Envictus | Dato’ Jaya J Tan | Executive Chairman | $- | $250,000 | 30-Sep-20 | |
| Fabchem China | Bao Hongwei | Executive Director | $- | $250,000 | 31-Mar-20 | |
| Fuji Offset | Teo Kee Chong | MD | $- | $250,000 | 31-Dec-20 | |
| GCCP | Alex Loo An Swee | CEO | $- | $250,000 | 31-Dec-20 | |
| Global Testing | Chen, Tie-Min | Executive Director | $- | $250,000 | 31-Dec-20 | |
| Healthbank | Peng Fei George | CEO | $- | $250,000 | 31-Dec-20 | |
| Heatec Jietong | Soon Jeffrey | CEO | $- | $250,000 | 31-Dec-20 | |
| Hengyang Petro | Gu Wen Long | CEO | $- | $250,000 | 31-Dec-20 | |
| Imperium Crown | Sun Bowen | Executive Chairman | $- | $250,000 | 30-Jun-20 | |
| Isetan | Koji Oyama | MD | $- | $250,000 | 31-Dec-20 | |
| Jubilee | Terence Tea Yeok Kian | CEO | $- | $250,000 | 31-Mar-20 | |
| Magnus Energy | Charles Madhavan | CEO | $- | $250,000 | 30-Jun-20 | |
| Medtecs | Willian Yang Weiyuan | CEO | $- | $250,000 | 31-Dec-20 | |
| Metech | Clement Tay Ming Liang | CEO | $- | $250,000 | 30-Jun-20 | |
| MSM | Chan Wen Chau | CEO | $- | $250,000 | 31-Mar-20 | |
| NauticAWT | John Grønbec | CEO | $- | $250,000 | 31-Dec-20 | |
| New Wave | Ong Kian Soon | CEO | $- | $250,000 | 31-Mar-20 | |
| NGSC | Lye Meng Yiau | MD | $- | $250,000 | 31-Mar-20 | |
| Nico Steel | Tan Chee Khiong Danny | Executive Chairman | 0 | 250,000 | 29-Feb-20 | |
| Nippecraft | Raja Hayat | Interim CEO | $- | $250,000 | 31-Dec-20 | |
| NutryFarm | Cheng Meng | CEO | $- | $250,000 | 30-Sep-20 | |
| Ouhua Energy | Liang Guo Zhan | CEO | $- | $250,000 | 31-Dec-20 | |
| P5 Capital | Lim Shao-Lin | CEO | $- | $250,000 | 31-Mar-20 | |
| Pan Hong | Wang Cuiping | CEO | $- | $250,000 | 31-Mar-20 | |
| Pan-United | Ng Bee Bee | CEO | $- | $250,000 | 31-Dec-20 | |
| Pharmesis | Wu Xuedan | CEO | $- | $250,000 | 31-Dec-20 | |
| Plato Capital | Gareth Lim Tze Xiang | CEO | $- | $250,000 | 31-Dec-20 | |
| Pollux Properties | Dr. Nico Purnomo Po | CEO | $- | $250,000 | 31-Dec-20 | |
| Powermatic Data | Dr Chen Mun | CEO | $- | $250,000 | 31-Mar-20 | |
| PSL | Lee Chee Tak | CEO | $- | $250,000 | 31-Dec-20 | |
| Revez | Neo Wee Han | CEO | $- | $250,000 | 31-Dec-20 | |
| Samudera Shipping | Bani Maulana Mulia | CEO | $- | $250,000 | 31-Dec-20 | |
| Sanli Env | Chua Teck Huat | CEO | $- | $250,000 | 31-Mar-20 | |
| Shanghai Turbo | Hong Yong | Non-executive Director | $- | $250,000 | 31-Dec-20 | |
| SIIC Environment | Yang Jianwei | CEO | $- | $250,000 | 31-Dec-20 | |
| Silkroad Nickel | Hong Kah Ing | CEO | $- | $250,000 | 31-Dec-20 | |
| Sim Leisure | Sim Choo Kheng | CEO | $- | $250,000 | 31-Dec-20 | |
| Singhaiyi | Celine Tang | MD | $- | $250,000 | 31-Mar-20 | |
| Sinostar Pec | Zhang Liu Cheng | CEO | $- | $250,000 | 31-Dec-20 | |
| Soilbuild Construction | Ganessaraj S/O Soocelaraj | CEO | $- | $250,000 | 31-Dec-20 | |
| Spackman | Ko Jihwan | CEO | $- | $250,000 | 31-Dec-20 | |
| Sunrise Shares | Zhang Zhi Liang | CEO | $- | $250,000 | 31-Dec-20 | |
| Tianjin Zhong Xin | Li Yan | Executive Director | $- | $250,000 | 31-Dec-20 | |
| Trek | Tan Joon Yong, Wayne | Executive Director | $- | $250,000 | 31-Dec-20 | |
| UG Healthcare | Lee Keck Keong | CEO | $- | $250,000 | 30-Jun-20 | |
| USP | Tanoto Sau Ian Eric | CEO | $- | $250,000 | 31-Mar-20 | |
| Versalink | Law Kian Siong | CEO | $- | $250,000 | 29-Feb-20 | |
| Viking Offshore | Ng Yeau Chong | CEO | $- | $250,000 | 31-Dec-20 | |
| World Precision | Zhuang Guosheng | CEO | $- | $250,000 | 31-Dec-20 | |
| Yamada Green | Chen Qiuhai | CEO | $- | $250,000 | 30-Jun-20 | |
| Yinda Infocomm | Qian Zimin | Acting CEO | $- | $250,000 | 31-May-20 | |
| Zhongxin Fruit | Quan Yuhong | Executive Chairman | $- | $250,000 | 30-Jun-20 | |
| Healthway Medical | Dr Khor Chin Kee | CEO | 0 | 500,000 | 31-Dec-20 | |
| ISOTeam | Koh Thong Huat | CEO | $- | $500,000 | 30-Jun-20 | |
| King Wan | Chua Eng Eng | MD | $- | $500,000 | 31-Mar-20 | |
| Sembcorp Marine | Wong Weng Sun | CEO | $(240,000) | $(240,000) | 31-Dec-20 | |
| 8Telecom | ||||||
| Abterra | ||||||
| Ace Achieve Info | ||||||
| Aedge | 31-Dec-20 | |||||
| AIMS Property | George Wang | Executive Chairman | 30-Jun-20 | Said not applicable because it is a fund | ||
| Alita Resources | ||||||
| Allied Tech | ||||||
| AMTD | ||||||
| AnAn Intl | ||||||
| AP Strategic | ||||||
| Asiatravel.com | ||||||
| Best World | ||||||
| Camsing Hc | ||||||
| CapAllianz | ||||||
| Capital World | ||||||
| China Env | ||||||
| China Env Res | 30-Jun-20 | |||||
| China Fishery | ||||||
| Courage Inv | ||||||
| Dairy Farm | John Witt | MD | 31-Dec-20 | |||
| Debao Property | ||||||
| Design Studio | ||||||
| Digilife Tech | ||||||
| Econ Healthcare | ||||||
| Epicentre | ||||||
| ETC Singapore | ||||||
| Ezra | ||||||
| Falcon Energy | ||||||
| Full Apex | ||||||
| Global Inv | 31-Dec-20 | |||||
| Guoan | ||||||
| Hiap Seng | ||||||
| HL Global Ent | 31-Dec-20 | |||||
| HongkongLand | 31-Dec-20 | |||||
| HS Optimus | ||||||
| Hu An Cable | ||||||
| Hyflux | ||||||
| Inch Kenneth | ||||||
| JES Intl | ||||||
| JMH | 31-Dec-20 | |||||
| Koon | ||||||
| KrisEnergy | ||||||
| KS Energy | ||||||
| KTL Global | ||||||
| Libra | ||||||
| Livingstone | ||||||
| Lonza | 31-Dec-20 | |||||
| Lorenzo Intl | ||||||
| Luminor | ||||||
| Mandarin Oriental | 31-Dec-20 | |||||
| Maruwa | ||||||
| MC Payment | Koh Beng Kiok Anthony | CEO | Appointed on 18 Feb 2021. As the Company was a Cash Company during FP2020 | |||
| Midas | ||||||
| Mirach Energy | ||||||
| MSC | ||||||
| Murata | ||||||
| Noble | ||||||
| Nomura | ||||||
| OTS | ||||||
| Pacific Andes | ||||||
| Pan Ocean | 31-Dec-20 | |||||
| Pine Cap | ||||||
| Plastoform | ||||||
| Regal | ||||||
| Rich Capital | Oh Siyang | Executive Director | 31-Mar-20 | Appointed on 10 jul 2020 | ||
| Ryobi Kiso | ||||||
| Sapphire | ||||||
