Directors’ remuneration packages at GLCs slump in 2019

by ASILA JALIL/ graphic by MZUKRI

THE remuneration packages for board of directors (BoD) at government-linked companies (GLCs) saw a decline of up to 30% last year compared to 2018.

According to Malayan Banking Bhd’s (Maybank) annual report, the remuneration packages for its directors in 2019 dropped 9.7% to RM15.2 million from RM16.83 million in 2018.

Besides a reduction in the remuneration of its CEO Datuk Abdul Farid Alias, Maybank also had fewer non-EDs last year, which may have contributed to lower remuneration packages.

Abdul Farid took home RM7.57 million last year compared to RM9.6 million in 2018. Its chairman Datuk Mohaiyani Shamsudin received remunerations totalling RM1.29 million last year versus RM1.27 million the year before.

Based on CIMB Group Holdings Bhd’s 2019 annual report, the group’s remuneration for its board members slipped 8.8% to RM14.44 million against RM15.84 million in 2018. Its chairman Datuk Mohd Nasir Ahmad took home RM1.51 million last year compared to RM1.19 million the year before.

Tenaga Nasional Bhd’s (TNB) remuneration packages for its board members dropped 30.8% to RM11.38 million in 2019 compared to RM16.45 million in 2018. The group only had 11 directors last year compared to 14 directors in the previous year.

Its former chairman Tan Sri Leo Moggie earned a total of RM876,790 in remuneration last year compared to RM883,039 in 2018. He did not renew his contract and was replaced by Tan Sri Ahmad Badri Mohd Zahir in March this year.

Umno VP Datuk Seri Mahdzir Khalid was appointed TNB’s chairman on May 12, replacing Tan Sri Ahmad Badri Mohd Zahir who was appointed as chairman of the Employees Provident Fund (EPF) on May 1.

Mahdzir made headlines recently following allegations of his monthly allowance amounting to RM1 million. TNB refuted the allegations, claiming the amount was much lower than what was disputed on social media.

Total remuneration packages for directors at Boustead Holdings Bhd dived 55.1% to RM3.86 million in 2019 compared to RM8.59 million the year before. Its CEO Datuk Seri Amrin Awaluddin took home RM1.39 million including his salary of RM1.15 million in 2019. In 2018, the group’s former MD Tan Sri Lodin Wok Kamaruddin was paid RM5.06 million. He relinquished his post by the end of 2018.

As for the Affin Group, its 2019 annual report revealed directors’ remunerations dropped to RM7.36 million from RM7.6 million a year earlier.

Remuneration for former CEO Kamarul Ariffin Mohd Jamil dropped 1.8% to RM3.95 million last year from RM4.02 million in 2018. Kamarul Ariffin left the group in March this year.

The remuneration packages for directors at EPF-controlled firm Malaysian Resources Corp Bhd dived 64% last year to RM3.94 million versus RM11 million registered in 2018.

Its chairman Tan Sri Azlan Zainol took home RM361,996 last year, a marginal increase of 2.8% from the RM352,000.

Mohd Imran Mohamad Salim, who was redesignated as group MD in July 2018, took home RM2.31 million in 2019 compared to RM2.46 million in 2018.

Another company under EPF, RHB Bank Bhd paid its directors a total of RM9.02 million last year, an increase of 10.1% from RM8.2 million paid in 2018. Group MD Datuk Khairussaleh Ramli collected RM4.9 million last year versus RM4.51 million in 2018.

The total remuneration for Malaysia Airports Holdings Bhd’s BoD dropped 23.6% to RM3.72 million last year from RM4.88 million in 2018.

Its chairman Tan Sri Datuk Zainun Ali, who was appointed on Jan 18, 2019, earned RM345,704 last year, while the group’s former chairman Tan Sri Syed Anwar Jamalullail took home RM381,822 in 2018.

The remuneration packages for Axiata Group Bhd’s BoD saw a marginal drop last year to RM15.15 million compared to RM15.74 million in 2018.