Malaysia just ranked its top 100 CEOs by pay – and Genting’s CEO topped the list with RM285 million

Genting head Lim Kok Thay took home RM284.61 million (US$68.6 million) last year from his two positions as head of Genting Bhd and head of Genting Malaysia Bhd.
The Straits Times

Genting’s head might just be the highest-paid person in all of Malaysia, according to a new ranking of the country’s top 100 CEOs.

The ranking was published on Tuesday (May 7) in this year’s Corporate Governance Monitor report published by Malaysia’s Securities Commission (SC).

It assessed the total pay of CEOs of the top 100 listed companies on the Malaysian stock exchange’s main market. The companies were selected based on their market capitalisation (value on the stock market) as of December 31, 2018. 

Those named as CEO or managing director in a company’s annual report, or in charge of running a company’s day-to-day operations, were treated as the CEO, SC said, adding that it obtained its data from corporate governance reports and announcements made on the Bursa website.

The report calculated a CEO’s remuneration by totaling salary, bonuses, and benefits.

It was only able to obtain CEO salaries for 84 of the 100 companies, as the remainder either did not disclose their CEO’s salary, or reported it in bands of RM50,000.

Half of the CEOs in the top 20 were from family-controlled companies, SC said.

Securities Commission Malaysia

The highest-paid CEO of 2018 was Genting head Lim Kok Thay, who took home an annual remuneration of RM284.61 million (US$68.6 million) from his two positions as head of Genting Bhd and head of Genting Malaysia Bhd.

Lim, 67, is the world’s 436th richest man and Malaysia’s seventh richest man, with a total wealth of US$4.4 billion (RM18.25 billion), according to Forbes.

Lim’s remuneration was well over 3.5 times that of the CEO in second place: Sapura Energy boss Shahril Shamsuddin, who earned RM71.92 million.

Lim’s monthly remuneration of RM23.6 million also way exceeded Prime Minister Mahathir Mohamad’s. The PM declared his monthly income on a public government portal as being about RM75,900.

He also out-earned the highest-paid government official, Mukhriz Mahathir, who took home a monthly income of about RM105,600.

Rounding out the top five on the CEO list were IOI corporation head Lee Yeow Cho (RM39.01 million), IHH Healthcare head Tan See Leng (RM 33.89 million), and Maxis head Robert Nason (RM31.8 million).

Securities Commission Malaysia

Other notable names in the ranking included AirAsia Group CEO Tony Fernandes (RM23.5 million), former Astro Malaysia Holdings boss Rohana Rozhan (RM13.17 million), and Telekom Malaysia’s newest head, Imri Mokhtar (RM7.98 million), whose salary was aggregated with his predecessor’s.

The top three sectors with the highest median CEO remuneration were Telecommunications and Media, Financial Services, and Utilities, SC said.

It added that CEOs in the REITs sector had the lowest median remuneration.

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