| SBI Offshore | ||||||
| Shanaya | ||||||
| Shen Yao | ||||||
| Shenshan | ||||||
| Shinvest | ||||||
| Sincap | ||||||
| Singapore Kitchen | ||||||
| Singapore Land Group | ||||||
| Sino Grandness | ||||||
| Sri Trang Agro | ||||||
| Sri Trang Gloves | ||||||
| Swiber | ||||||
| Swing Media Tech | ||||||
| Technics Oil & Gas | ||||||
| Tosei | ||||||
| Triyards | 31-Dec-20 | |||||
| Universal Resource & Services | ||||||
| VC Plus | ||||||
| YuuZoo | ||||||
| Zheneng Jinjiang | Wei Dongliang | Executive Chairman | ||||
| ARA US HTrust | Lee Jin Yong | CEO | ||||
| Asian Pay TV | Brian McKinley | CEO | 31-Dec-20 | |||
| CDL HTrust | Vincent Yeo Wee Eng | CEO | 31-Dec-20 | |||
| Eagle HTrust | ||||||
| FSL Trust | Roger Woods | CEO | 31-Dec-20 | |||
| Keppel Infrastructure Trust | 31-Dec-20 | |||||
| AIMS APAC REIT | Koh Wee Lih | CEO | 31-Mar-20 | |||
| ARA LOGOS Log Trust | Karen Lee | CEO | 31-Dec-20 | |||
| BHG Retail REIT | Chan Iz-Lynn | CEO | 31-Dec-20 | |||
| Elite Commercal REIT | Shaldine Wang | CEO | 31-Dec-20 | |||
| First REIT | Tan Kok Mian Victor | CEO | ||||
| OUE Comm REIT | Tan Shu Lin | CEO | ||||
| Parkway Life REIT | 31-Dec-20 | |||||
| RHT Health Trust | ||||||
| SPH REIT | 31-Aug-20 | |||||
| Starhill Global REIT | 30-Jun-20 | |||||
| Suntec REIT | 31-Dec-20 |
Meet the 10 Highest Paid CEOs in Malaysia This Year
An analysis of FTSE Bursa Malaysia KLCI 30 companies, based on the latest available data from annual reports and Bloomberg, shows that top chief executives of Malaysian GLCs earn RM5.5 million a year on average. This average compensation that GLC chief executive officers (CEOs) get is 22,816 per cent (%) or 229 times more than the median salary Malaysian citizens take home every year.
Based on the latest report by the Department of Statistics Malaysia, the median monthly salaries of Malaysian citizens stood at RM2,160 in 2017.
With that in mind, we thought it would be interesting to examine just how much the top executives of companies based in Malaysia earn each year. Here’s a list of the top 10 highest-paid CEOs of Malaysia’s public listed companies, as reported by NST here.
1. Tan Sri Lim Kok Thay Image Credit: Hansa International Mantime JournalProfile:
- Company: Genting Berhad and Genting Malaysia Berhad
- Total Compensation: MYR 80.6 million (each company)
- Age: 67 years old
- Net Worth: USD 4.1 billion (2019 data)
Born on 16th of August 1951, Tan Sri Lim Kok Thay is a Malaysian Chinese billionaire businessman. He is a board executive and Chairman of Genting Group, a casinos, resorts and palm oil conglomerate with a market capitalization of almost US$40 billion, and the second son of fellow billionaire Lim Goh Tong, the company’s founder. He has a bachelor’s degree in civil engineering from University of London, and also attended the six-week advanced management programme of Harvard Business School, US in 1979.
Related: Meet the 10 Richest People in Southeast Asia (by Country)
2. Datuk Lee Yeow Chor Image Credit: IOI Properties Group
Profile:
- Company: IOI Corp Berhad
- Total Compensation: MYR 39 million (2018 data)
- Age: 52 years old
The eldest son of Tan Sri Dato’ Lee Shin Cheng, Datuk Lee Yeow Chor was first appointed to the Board on 25 April 1996 and was appointed as Chief Executive Officer of the Group on 8 January 2014. He is responsible for setting the strategic directions and ensuring the optimal performance of the Group’s core business segments. Dato’ Lee is a barrister from Gray’s Inn, London and holds a LLB (Honours) from King’s College London and a Postgraduate Diploma in Finance and Accounting from London School of Economics.
3. Morten Lundal Image Credit: The Star Online
Profile:
- Company: Maxis Berhad (Former)
- Total Compensation: MYR 31.8 million
- Age: 53 years old
Mr. Morten Lundal served as Chief Executive Officer and Executive Director of Maxis Berhad from 1st October 2013 to 31st March 2018. Prior to joining Maxis, Morten was Group Chief Commercial Officer of Vodafone Group Plc, a member of the Executive Committee responsible for commercial activities at the group level. He received his graduate degree from BI Norwegian Business School and an MBA from the International Institute for Management Development.
Related: Thinking of Getting an MBA? Fulfill Your Postgraduate Dreams with this Maxis Scholarship
4. Tan Sri Tay Ah Lek Image Credit: The Edge Markets
Profile:
Tan Sri Dato’ Sri Tay Ah Lek has 58 years’ experience in the banking and finance industry. He was appointed as an Executive Director of Public Bank on 18 June 1997 and was redesignated as Managing Director/Chief Executive Officer with effect from 1 July 2002. He joined the Public Bank Group as a pioneer staff in 1966. He holds a Master’s degree in Business Administration from Henley, United Kingdom and attended the Advanced Management Program at Harvard Business School.
5. Domnenico Fuda Image Credit: Finews Asia
Profile
Mr. Domenico Fuda has been the Chief Executive Officer and Group Managing Director of Hong Leong Bank Berhad since February 5, 2016. Mr. Fuda, an Australian, holds a Bachelor of Economics from Macquarie University, Sydney, as well as a Master of Business (Banking & Finance) and a Master of Business Administration (M.B.A.), both from University of Technology, Sydney.
6. Tan Kong Khoon Image Credit: The Star Online
Profile:
Mr. Kong Khoon Tan has been Chief Executive Officer and Group Managing Director of Hong Leong Bank Berhad since July 1, 2013. Mr. Tan also serves as Senior Investment Consultant of DBS Capital Investment Ltd. He holds Bachelor’s Degree in Business Administration from Bishop’s University Canada, Executive Management Program for Bankers from Wharton School of Business & National University of Singapore and Advanced Management Program from Harvard Business School U.S.A.
