Banker's big pay raises eyebrows
By Li Xinran |
March 17, 2010, Wednesday
|
Print Edition
Print Edition
THE Shenzhen-listed Bank of Ningbo in Ningbo City of Zhejiang Province has raised public concern as one of its vice presidents was awarded more than 6 million yuan (US$879,000) last year while salaries for 10 other senior executives surpassed 1 million yuan in 2009.
Qiu Shaozhong, a Singaporean banker, had the top salary of senior executives of listed Zhejiang companies, making 6.16 million yuan last year, Shenzhen's news Web portal Sznews.com reported yesterday.
Qiu, 49, joined the bank in 2007. His salary is routinely approved by China's Banking Regulatory Commission, an official in the securities department of the bank told Today Morning Express, a newspaper based in Zhejiang's capital Hangzhou.
The city commercial bank operating 78 branches in Ningbo and Shanghai has the most millionaire executives among listed Zhejiang companies.
Its chairman Lu Huayu was paid 1.76 million yuan last year and the salary for vice president Yu Fengying was 1.67 million yuan.
Meanwhile, eight among its senior executives, including Lu and Yu, massively reduced their holdings last year, according to its annual report.
Lu sold 1 million shares last year bringing him more than 11 million yuan.
At almost the same time, Yu collected more than 10 million yuan by shedding 900,000 shares.
Most of them cut their holdings between 800,000 shares and 1 million shares, except a former vice president Chen Xuefeng who sold 1.3 million shares, the annual report said.
Compared with senior executives' millions yuan of income, the bank's net profit last year surged 9.44 percent, according to the annual report.
However, most of the bank's grassroots staff seemed to be excluded from the "big cake" because their salaries last year were no more than their industry peers, said one junior employee of the bank.
The state banking regulator is soon expected to introduce a cap for domestic bankers' salaries and bonuses following last year's high payout of 2.8 million yuan for a senior executive of a state-owned financial institution.
Qiu Shaozhong, a Singaporean banker, had the top salary of senior executives of listed Zhejiang companies, making 6.16 million yuan last year, Shenzhen's news Web portal Sznews.com reported yesterday.
Qiu, 49, joined the bank in 2007. His salary is routinely approved by China's Banking Regulatory Commission, an official in the securities department of the bank told Today Morning Express, a newspaper based in Zhejiang's capital Hangzhou.
The city commercial bank operating 78 branches in Ningbo and Shanghai has the most millionaire executives among listed Zhejiang companies.
Its chairman Lu Huayu was paid 1.76 million yuan last year and the salary for vice president Yu Fengying was 1.67 million yuan.
Meanwhile, eight among its senior executives, including Lu and Yu, massively reduced their holdings last year, according to its annual report.
Lu sold 1 million shares last year bringing him more than 11 million yuan.
At almost the same time, Yu collected more than 10 million yuan by shedding 900,000 shares.
Most of them cut their holdings between 800,000 shares and 1 million shares, except a former vice president Chen Xuefeng who sold 1.3 million shares, the annual report said.
Compared with senior executives' millions yuan of income, the bank's net profit last year surged 9.44 percent, according to the annual report.
However, most of the bank's grassroots staff seemed to be excluded from the "big cake" because their salaries last year were no more than their industry peers, said one junior employee of the bank.
The state banking regulator is soon expected to introduce a cap for domestic bankers' salaries and bonuses following last year's high payout of 2.8 million yuan for a senior executive of a state-owned financial institution.
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