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People's Daily Online>>China Business

Web China: Exorbitant executive pay prompts investor outcry (2)

(Xinhua)

14:49, April 21, 2012

Meanwhile, discussions on exorbitant executive pay packages are not only happening in China. On Tuesday, about 55 percent of shareholders rejected a 15-million-U.S. dollar pay package for Citigroup CEO Vikram Pandit, a move that may draw the board's attention to the issue even though the rejection was nonbinding.

A report this week by the Xinhua-run Shanghai Securities News said the executive directors of CNOOC Ltd., China's largest offshore oil and gas producer, have chosen not to accept their handsome annual bonuses following a major oil leak in 2011 in north China's Bohai Bay involving the company.

However, Li Yunfeng, the writer of the report as well as a college professor based in east China's Shandong province, noted that this action is a purely ethical one, as an effective payment regulation system has not yet been formed.

Li suggested beefing up attempts to implement long-term performance incentive plans for executives and adopting a system that makes it legal to rescind bonuses offered to executives based on falsified or bogus annual reports.

A total of 1,849 companies listed on the Shanghai and Shenzhen bourses had released their financial reports for 2011 as of April 19, with total net profits totaling 1.8 trillion yuan, up 14.09 percent year on year.


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