7. Datuk Seri Tengku Zafrul Aziz Image Credit: DatoDatuk
Profile:
Tengku Dato’ Sri Zafrul Tengku Abdul Aziz is the Group Chief Executive Officer/Executive Director of CIMB Group Holdings Berhad, a leading ASEAN universal bank and a world leader in Islamic finance with presence in 16 countries worldwide. With over 22 years of experience in the financial services sector, specialising in Investment Banking, Zafrul’s last position was with Maybank Investment Bank Berhad and Maybank Kim Eng Holdings as Chief Executive Officer. He is currently a member of the APEC Business Advisory Council (ABAC), representing Malaysia in promoting intra-trade and collaboration within Asia Pacific.
Related: The Bank of the Future? Here’s Why CIMB is a Great Place to Work
8. Datuk Farid Alias Image Credit: Marketing Interactive
Profile:
Appointed as Group President & Chief Executive Officer of Maybank Group on the 2nd of August 2013, Datuk Farid helms Maybank Group’s overall business growth and regionalisation strategies and ensures the delivery of long-term value for shareholders, customers, employees and all other stakeholders. Datuk Abdul Farid was named CEO of The Year in the ASEAN Business Awards 2015, which recognises outstanding enterprises in the ASEAN business community. He was also awarded the CNBC Asia Business Leader Award for Corporate Social Responsibility in 2015.
9. Tan Sri Mohd Bakke Salleh Image Credit: The Star Online
Profile:
- Company: Sime Darby Berhad (Former)
- Total Compensation: MYR 7.9 million
- Age: 64 years old
Tan Sri Mohd Bakke assumed the role of the Executive Deputy Chairman & Managing Director of Sime Darby Plantation Berhad effective 21 November 2017. He is also the Chairman of the Malaysian Palm Oil Board and currently sits on the Board of Eastern & Oriental Berhad and the Governing Council of Yayasan Sime Darby. He graduated with a Bachelor of Science (Economics) degree from the London School of Economics, United Kingdom in 1977. He was an Associate of the Institute of Chartered Accountants in England and Wales (ICAEW) since 1983 and became a Fellow of ICAEW since 1993. He is a member of the Malaysian Institute of Accountants since 1988.
10. Tan Sri Ngau Boon Keat Image Credit: iCEP
Profile:
- Company: Dialog Group Berhad
- Total Compensation: MYR 6.57 million (2018 data)
- Age: 70 years old
Ngau Boon Keat is the co-founder and chairman of Dialog Group, a large oil-and-gas services provider specializing in storage-tank terminals, engineering services and crude refining. He was appointed to the DIALOG Board on 2 January 1990 and is currently the Executive Chairman of DIALOG and Chairman of the Remuneration Committee. He holds a Bachelor Degree in Mechanical Engineering and an Honorary Doctorate in Engineering from the University of Canterbury, New Zealand.
Related: The 2018 Malaysia Salary Guide for Entry-Level Graduates
90,000 The CEO shouldn’t get ten times the employee
The CEO is usually the same employee as the others. The rules should be the same for everyone, which means that his salary should:
1) be not lower than the market and correspond to the corporate hierarchy;
2) be sufficient to maintain a level of comfortable life (there is an individual approach to assessing this indicator), otherwise he will think about an additional source of money, spending his working time not 100%;
3) pay off by the operating indicators of the business and fit into the organization’s development plans, i.e.That is, the company should not have to choose between remuneration of the CEO and investment in its development.
Strange as it may seem, but a fact – today in many companies the system of remuneration of general directors does not always have a direct relationship with the level of labor expended by them, since it is difficult to assess what contribution he made to the company’s success. That is why, within each company, it is advisable to establish the most acceptable system of remuneration and remuneration for top managers, including general directors. It depends on the specifics and scale of the business.
For example, in some organizations it is customary for CEOs to pay only a salary, since additional remuneration (in the opinion of management) can only motivate ordinary employees who are doing routine work every day. In addition to their salary, they can only buy back a portion of the shares. In others, CEOs “sit” on bonuses for the company’s achievement of certain goals: they made a deal, increased sales, etc. As a rule, their remuneration is formed from the company’s net income or total profit.It is important that particular tasks do not run counter to the overall business strategy.
Summing up, I will say: I see no reason to pay the CEO tens, if not hundreds of times more just because he occupies this position.
90,000 Salaries for TOP-managersIn the Ukrainian market, it is not customary to indicate salaries in vacancies for senior management. Only 18% of job advertisements on grc.ua portal were published with an indication of the level of possible earnings.On average, for all specialties on the market, this figure is 30%. Least of all salaries are indicated in Donetsk (12%), most often in Crimea – almost a third of vacancies.
The greatest chances of finding out your future salary are from HR directors (40% of vacancies with salary indication), small business managers (29%) and marketing executives (28%). But insurers, logisticians and managers in the production sphere prefer to report salary information directly at the interview (10-11% of vacancies with an indication of the level of salary).
This fact was confirmed by HR managers during the survey of the opinions of HR managers registered on HeadHunter. According to the data poll , TOP is the category for which the salary is least often indicated, motivating it with politics companies on nondisclosure of information about salaries.
Salaries for TOPs almost always start to indicate from the level of 20-24 thousand UAH. At the same time, a third of vacancies are in the salary range from 23 to 34 thousand.hryvnias, and another quarter of proposals – with a salary of 34-43 thousand hryvnia. The remaining 40% of senior executives have a chance of finding a job with a salary of more than 40 thousand. hrn.
The average level of salaries for directors and managers in the market is 35–40 thousand hryvnyas. Average values significantly depend on several factors: the area in which the manager works, work experience and skills, company level and other conditions.
Note that the level of material compensation is highly dependent on the experience of the candidate.Candidates with experience of 3-6 years in the field of management. In this category, most of the announced salary offers are in the range of UAH 30-40 thousand, in while for specialists with less work experience, proposals are mainly at the level of UAH 16-20 thousand.
TOP-5 for TOP-5
Consider the highest executive salaries for the five most popular career paths.
Sales
Sales is the most dynamic area of the labor market. Both ordinary employees and managers are always in demand here. Trying to attract talented salespeople, companies are in a hurry to publish impressive numbers of future salaries, and only in the text of the announcement they clarify what we are talking about a fixed part and a bonus component (which depends on the profit).
TOP 5 vacancies for executives in the field of sales with the highest salaries:
|
Vacancy |
The salary |
|
Distribution Company CEO |
USD 12,000 |
|
Sales and Marketing Director (CIS) |
USD 10,000 |
|
CEO of a retail chain |
8,000 USD |
|
Country Development Director |
7,000 USD |
|
Commercial Director (alcoholic holding) |
6,000 USD |
Marketing Is an area where competent executives are also constantly in demand, who make the work of sales specialists even more efficient.As well in other industries, the salary level is also reluctant to indicate here, but experienced specialists working in large system companies will be able to apply for salaries at the level of UAH 30-40 thousand. and bonus payments or bonuses.
|
Vacancy |
The salary |
|
Head of Marketing |
6,000 USD |
|
Brand Manager |
4,000 USD |
|
Director of Development |
4,000 USD |
|
Marketing and Sales Director |
3,500 USD |
|
Media Director |
3,000 USD |
Administration – the direction where operating directors, company executives, and general directors are needed.In this professional area, one can observe a very large salary plug from 8 to 100 thousand UAH. This difference in amounts is due to the fact that managers and general directors are needed as in large system companies and small and medium-sized businesses. For example, a COO of a manufacturing company can expect compensation at the level of 10-12 thousand. dollars, while the executive director of a small company will be offered 1.5-2 thousand dollars.
