GENTING DIRECTORS ARE HIGHEST-PAID, SAYS SURVEY

KUALA LUMPUR, Aug 17 (Bernama) -- Genting Bhd topped the list in the "highest-paid directors" survey, with a big payout of RM81.98 million to its board last year.According to "Malaysian Business", the annual survey revealed that the top-50 firms in terms of total payouts generously forked out RM553 million in 2008.The payout for the top-10 companies alone was nearly RM300 million, the business magazine said."This show that despite the slowing economy, listed companies paid their directors a higher remuneration in 2008 compared to 2007," it said in a statement Monday.Boardroom remuneration has become a hot topic in the current economic environment, with directors seen as reaping huge rewards as investors faced dwindling share values, "Malaysian Business" said.The survey report, which appeared in the Aug 16 issue, listed 630 firms that paid their top-earning directors RM300,000 and above for financial year 2008, amounting to a total of RM1.7 billion to their boards collectively.Genting had the highest remuneration band of RM77.65 million to RM77.7 million for a single director, according to the survey, but the firm did not name who it was.The top executive listed for Genting is its chairman and chief executive officer Tan Sri Lim Kok Thay.IOI Corporation Bhd came in second as the company doubled the payout to its board members last year to RM45.16 million, of which the bulk went to a key director who received a sum in the RM41.1 million to RM41.15 million band."We assume that this recipient would be IOI Corp director and founder Tan Sri Lee Shin Cheng," said "Malaysian Business".Other firms with the highest remuneration bands for a single director were Genting's subsidiary, Genting Malaysia Bhd (formerly Resorts World), which paid out RM37.25 million and above to its top executive.But these payouts might have been paid to the same person, giving rise to the possibility of double counting, the magazine said.