… we still hear stories of chief executive officer of a government linked company (GLC) nonchalantly said he could not remember his remuneration package when asked by the Council of Eminent Persons (CEP).
It turns out that he was paid something like quarter a million ringgit a month and his annual package was in excess RM7 million.
He had since left the company and a new man was appointed to the post apparently with a more modest remuneration package but still unimaginably generous.
More recently the chairman of another GLC has had his contract cut short and his peers on the board recommended that he be paid compensation in excess of RM4 million.
This is in spite of him having amassed shares worth nearly RM140 million in companies belonging to the group he chaired, presumably through share option and other reward schemes.
His remuneration last year was in excess of RM5 million.
It is not at all surprising because almost all the board members are his peers. They have been on the board together like forever. One of them had been a board member for nearly 30 years.
(after AKJ The Scribe)