|
Vacancy |
The salary |
|
Chief Operating Officer |
USD 12,000 |
|
General manager |
3,000 USD |
|
Chief Operating Officer |
2,000 USD |
|
Manager |
1,500 USD |
|
Executive Director |
1,500 USD |
Finance
CFOs can count on salaries ranging from $ 16,000 to $ 40,000.hrn. depending on experience and company size. To management personnel in the field finance also includes financial managers, financial controllers, chief accountants. For these specialties, the level of salaries is indicated most often 15-25 thousand UAH
|
Vacancy |
The salary |
|
CFO |
5,000 USD |
|
Finance Director |
4,000 USD |
|
Financial Controller |
3,000 USD |
|
CFO |
2,000 USD |
|
Finance Director / Chief Accountant |
2,000 USD |
Small business management
CEOs, branch managers, franchise business managers, store directors can expect salaries in the range of $ 8,000 to $ 24,000.hrn. and most often for a bonus or bonuses – depending on the results of the enterprise.
|
Vacancy |
The salary |
|
Group manager of furniture companies |
3,000 USD |
|
Branch manager |
2,000 USD |
|
Store manager |
5,000 USD |
|
Managing director |
2,000 USD |
|
Executive Director |
1,500 USD |
Results of previous studies
90,000 How much does the director receiveWe have already done a statistical analysis of the vacancies of a cleaner, driver and salesman.But this time we decided not to waste time on trifles – this article is about leaders.
Sergey Antonov
likes statistics
Author’s profileAfter analyzing more than two thousand vacancies on the websites “Headhunter”, “Super Job” and “Work in Russia”, we found out who is being hired as a boss and what salary is offered.
Nominee Director
2% of all vacancies we found are so-called nominee directors. They are looking for a person who will register one-day companies.Experience and education are not important. Only Russian citizenship and no criminal record are required. The task is to go to the tax office, banks and a notary and sign where they will show you. They pay from 20,000 R.
People are not shy about vacancies, so they write: nominee director. Another such position can be called an interim director. We did a detailed analysis of what such work is fraught with. In short, they can go to jail.
What a job
Most employers require the candidate for a director position to have previous leadership experience — usually one to three years.Even in vacancies, they often write that you need to have experience in the very field in which the company specializes. For example, to get a job as a store director, you need sales management skills, a school director – five years of teaching experience, a director of a private clinic – experience in managing medical institutions.
Requirements for a general director in a Moscow company: knowledge of a computer and a university diploma with a degree in Fishing. Vacancy from the site “Work in Russia”How much they pay
If we focus on vacancies, the average salary of a director is almost 54,992 R.This is almost 20% higher than the national average – 45,848 R.
Average salary in the regions of Russia, Rosstat XLSX, 83 KB
The lowest salaries are for the heads of budgetary institutions and small firms in the provinces, the highest for the heads of large corporations and their regional branches.
The lowest salary of a director, if we focus on vacancies, is 3752 R. This is how much is offered to the director of a club in the village of Teplovo, Kaluga region.
Maximum salary – 500,000 R.There are two vacancies with such a salary. The Moscow company “Blackville” is engaged in the construction of gazebos and barbecue complexes – they are looking for a managing director who will bring the company to a profit in two months. Another vacancy in Bashkortostan: the Metta group of companies is looking for a technical project manager. The enterprise produces metal euro-packaging and metal-frame chrome-plated furniture.
The salary of the club director in the Kaluga region is 3752 rubles. Part-time cultural and educational activities.Vacancy from the site “Working in Russia” The new managing director is faced with a difficult task: “to make money, and not” suck out of partners. ” Vacancy at “Headhunter” To work as a manager of technical projects for 500 thousand, you need to have a higher profile education, know the basics of technical design and be willing to earn a lot. Vacancy on “Super Job”In which region is it better to work
The easiest way to become a chief is in the capital – a quarter of all vacancies of directors are in Moscow.St. Petersburg is in second place – 10% of vacancies, the third line is shared by Moscow Region and Novosibirsk – 5% each.
The highest average salary for directors is also in Moscow – 73 691 R. For comparison, the lowest average salary is offered to chiefs in the Bryansk region – 10 271 R.
Regions with the highest directors’ salaries
| Region | Average salary |
|---|---|
| Moscow | 73 691 R |
| Arkhangelsk Region | 71 800 R |
| Chuvashia | 70,000 R |
| Adygea | 69 461 R |
| Penza Region | 67 917 R |
Arkhangelsk region
71 800 R
Chuvashia
70,000 R
Penza region
67 917 R
Leaders are needed in different areas.For example, you can get a job as a director of a newspaper in Tatarstan, an Orthodox gymnasium in Nizhny Novgorod, or a head of a boiler room in a penal colony near Perm. Well, if you get bored with everything and want to create in the wilderness, you can go to work as the director of a rural puppet theater in the Altai Territory.
If you are from the media and want to refer to this material, put an active link on this page. We will be pleased, and you will be calm.
90,000 Taxation of payments upon dismissal of the CEO ]]>A selection of the most important documents on request Taxation of payments upon dismissal of the CEO (regulations, forms, articles, expert advice and much more).
Judicial practice : Taxation of payments upon dismissal of the CEO Open a document in your system ConsultantPlus:
A selection of court decisions for 2019: Article 15 “Compensation for damages” of the Civil Code of the Russian Federation
(Legal company “TAXOLOGY”) The company filed a lawsuit with the general director of the company to recover damages in the amount of penalties and fines additionally assessed by the tax authority to the company in connection with the failure to fulfill the obligation to transfer the personal income tax amounts withheld from the wages of the company’s employees.The court overturned the decisions of the courts and sent the case for a new examination, since the lower instances did not assess the circumstances that the shareholder of the company directed his financial activities and prohibited the CEO from paying taxes, and also that the CEO resigned of his own free will before the end of the tax period for personal income tax … Open the document in your system ConsultantPlus:
A selection of court decisions for 2019: Article 226 “Features of the calculation of tax by tax agents.The procedure and timing of tax payment by tax agents “Chapter 23” Personal Income Tax “of the Tax Code of the Russian Federation
(TAXOLOGY Legal Company) The taxpayer’s general director was dismissed with the payment of the severance pay stipulated by the contract, personal income tax from the severance pay amount within three average monthly wages A few days later, the same person was hired as an executive director with an increased salary.The tax authority concluded that in this case the taxpayer’s actions were aimed solely at not withholding personal income tax from the payment to an individual who was not actually dismissed.The court recognized the additional accrual of personal income tax from the severance pay as justified, taking into account that the very next day after the dismissal, an official assignment was drawn up for a business trip of the dismissed, he himself was recruited 4 days after the dismissal, his workplace and responsibilities did not change ( which is confirmed by the protocols of interrogation of witnesses).
Articles, comments, answers to questions : Taxation of payments upon dismissal of the CEO Open the document in your system ConsultantPlus:
“Annual report 2020”
(T.L.)
(IC Group, 2020) The position of the court: the arguments of the tax authority about the unjustified payment of bonuses to the dismissed CEO are untenable, since the absence of labor relations with the employee during the period of issuing the bonus order cannot in itself serve as a basis for exclusion from the composition of labor costs, taken into account in taxation, the cost of paying bonuses to a dismissed employee. The expenses for the payment of bonuses to a dismissed employee should be included in the composition of expenses for the purpose of taxing profits during the period when the order for bonuses is issued on a general basis, since the payment to the dismissed employee is made for the period worked by him and for his labor achievements, that is, should be considered as payment for his labor. Open a document in your system ConsultantPlus:
Tax guide. The encyclopedia of controversial situations on personal income tax and insurance premiums The tax department explained the following: compensation for early termination of an employment contract with the general director of the organization, paid in accordance with the current labor legislation in an amount exceeding three times the monthly salary, is not subject to personal income tax.
