At least three CEOs of local banks received wage increments of over 10% last year – one of them even more than 50% – due to lower overheads and cost-cutting measures, the Malaysia Reserve reported.
Citing publicly available records, the business news portal said Ambank Group CEO Sulaiman Mohd Tahir received a 58% pay increase for the 2020 financial year, earning RM6.64 million compared to RM4.2 million in 2019.
Meanwhile, Maybank president and CEO Abdul Farid Alias earned RM9.4 million in remuneration at the group level for financial year 2020, an increase of 10.2% or RM1 million compared to RM8.43 million in 2019. This included salary and other emoluments amounting to RM8.36 million and relevant benefits worth RM75,000.
According to the report, former Maybank president Mohaiyani Shamsudin was entitled to RM1.95 million up to her retirement in Nov 2020 after nine years of service with the group.
The total included directors’ fees up to RM903,000, RM578,000 in emoluments, and RM 109,000 in benefits.
Mohaiyani’s successor Zamzamzairani Mohd Isa’s remuneration as Maybank president for FY20 amounted to RM 221,000.
Ambank chairman Azman Hashim took home RM 1.71 million, which included directors’ fees worth RM 210,000, other emoluments amounting to RM1.47 million and RM26,000 in benefits-in-kind.
Benefits-in-kind vary by company, but may include a driver, golf club membership, travel expenses, phone purchases, and utility payments.
Hong Leong Bank’s group MD and CEO Domenic Fuda saw a 11.7% rise in his remuneration for FY20.
The amount consists of salaries, bonuses, allowances, and a defined contribution retirement plan of RM 10.26 million and RM6.87 million in benefits-in-kind.
Meanwhile, CIMB group CEO and MD Abdul Rahman Ahmad took home RM 2.41 million in FY20 after his predecessor Tengku Zafrul Abdul Aziz’s resignation in March 2020. The package involves fixed and non-deferred remuneration totalling RM2.2 million, deferred shares worth RM203,000 and RM4,000 in benefits in kind.
His predecessor and now finance minister Tengku Zafrul received remuneration up to RM 592,000 for FY20, and RM8.53 million in FY19.
CIMB chairman Mohd Nasir Ahmad took home RM1.51 million in remuneration for FY20, which is a 2.7% increase from his remuneration of RM1.47 million in FY19.
The total comprised RM348,000 in directors’ fees, chairperson’s premium of RM648,000, RM482,000 in meeting allowances and RM35,000 in benefits-in-kind.
Alliance Bank Malaysia CEO Joel Kornreich, however, saw a 11.5% drop in his group level remuneration for FY 2020, falling to RM9.5 million from RM10.6 million.
The figure consisted of a marginally higher salary and remuneration of RM6.41 million, but a cut in bonus to RM1.77 million, lower Employees Provident Fund (EPF) contribution of RM1.16 million, as well as benefits-in-kind of RM150,000.