Latest News:  
Beijing   Cloudy/Overcast    23 / 13   City Forecast

People's Daily Online>>China Business

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


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.

【1】 【2】


Related Reading

Leave your comment0 comments

  1. Name


Selections for you

  1. Chinese premier kicks off official visit to Iceland

  2. IMF official hails China's role in Asian economy

  3. First practice session of Bahrain F1 Grand Prix

  4. Most amazing pictures in the world

Most Popular


  1. Bo's downfall result of inflated sense of influence
  2. Commentary: CPC shows no tolerance for corruption
  3. China, U.S. need to improve trust and cooperation
  4. Criminal case is not political struggle
  5. Bo's probe praised for its transparency, resolution
  6. Keeping reins on easing vital for China's economy
  7. Bo investigation warns officials of power abuse
  8. Restart Six-Party Talks
  9. Most Americans see benefits of close U.S.-China ties
  10. Reform will not impair public institutions: ministries

What's happening in China

Smart robot helps with vegetable cultivation

  1. Hospitals to stop using medicine in dirty capsule
  2. Elderly gather to arrange dates for children
  3. Thousands battle fires in Inner Mongolia
  4. China tightens school cafeteria supervision
  5. Top court not approve death penalty for Wu Ying

PD Online Data

  1. Spring Festival
  2. Chinese ethnic odyssey
  3. Yangge in Shaanxi
  4. Gaoqiao in Northern China
  5. The drum dance in Ansai