Regulations : Taxation of payments upon dismissal of the CEO 90,000 The salary of the general director of Norilsk Nickel ranges from 17 to 25 million dollars.- RBK
The salary of Vladimir Strzhalkovsky, General Director of OJSC MMC Norilsk Nickel, in 2009 amounted to about $ 17 million.This was reported to RBC by a source close to the company.
The source also said that, according to the terms of the contract, the CEO can receive a bonus of $ 5 million every 5 years., however, whether this option was exercised at the end of 2009, the source did not specify.
Earlier in a number of media outlets there was information that V. Strzhalkovsky’s earnings at the end of 2009. amounted to almost $ 25 million, while, as reported, with the arrival of a new CEO, the terms of employment were changed, in particular, the salary was increased.
In Norilsk Nickel, RBC explained that the salary of the general director is “much lower”, and also reported that the terms of employment at Norilsk Nickel have not changed since August 2008.when the company was headed by V.Strzhalkovsky.
MMC Norilsk Nickel is the world’s largest producer of nickel and palladium; it also produces platinum, copper, cobalt, rhodium, silver, tellurium, selenium, iridium, and ruthenium. The Norilsk Nickel Group is engaged in prospecting, exploration, extraction, processing and processing of minerals, production, marketing and sale of non-ferrous and precious metals. In 2009. the total production of commercial nickel amounted to 282.9 thousand tons, copper – 402 thousand tons.t, palladium – 2 million 805 thousand troy ounces, platinum – 661 thousand troy ounces.
90,000 How to transfer a CEO to another positionExpert consultation
Labor relations with the general director of the company have their own characteristics. What is the right thing to do in a situation when the general director needs to be transferred to another position and not violate the norms of the law? Our expert Oksana Ustyak told about this.
The ConsultantPlus legal reference system will help to avoid mistakes in personnel changes, as well as in hiring and firing employees.There are two ways to transfer the general director to another position: by transfer or through the procedure of dismissal and further employment. But these two methods carry a lot of contradictions, since the law does not explain some points, does not give a clear algorithm of actions. In this article, we will try to choose the most optimal way to transfer the CEO to another position.
Path one: transfer
The possibility of choosing this method does not contradict the law, although the procedure for transferring the general director is not reflected in detail in the legislation.
If you act from the generally accepted norms of labor law, then the procedure is simple. Here is the translation algorithm.
Application
The Director General must write a statement requesting his release from his post and transfer him to another post.
Meeting of owners
The agenda will be the termination of the current leader and the appointment of a new CEO.
The general director of the company does not have the right to independently decide on his transfer to another position, since he is not an employer for himself. Art. 72 of the Labor Code of the Russian Federation of December 30, 2001 No. 197-FZ (as revised on June 28, 2021) {ConsultantPlus}.
The documentary registration of the transfer, appointment to another position will be carried out by the already appointed sole executive body.
Conclusion of an additional agreement
An additional agreement is concluded on the transfer of the director to another position, which is signed by one of the persons named in para. 2 p. 1 art. 40 of Law No. 14-FZ. Art. 40 of the Federal Law of 08.02.1998 No. 14-FZ (as amended on 02.07.2021) “On Limited Liability Companies” {ConsultantPlus}.
Issue of order
The order is signed by the new CEO.
By the way, earlier we told whether an employee can demand a transfer to another position.
Way two: dismissal and subsequent recruitment
The procedure for dismissing the general director and hiring him as an employee is regulated by Art. 77, 278 chap. 11 of the Labor Code of the Russian Federation.
Ch. 13 of the Labor Code of the Russian Federation of December 30, 2001 No. 197-FZ (as revised on June 28, 2021) {ConsultantPlus}.
Art. 278 of the Labor Code of the Russian Federation of December 30, 2001 No. 197-FZ (as amended on June 28, 2021) {ConsultantPlus}.
Ch.11 of the Labor Code of the Russian Federation of December 30, 2001 No. 197-FZ (as amended on June 28, 2021) {ConsultantPlus}.
Let’s give an algorithm of actions.
Application
The general director draws up a letter of resignation of his own free will in any form, there is no normatively approved form.
The time period within which the general director of the organization must notify the owner of the property (his representative) in writing of his voluntary dismissal, as a rule, no later than one month in advance.This rule on the period of notification is general and does not depend on the term of the employment contract (Article 280 of the Labor Code of the Russian Federation, Letter of Rostrud dated 06.03.2013 No. PG / 1063-6-1).
Meeting of owners
It is necessary to draw up a decision on the termination of the powers of the head (clause 2, clause 2.1 of article 32, clause 4 of clause 2 of article 33, article 39 of the LLC Law, clause 8 of clause 1 of article 48, clause 3 of article . 69 of the Law on JSC).
In addition, we recommend organizing the transfer of cases when a manager is dismissed. It is advisable to do this, for example, in order to determine the state of affairs in the organization at the time of his dismissal, to identify whether the head has committed any violations of the law.
Dismissal order, payment, entry in the work book
A dismissal order is issued, an entry is made in the work book (if it is maintained) and information in the “Information on labor activity” (part 4 of article 66, article 66.1, part 1 of article 84.1 of the Labor Code of the Russian Federation, clause 4 Rules for maintaining and storing work books).
Upon dismissal of a manager (general director) of your own free will, settle with him in the same way as with an ordinary employee. In particular, pay him a salary, compensation for unused vacation. Art. 140 of the Labor Code of the Russian Federation of December 30, 2001 No. 197-FZ (as amended on June 28, 2021) {ConsultantPlus} .
Check if there is a severance pay for a manager who voluntarily resigns from an employment or collective agreement. Art. 178 of the Labor Code of the Russian Federation of December 30, 2001 No. 197-FZ (as amended on June 28, 2021) {ConsultantPlus} ). If he is entitled to a payment, then when determining its amount, consider the following.
If your manager is one of the persons listed in h.1 tbsp. 349.3 of the Labor Code of the Russian Federation (for example, if you have an LLC, which has more than 50% of shares in the ownership of the state), then the total amount of any severance pay, compensation and other payments paid to it in any form cannot exceed its threefold average monthly earnings. Art. 349.3 of the Labor Code of the Russian Federation of December 30, 2001 No. 197-FZ (as amended on June 28, 2021) {ConsultantPlus} . In the aggregate amount, do not include only salaries, compensation for unused vacations and other payments listed in Part.5 Art. 349.3 of the Labor Code of the Russian Federation of December 30, 2001 No. 197-FZ (as amended on June 28, 2021) {ConsultantPlus} .
Recruitment for another position
From the date of appointment, the new director may hire the former director for another position in the general manner provided for by the Labor Code of the Russian Federation.
Here you can read about the new rules for keeping work books.
Output
We believe that the transfer of a general director to another should be formalized through dismissal from the current position and admission to a new position.
This is explained by the fact that translation is not prohibited, but when making a translation there will be a number of legal conflicts that need to be resolved, and any decision will not fully comply with the letter of the law.
So, when transferring the general director to another position, the following problems arise.
- It is not clear who should sign the amendment to the employment contract with the manager – the new manager (the employer’s representative for the employee (Article 20 of the Labor Code of the Russian Federation)) or the founder (the employer’s representative for the manager (Art.40 of the Federal Law of 08.02.1998 No. 14-FZ “On Limited Liability Companies”)), – as well as who must sign the order to transfer the head.
- It is also not clear which document will serve as the basis for the translation. It cannot be the decision of the founders, since they are not entitled to resolve issues that are not attributed to their competence. They have the right only to early terminate the powers of the head, and the transfer of employees falls within the competence of the head (Articles 72.1, 20 of the Labor Code of the Russian Federation).
