Reporter : Lv Shumei, Business Times / CTWANT / Translation, editing : Gan Yung Chyan, KUCINTA SETIA
The Taiwan Stock Exchange announced on 29 January 2021 that companies are incurring losses in 108 years, but the overall remuneration received by directors and the average remuneration received by each director was higher than that in 107 years, and there were 92 companies. These companies include Chengmeicai (4960), China Airlines (2610) and Nianxing (1451) ranked the top three separately, and each director received more than one million NTD, becoming a super fat cat director.
According to the stock exchange, in order to strengthen the disclosure of information on the remuneration of directors and supervisors of listed companies, it also publishes information on listed companies that "the total remuneration of directors and supervisors or the average remuneration of directors and supervisors has increased in 108 years after tax losses". It said that the announcement of the above information is expected to use the "market mechanism" to encourage the company to set reasonable director and supervisor remuneration.
Because the company is not making money, the directors still receive high remuneration, which has increased compared to the previous year. It is called a fat cat by the market. The stock exchange announced that the top ten in terms of average remuneration are Chengmeicai, China Airlines, Nianxing, New Century, Shimbaba, Donghua, Tongkai, Duntai, Qiuyu and Ruxing etc.
The average remuneration of the directors of these ten listed companies in 108 years was 1,465,200, 1,352,700, 1,229,100, 986,700, 948,500, 911,100, 878,200, 800,000, 742,900, and 717,800 NTD and others, of which Chengmeicai jumped by more than 1.07 million to 1.46 million NTD, and the new century also surged by 710,000 to 980,000 NTD.
Full text of China Airlines' statement:
China Airlines revealed the average remuneration of each director in the public information observatory. After deducting the retirement pension of the former chairman, the director’s remuneration in 108 years did not differ significantly from that in 107 years. China Airlines has specifically stated in the Public Information Observatory that the increase in the remuneration of directors in 108 compared with that in 107 was due to the retirement pension of the former chairman, which fully revealed the rationality of directors’ remuneration.
According to the provisions of the Articles of Association of China Airlines, there is no allotment of directors’ remuneration. Directors and independent directors only pay for the carriage fees and the attendance fees of the functional committees; the chairman and general manager of China Airlines also do not pay the directors’ carriage fees and the attendance fees for the functional committees. According to the media, the average remuneration per director exceeds one million.
No comments:
Post a Comment