Tuesday, June 19, 2018

BN government rewarding 'friends and supporters' with OUR Money? Unjustly overpaid CEOs, Directors,...?

Shocked by the very high salaries that have been paid to some employees and Directors  government bodies and also GLCs ...Was it simply a means to 'reward' members and friends of UMNO-BN? Was it a means to 'enrich' some politicians or political parties? All OK if you are using your own money or your political party money - but not when you are using money belonging to all Malaysians...or the government?

With the arrival of Pakatan Harapan as the new government, our eyes are being open to many things which I believe was very wrong...

If you earned RM1,000 a month - you earn RM12,000 a year
If you earn RM5,000 ...you earned RM60,000 a year
If you earned RM10,000 a year ...you earned RM120,000 a year

The payment of salary/allowances/bonuses by the people of Malaysia(the government) to some individuals so much more than the salary of even a Minister(about RM14,000) or Prime Minister(about RM20,000) is really WRONG and unjust.

Likewise, the payment of CEO and Directors of government owned companies and GLCs(which the people of Malaysia owns/controls) is so unjust when so many Malaysians do not even own more than RM1,500 - RM2,000 ...
Telekom Malaysia Bhd (TM) as MD and group CEO, was paid RM2.45 million last year.
So, when some CEOs, staff and Directors of our Malaysian government owned and/or controlled companies are being paid SO MUCH....something is really wrong (No problem for non-government owned/Controlled companies to pay whatever salary or bonus their shareholders want ...)...but when it is our money, we wonder why? And it really is just not right...

And guess what, these are the 'political appointees' or the persons given these jobs by the then UMNO-BN government ...Absurd, especially when they really sometimes do not have personal history in business...When you do not get to be MP or Minister...you are placed in yet another high income job.

Some suggest that it really is government money (people's money) being used to to reward the supporters of certain key politicians or political party.... You may not get the chance to contest as an MP/ADUN...or you may have lost ...but 'don't worry' - you will be given a VERY HIGH PAYING JOB...

Malayan Banking Bhd’s (Maybank) annual report showed its group president and CEO Datuk Abdul Farid Alias earned RM10.11 million in gross income last year

CIMB Group Holdings Bhd chairman Datuk Seri Mohamed Nazir Razak was paid RM1.76 million, while its group CEO and ED Tengku Datuk Seri Zafrul Tengku Abdul Aziz earned RM9.88 million...

Malaysians vote for our people's representatives - that certainly does not mean you are there to enrich yourself, your friends, your political party members/friends, etc...

One of the ways, it seems that UMNO-BN was doing this was by placing their 'own' people in HIGH PAYING JOBS...or maybe even awarding them very lucrative government contracts...Does that explain why UMNO-BN politicians, even when they never get elected MP or ADUN, have been seen becoming richer over the years...Then, where does the money flow ...KLEPTOCRACY,...

Thanks to Mahathir and our Pakatan Harapan government, Malaysians now know about all these 'hanky panky'....hopefully similar practices did not continue in the Opposition ruled States of Selangor, Penang and Kelantan under Pakatan Rakyat and PAS...Hopefully there, no such 'extremely high paying jobs and Directorships?

Now, asking these 'overpaid' CEOs, Staff and Directors to take a massive 'pay cut' may not be possible ...so, the best solution may be simply SACK them and rehire NEW staff, CEO and Directors at a more reasonable salary (which certainly should not exceed the PM or Minister's pay), and as an incentive ...maybe a share of the profits made as 'bonus'. No profits, no bonus...but if you make more profits, then maybe more bonus. Bonus shall be the incentive...

In fact, the new Pakatan Harapan should set a salary scale for employees of these agencies, GLCs...similar to the scale for public servants...


See earlier posts:-

When very High Salaries/Allowance in Government Owned/Control Companies deprives all Malaysians of monies? 

1MDB Arul Kanda salary is....? Paying too much to CEOs/Chairmans to the detriment of Malaysians?