- A transfer means a change in the employee’s job function, however, when a manager is transferred, it is not just the job function that changes, the payment conditions change, the specifics of the regulation of his labor change, the list of grounds for dismissal changes, his activities are no longer regulated by the constituent documents of the company, etc.
At the same time, transfer to a position through dismissal and recruitment will allow avoiding these problems. At the same time, as already noted, the transfer is not prohibited and the possibility of its execution depends on the fact that the founders have the right to make a decision on such a transfer.
However, even in this case, the issue of signing documents remains unregulated by law.
***
Question
What entry should be made in the work record book of the general director in the event that by decision of the general meeting it is decided to transfer him to another position?
Answer
We believe that the transfer of a general director to another should be formalized through dismissal from the current position and admission to a new position.
This is explained by the fact that translation is not prohibited, but when making a translation there will be a number of legal conflicts that need to be resolved, and any decision will not fully comply with the letter of the law. Transfer to a position through dismissal and recruitment will avoid these problems.
At the same time, as already noted, the transfer is not prohibited, and the possibility of its execution depends on the fact that the founders have the right to make a decision on such a transfer.
However, even in this case, the issue of signing documents remains unregulated by law.
If the transfer path is nevertheless chosen, then we believe that the entry in the work book should be done in the following order.
Based on the order, a specially authorized person makes an entry on the transfer in the employee’s work book. Art. 66 of the Labor Code of the Russian Federation of 12/30/2001 No. 197-FZ (revised on 06/28/2021) {ConsultantPlus}, Order of the Ministry of Labor of Russia of 05/19/2021 No. 320n “On the approval of the form, procedure for maintaining and storing work books” {ConsultantPlus}.
At the same time, we note that the Instruction approved by the Order of the Ministry of Labor of Russia dated 05.19.2021 No. 320n “On approval of the form, procedure for maintaining and storing work books” {ConsultantPlus}, it is provided that in column 3 of the section “Information on work” the name of the position (work), specialty, profession with an indication of qualifications are made, as a rule, in accordance with the staffing table of the organization.
According to the same paragraph of the instructions, changes and additions made in accordance with the established procedure to the staffing table of the organization are brought to the attention of employees, after which appropriate changes and additions are made to their work books on the basis of an order (instruction) or other decision of the employer.
Accordingly, in the case under consideration, the employer should first, on the basis of the order, make changes to the staffing table, according to which the employer will have a vacant position for the transfer of the general director, and then, on the basis of the order (order) for the transfer, make an entry in the work book about transfer to given position.
When making an entry on a permanent transfer, in column 1 of the section “Information about work”, the ordinal number of the entry is put, in column 2 the date of transfer is indicated, in column 3 an entry is made on the transfer indicating the name of the new position (in accordance staffing table), and column 4 indicates the date and number of the order (instruction) on the transfer.The entry in column 3 may be as follows: “Transferred to the position _______________ (position name)”.
Oksana Ustyak, legal expert, Chto Delat Consult LLC
90,000 And you, Stirlitz, I will ask you to stay, or the Case of the discontented CEOI am generally beginning to fear that this confusion will continue for a very long time (C) M. Bulgakov, Master and Margarita
“In the event of termination of the employment contract with the head of the organization in accordance with paragraph 2 of Article 278 of this Code in the absence of those responsible actions (inaction) of the head, he is paid compensation in the amount determined by the employment contract, but not less than three times the average monthly salary, except for the cases provided for by this Code “( Article 279 of the Labor Code of the Russian Federation” Guarantees to the head of the organization in case of termination of the employment contract “)
A very interesting case will be considered today in the Gagarinsky Court of Moscow.With the permission of the principal, I will tell you some factual circumstances of this dispute, which once again raises the insanely interesting, in my opinion, question of what happens to the labor status of such an employee as a general director after the decision of the general meeting or the sole participant of the company terminated his corporate credentials?
So, once upon a time there was a CEO of a fairly large holding. She lived with the owners of the business (100% of the parent company has, in turn, several shareholders) peacefully and amicably, for several years she was extended a fixed-term labor contract for a year and for the same period she was reassigned by the decision of the sole participant as CEO …
Then the structure of the share capital “at the top” of the group of companies changed as a result of a not quite friendly takeover, and in January 2017, by the decision of the sole participant, its powers of the CEO were terminated. Two EIOs are formed in the company – that is, two directors (one from each of the factions of business owners who do not quite trust each other), and three days later these persons are already in the Unified State Register of Legal Entities and begin to fully delegate the duties of general directors.
But there is a nuance.According to the employment contract with its former director, as in accordance with Article 279 of the Labor Code of the Russian Federation, in the event of early termination of the employment contract on the initiative of the Employer with the innocent behavior of the employee, the company is obliged to pay him a rather big compensation. The Code insists on a minimum threshold of three average monthly earnings; under an agreement with the Claimant, this amount is set at four average monthly earnings.
And one more detail. Average monthly earnings, according to the Decree of the Government of the Russian Federation of 24.12.2007 No. 922 N 922 “On the specifics of the procedure for calculating the average salary” includes, for the purposes of calculation, not only wages, but also all bonuses (which the management team may have an amount equal to or even exceeding the regular salary) for the last 12 months.
And thus, if, for example, last year the director received bonuses and bonuses, then with a salary of, say, 2 rubles, her average monthly earnings can be 3 and 4 rubles.
I cannot, of course, argue for the defendant, but I suppose that the following simple arithmetic has lined up in the minds of his new leadership.If the termination of the employment contract with the former directors is concluded right at the same time in January 2017, then the company faces the full-scale obligation to pay compensation to it in the amount of four monthly salaries.
About two months remain until the expiration of her next one-year contract.
And then it’s clear, right? The company … does nothing.
That is, does not fire his former manager in accordance with paragraph 2 of Art. 278 of the Labor Code (termination of an employment contract with the head of an organization in connection with the adoption by an authorized body of a legal entity of a decision to terminate an employment contract): does not issue an order, does not make a corresponding entry in the work book, does not deny access to the building, continues to pay him the director’s salary, and remembers to include her on the payroll and timesheets as director.
A confused former director in a state of confusion continues to go to work, where, of course, he can no longer issue orders or conclude deals. Her role is mainly reduced to the fact that she carries new directors to local representative offices and introduces key employees and business partners. Introduces, so to speak, up to date.
And the company is patiently waiting – when its ex-director expires the term of the labor contract, fortunately, there is not long to wait.As soon as this date comes, the company quickly draws up its dismissal with an entry in the work book with reference to Art. 77 of the Labor Code (expiration of the contract), not Art. 278 TC and on this the plaintiff says goodbye.
And when she goes to court with a demand to recognize her employment contract as a general director nevertheless actually terminated ahead of schedule – in January, and not in March 2017, and to pay her due compensation, the defendant’s representatives say – wait a minute, we stopped in January corporate powers of the plaintiff, but not labor relations with him She went to work, received a salary, was noted in the time sheet until March.What is she unhappy with?
And here’s what. In my deep inner conviction labor relations between the company and the employee in the position of the CEO and his corporate powers in the same status, which have arisen or were lost in connection with the decision of the general meeting or the sole participant, are in an inextricable relationship: if the second is terminated, then inevitably, the first one also ceases, since the labor function of the general director (article 15 of the Labor Code of the Russian Federation) precisely consists in discharging the duties of his sole executive body .
The conclusion that the director’s job responsibilities lie in the implementation of his corporate function of the sole executive body and the head of the enterprise follows from clause 2 of the Resolution of the Plenum of the Supreme Court of June 2, 2015 No. 21 [1]:
“ The labor function of the head of the organization, by virtue of part one of Article 273 of the Labor Code of the Russian Federation with , is in the implementation of the management of the organization, including the performance of the functions of its sole executive body, that is, in the performance of actions on behalf of the organization to implement its rights and obligations arising from civil, labor, tax and other legal relations (the powers of the owner to own, use and dispose of the property of the organization, the rightholder of exclusive rights to the results of intellectual activity and equivalent means of individualization, the rights and obligations of the employer in labor relations with other employees of the organization, etc.)etc.) “.
The special labor role of such an employee as a general director is also emphasized by the Constitutional Court in clause 4 of the Resolution of March 15, 2005 No. 3-P:
“The legal status of the head of an organization (rights, duties, responsibility) differs significantly from the status of others employees, which is due to the specifics of his labor activity , place and role in the organization’s management mechanism: he manages the organization, including performing the functions of its sole executive body, performs legally significant actions on behalf of the organization (Article 273 of the Labor Code of the Russian Federation; Clause 1 of Article 53 of the Civil Code of the Russian Federation). By virtue of the concluded labor contract, the head of the organization, in the prescribed manner, exercises the rights and obligations of a legal entity as a participant in civil turnover, including the owner’s powers to own, use and dispose of the organization’s property, as well as the rights and obligations of the employer in labor and other labor, relations with employees, organizes the management of the production process and joint labor. ”
Accordingly, if the sole participant or the general meeting by its decision terminates the powers of the person as the general director, then his labor function as a manager terminates with him, and with it the labor legal relationship with the company as general director .Such an employee can be transferred to another position or fired, but he cannot continue to work as a general director. He is anyone after making such a decision in the company, but not the director.
When I first voiced this idea on Facebook, my classmates from the University, who are now leading the practice of labor law in large law firms, came to me in the comments and said – Masha, you are not right. The labor status of such a person as a general director can “easily” “outlive” and “disperse” with his “corporate” status.And as evidence, situations are cited when the general director cannot be fired, even if by the decision of the general meeting he is dismissed from office – illness, vacation, temporary disability, etc. (Article 81, Clause 1, Article 278 of the Labor Code of the Russian Federation).
The late Supreme Arbitration Court of the Russian Federation also added fuel to the fire, which in the Resolution of the Presidium of the Supreme Arbitration Court of the Russian Federation dated April 2, 2013 No. 15815/12, said that reinstatement due to mistakes in transferring the former director to another position does not discredit the new director appointed by the participants and does not invalidate the transactions it has entered into.Thus, the Supreme Arbitration Court of the Russian Federation seemed to indirectly confirmed that yes, a company may have a “director in the labor sense” and “a director in the corporate sense” – it happens.
The legislator also does not add clarity – in corporate laws he speaks of the competence of the general meeting to make a decision on “d early termination of powers ” of the sole executive body (Article 33 of the Law on LLC, Article 48 of the Law on JSC), and in Article 278 TC – on the adoption by the authorized body of the legal entity of the decision on “ early termination of the employment contract ” with the head of the organization, thereby again hinting that these are different powers and different situations.
The native Research Center for Private Law, which in one of its expert opinions – remarks, indicated that “the termination of the powers of the body of a legal entity and the termination of the employment contract with it must not be confused” and that “the dismissal of the director and the termination of his powers are fundamentally different legal acts; the director may be deprived of his powers, but not dismissed (for example, when going on parental leave or when moving to the position of deputy director) ”[2].
And it seems that the dichotomy of corporate and labor legal relations (relations of external and internal representation) between the company and the person who performs (or performed) the functions of its sole executive body, and who is at the same time its employee, really suggests itself.
And indeed, the law directly provides for situations when such a person continues to be an employee, but no longer a director. This means that it turns out that the Defendant is right – a CEO removed from office by a corporate decision is not necessarily fired from the company.As my grandmother used to say, “one is not the third.”
So? No, not so, and here’s why:
The first thing that catches your eye is all known situations when the CEO’s employment status can “outlive” his corporate status (illness, pregnancy, vacation, registration errors when transferring to another position or dismissal , which lead to reinstatement in the previous position, etc.) serve to protect the rights of the employee as a socially vulnerable and weaker party in relations with the employer .And they are still directed not at ordinary, ordinary, but rather not quite normal situations , when it is important for the legislator to support the employee, to protect him from possible opportunism of the employer. That is, they are not a rule, but an exception to this rule, and an exception aimed at protecting the employee and only the employee.
And for this good purpose the legislator is ready to ignore the will of the shareholders. They say – Imyarek is no longer a director for us. And the TK says – no, the director (because he is sick, expecting a child, on vacation, or you made a mistake with the documents, firing him, and because of these mistakes I reinstate him).
Thus, the dichotomy of the labor and corporate status of a director can have legal significance only in exceptional cases – as a reaction of the legislator to the need to protect the labor rights of an employee upon termination of his powers as the head of an organization .
In all other cases, labor relations with the head of the organization cannot exist in isolation from the performance of his corporate powers and the will of the participants aimed at terminating such relations.
Actually, even the precedent that has become the subject of consideration of the YOU above is the flip side of the same coin: a company can screw up when a former director is fired, and he, of course, must be protected from the adverse consequences of his employer’s mistakes – reinstated at work with payment him all due for the missed time. This, however, does not compromise in any way the new director and his deal.
It is clear that YOU, like the ICPE, looked at this situation from their own and by no means “labor” bell tower – it was important for them to a) protect the turnover and transactions of the new director, which should not “fly off” from the fact that someone is there fired someone wrong; b) stop the situation when the dismissed directors brought disputes to the courts of general jurisdiction, which by their nature are corporate – for example, they challenged (and often successfully) the decision of the general meeting, which terminated their powers, or demanded their reinstatement in the Unified State Register of Legal Entities, etc.
YOU and the Center, as it seems to me, tried to say the following – yes, all employees are socially vulnerable, and therefore labor laws are entitled to various “goodies” (impossibility to dismiss in pregnancy, the need to reinstate at work if they were fired with mistakes, etc.). We admit it. But we do not want to know anything about these “goodies” and anomalies that occasionally arise in companies like two directors – “corporate” and “labor” when it comes to the external representation of the company to third parties, its transactions and the corporate rights of shareholders to decide who they are. they want, and who does not – to see their director.For this sphere of relations, all the “freaks” that the humane TC produces, but for whom there is no place in the business turnover, simply do not exist.
Therefore, what was said above about the dual nature of the status of a manager should be supplemented – it not only reflects the need of labor legislation to protect the employee as a weak side, but also the counter need of turnover to be protected from all these nuances and subtleties of labor relations between society and its director.
And as a corporate lawyer I perfectly understand this logic and agree with it.But, insisting so harshly that the “corporate” to the left, and the “labor” to the right, the apologists of this position threw out the child with water, securing in the minds of many lawyers that labor and corporate legal relations between the company and its leader are not at all connected in any way and exist each separately in some of their beautiful universes, without points of contact with each other.
Meanwhile, of course, this is not the case.
Once again, the idea is very simple – if the general meeting or the only participant as the supreme body of the company expressed their will to terminate the powers of the CEO, then, of course, they also expressed their will to terminate the employment relationship with him as CEO.And thus they launched the procedure for his dismissal under Article 278 of the Labor Code.
It may so happen that the former CEO is needed by the company in some other capacity – a consultant, advisor, deputy for the new director, etc. Please, but then a conscientious employer is obliged to terminate an employment contract with him in the position of general director and conclude a new one – for him to perform a new job function. And, of course, to pay the employee all compensation in connection with the early termination of his “director’s” employment contract.