The Finance Ministry, under the previous administration, agreed to an RM5 million ex-gratia payment for 1MDB president Arul Kanda Kandasamy and to place him on garden leave until his contract expired on June 30, according to sources.


Jaw-dropping salaries of some GLC heads

Move to review directors’ salaries signals institutional reform agenda and rejuvenation for GLCs 

By MARK RAO / Graphic By TMR

Several government-linked companies’ (GLCs) management and board members enjoyed whopping salary increases with some key personnel rewarded up to a 65% jump in income last year.

Interest about GLCs’ remunerations came into light following claims that the heads and board members of these entities are paid lucratively.

The government had also sounded alarm bells and said it would review the salaries at these companies to ensure fairness and represent the performance.

“It is not only the review of directors’ remunerations, but the concept of what new blood may be able to do with these GLCs — take them to greater heights for instance,” a market analyst told The Malaysian Reserve (TMR) under condition of anonymity.

“This goes beyond just remuneration and should be seen as a change in corporate culture and governance,” said the analyst.

Rakuten Trade Sdn Bhd VP for research Vincent Lau said the move to review directors’ remuneration is good as it signals an institutional reform agenda and rejuvenation for the affected companies.

“This will also translate into efficiency and cost savings, which in turn will improve the bottom line of these GLCs,” Lau told TMR.

A check of some GLCs’ annual report showed varying rates of increase in remuneration last year.

Malayan Banking Bhd’s (Maybank) annual report showed its group president and CEO Datuk Abdul Farid Alias earned RM10.11 million in gross income last year, a 64.9% increase from the RM6.13 million earned in 2016.

Abdul Farid’s remuneration included a RM4.3 million bonus payout, besides a RM2.4 million annual salary or a RM200,000 monthly salary.

Maybank chairman Datuk Mohaiyani Shamsudin was paid RM1.04 million in that same year following her appointment in April 1, according to the annual report.

Maybank posted record net profit last, breaching the RM7 billion level. Maybank is majority owned by Permodalan Nasional Bhd (PNB).

CIMB Group Holdings Bhd chairman Datuk Seri Mohamed Nazir Razak was paid RM1.76 million, while its group CEO and ED Tengku Datuk Seri Zafrul Tengku Abdul Aziz earned RM9.88 million last year, including benefits, a 29.5% jump compared to a year ago.

Malaysia’s second-largest financial institution based on asset is 27.37% owned by Khazanah Nasional Bhd.
Datuk Seri Mohammed Shazalli Ramly, who recently resigned from Telekom Malaysia Bhd (TM) as MD and group CEO, was paid RM2.45 million last year. He only joined TM on May 1, 2017, putting his average gross monthly income at RM306,250.

TM chairman Tan Sri Dr Sulaiman Mahbob received RM690,935 in remuneration, according to the company’s annual report. Khazanah owns 26.21% of the company.

UMW Holdings Bhd president and group CEO Badrul Feisal Abdul Rahim was paid RM2.12 million in gross income for financial year 2017 (FY17), a 23.25% increase compared to FY16’s RM1.72 million remuneration.

Sime Darby Bhd (prior to the demerger into three separate listed companies) reported that chairman Tan Sri Abdul Ghani Othman earned RM1.03 million, while its president, group CEO and ED Tan Sri Mohd Bakke Salleh’s gross income was RM7.86 million.

UMW and Sime Darby are PNB-controlled companies.

TH Plantations Bhd paid its CEO and ED Datuk Seri Zainal Azwar Zainal Aminuddin RM2.14 million in FY17 compared to RM1.62 million in FY16, while its chairman Tan Sri Ab Aziz Kasim earned RM199,000.

Boustead Holdings Bhd, which is 59.06% held by the Armed Forces Fund Board, paid its group MD and ED Tan Sri Lodin Wok Kamaruddin and fellow ED Datuk Seri Ghazali Mohd Ali RM4.48 million and RM2.16 million respectively for FY17.- Malaysian Reserve, 11/6/2018

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