The fact that corporate decisions to terminate powers and a corporate decision to terminate an agreement with a director as an employee are the same thing, incidentally, is confirmed by the literal interpretation of corporate laws in comparison with Article 278 of the Labor Code. Watch your hands:
And article 33 of the LLC Law and Art. 48 of the Law on JSC, when discussing the powers of the general meeting (the sole participant) to make decisions on the appointment or dismissal of general directors, use the phrase “ Formation of executive bodies of the company and early termination of their powers “.
Separately, he does not mention the powers of the general meeting (the only participant) to make a decision to terminate the employment contract with the director of Article 33 of the LLC Law!
If we follow the logic that the decision of the general meeting of participants to terminate powers is not tantamount to making a decision to terminate the employment contract with the director, then this leads to the absurd conclusion that:
– firstly, taking into account the closed (that is exclusively listed in Article 33 of the Law on LLC) the list of competences of the general meeting / sole participant of the LLC – this body does not at all have the right to make a decision on the termination of the employment contract with the general director.
But then, it turns out that the director of an LLC on the grounds provided for by Articles 278, 279 of the Labor Code of the Russian Federation, the employer can never unilaterally dismiss, since his authorized body is never a general meeting / unit. participant – will not be able to make a decision on early termination of an employment contract with such a person. He does not have such a separate authority – to make decisions on the termination of the employment contract with the director, it is not mentioned in the Laws on LLC and JSC.
This, of course, contradicts the common sense of the legislator and the explanations of the Constitutional Court about the right of business owners “in order to achieve maximum efficiency of economic activity and rational use of property … integrity and safety, and terminate the employment contract with him “(Resolution of the Constitutional Court of the Russian Federation of 15.03.2005 N 3-P).
– and secondly, that each time in the decision, the participants must make a reservation that not only by this decision they terminate the powers of the general director, but also express their will to terminate the employment contract with him. If the second phrase is not in the minutes, then, in theory, the company cannot proceed to the procedure for dismissing a director in accordance with Article 278 of the Labor Code.
At the same time, in all honesty – have lawyers working a lot in the field of corporate law seen the decisions of the GMS or the OCA to terminate the powers of a director with such a special proviso?
The foregoing confirms that the attempts to dissolve in different directions the decision of the participants to terminate the powers of the director and their own decision to terminate his employment contract early are fundamentally wrong.This is one and the same (!), Only named in the TC and corporate laws in different words. A separate authority to decide on termination of an employment contract with a director is therefore not specified in article 33 of the Law on LLC or article 48 of the Law on JSC on the competence of the general meeting, that it is not required by the participants (shareholders) at all, since the decision to terminate the contractual relationship with the director is covered by the will of the participants to terminate his powers and does not require a separate external fixation in the decisions of the supreme body of society.
Similar conclusions can be reached by literal interpretation of the provisions of cl. 1 – 2 tbsp. 278 of the Labor Code and clause 8 of the Resolution of the Plenum of the Armed Forces of the Russian Federation No. 21, which, when discussing the termination of an employment contract with the head in connection with the adoption by the authorized body of a legal entity or the owner of the organization’s property of a decision to terminate an employment contract, use the expressions “ decision to terminate an employment agreements “and” decision on early termination of powers of the head of the organization “as are synonymous, that is, interchangeable concepts (for example, in par.1 and 2, clause 8 of the Resolution of the Plenum of the RF Armed Forces No. 21).
Thus, the legislator and the Supreme Court emphasize that is legally indifferent to which terminology is used by the only participant in its decision to dismiss the general director from office – “to terminate the powers of the director” or “to terminate the employment contract with the director”.
In both cases, we are talking about both the termination of the director’s powers in the corporate sense of the word – that is, the impossibility for them to continue to make transactions and make other management decisions on behalf of the company, and the immediate termination of his job function and the onset of the employer’s obligation go to the procedure for registering the termination of labor relations with him in compliance with all the formalities of labor legislation (familiarization with the order, issuance of a work book, etc.);and make the payment of all compensations due due to the early termination of the contract.
This is the most serious problem that the “corporate” lawyers may have overlooked when they insisted on dividing the corporate relationship between the director and the company and the labor relationship between them.
If we agree that the company is not considered to have terminated the employment contract with the director after the decision of the general meeting is relieved of his powers, an excellent scheme emerges for employers to circumvent the requirements of Art.278 and 279 of the Labor Code of the Russian Federation and non-observance of guarantees for heads of organizations upon dismissal at the initiative of the employer.
From now on, all employers who, on the one hand, would like to remove the CEO and appoint a new management, and, on the other, not pay the former director compensation in connection with early dismissal in accordance with Article 279 of the Labor Code and the norms of the labor contract, it will be enough measure:
(A) the term remaining before the expiration of the contract with the old director and the amount of salary that is due to him for this period; and
(B) the amount of compensation under Art.279 of the Labor Code, which is at least (and usually more than under employment contracts) three average monthly earnings.
At the same time, as it was said, the average monthly salary of the CEO is usually significantly higher than his regular salary.
If the amount (A) turns out to be significantly less than the amount (B), the company may simply not issue the dismissal of the dismissed from office by a corporate decision of the director, but “hold out” until the expiration date of the contract, keeping the former director during this period in an uncertain legal status (after all in the organization, other persons already perform the functions of real leaders) and then dismiss him with reference to Article 77 of the Labor Code.Naturally, without paying anything from what would be due to him in connection with the early termination of the contract.
Here one could argue that the role of compensation under Article 279 of the Labor Code is precisely that is compensatory , to financially support the manager in case of sudden dismissal. And what is there to compensate if the employee received exactly what he would have received in the ordinary situation of his dismissal due to the expiration of the term.
But let’s not forget – there was still no “just expiration”; Somewhere before this date, the shareholders interrupted the execution of the director’s powers by such a person, and then, in fact, retained the appearance of labor relations with him, for which the legislator should also not pat on the head, as well as for any abuse of the right.
Secondly, Article 279 of the Labor Code – unfortunately or fortunately – does not capture these subtleties: giving the former leader the right to at least three average monthly earnings, the article does not delve into how the dismissed leader actually developed further life and there is the fact that to compensate or not.
For example, theoretically, a dismissed director may not look for a new job for a day at all, but be employed somewhere else at least the next day after leaving the director’s post, or even be employed in another position in the company itself.Accordingly, with a certain degree of luck, the former director might not only not have favorable consequences in connection with his dismissal, but even make money on it. However, even in this situation, the right to compensation in connection with the early termination of the contract with him as a director, he still has by virtue of the direct indication of Art. 279 of the Labor Code of the Russian Federation.
Obviously, the legislator proceeded from the fact that it would be better to allow a couple of lucky people who made a quick transition from one employer to another and took compensation with them, than leave hundreds of other former leaders without financial assistance who have not been able to find a new job for a long time …
In the same way, if the director is dismissed two weeks (five days, one day) before the end of the term of his contract, and compensation for early termination under the contract with him is several average monthly earnings, the right to the whole, and not proportional to the remaining term of his the contractual part of the compensation such an employee is entitled to.
If the norm of Article 279 of the Labor Code of the Russian Federation is too clumsy and not quite adequate to all possible layouts and life situations that may arise after the termination of labor relations with the general director, this is probably a reason for a legislative initiative or at least discussion in the professional community.
But this does not give employers any reason to “rule” it through such schemes.
If, with the light hand of the court, the scheme goes into practice, it will be very, very sorry.
[1] Resolution of the Plenum of the Supreme Court of the Russian Federation dated 02.06.2015 N 21 “On some issues arising from the courts when applying the legislation regulating the work of the head of the organization and members of the collegial executive body of the organization”
[2] Comments ICCHP them.C.C. Alekseev on the draft Resolution of the Plenum of the Supreme Court of the Russian Federation “On some issues arising from the courts in the application of legislation regulating the work of the heads of the organization and members of the collegial executive body of the organization”
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