An analysis of FTSE Bursa Malaysia KLCI 30 companies, based on the latest available data from annual reports and Bloomberg, shows that top chief executives of Malaysian GLCs earn RM5.5 million a year on average. This average compensation that GLC chief executive officers (CEOs) get is 22,816 per cent (%) or 229 times more than the median salary Malaysian citizens take home every year.
Based on the latest report by the Department of Statistics Malaysia, the median monthly salaries of Malaysian citizens stood at RM2,160 in 2017.
With that in mind, we thought it would be interesting to examine just how much the top executives of companies based in Malaysia earn each year. Here’s a list of the top 10 highest-paid CEOs of Malaysia’s public listed companies, as reported by NST here.
1. Tan Sri Lim Kok Thay
- Company: Genting Berhad and Genting Malaysia Berhad
- Total Compensation: MYR 80.6 million (each company)
- Age: 67 years old
- Net Worth: USD 4.1 billion (2019 data)
Born on 16th of August 1951, Tan Sri Lim Kok Thay is a Malaysian Chinese billionaire businessman. He is a board executive and Chairman of Genting Group, a casinos, resorts and palm oil conglomerate with a market capitalization of almost US$40 billion, and the second son of fellow billionaire Lim Goh Tong, the company’s founder. He has a bachelor’s degree in civil engineering from University of London, and also attended the six-week advanced management programme of Harvard Business School, US in 1979.
2. Datuk Lee Yeow Chor
- Company: IOI Corp Berhad
- Total Compensation: MYR 39 million (2018 data)
- Age: 52 years old
The eldest son of Tan Sri Dato’ Lee Shin Cheng, Datuk Lee Yeow Chor was first appointed to the Board on 25 April 1996 and was appointed as Chief Executive Officer of the Group on 8 January 2014. He is responsible for setting the strategic directions and ensuring the optimal performance of the Group’s core business segments. Dato’ Lee is a barrister from Gray’s Inn, London and holds a LLB (Honours) from King’s College London and a Postgraduate Diploma in Finance and Accounting from London School of Economics.
3. Morten Lundal
- Company: Maxis Berhad (Former)
- Total Compensation: MYR 31.8 million
- Age: 53 years old
Mr. Morten Lundal served as Chief Executive Officer and Executive Director of Maxis Berhad from 1st October 2013 to 31st March 2018. Prior to joining Maxis, Morten was Group Chief Commercial Officer of Vodafone Group Plc, a member of the Executive Committee responsible for commercial activities at the group level. He received his graduate degree from BI Norwegian Business School and an MBA from the International Institute for Management Development.
4. Tan Sri Tay Ah Lek
- Company: Public Bank Berhad
- Total Compensation: MYR 27.06 million
- Age: 76 years old
Tan Sri Dato’ Sri Tay Ah Lek has 58 years’ experience in the banking and finance industry. He was appointed as an Executive Director of Public Bank on 18 June 1997 and was redesignated as Managing Director/Chief Executive Officer with effect from 1 July 2002. He joined the Public Bank Group as a pioneer staff in 1966. He holds a Master’s degree in Business Administration from Henley, United Kingdom and attended the Advanced Management Program at Harvard Business School.
5. Domnenico Fuda
- Company: Hong Leong Bank Berhad
- Total Compensation: MYR 12 million (2018 data)
- Age: 51 years old
Mr. Domenico Fuda has been the Chief Executive Officer and Group Managing Director of Hong Leong Bank Berhad since February 5, 2016. Mr. Fuda, an Australian, holds a Bachelor of Economics from Macquarie University, Sydney, as well as a Master of Business (Banking & Finance) and a Master of Business Administration (M.B.A.), both from University of Technology, Sydney.
6. Tan Kong Khoon
- Company: Hong Leong Financial Group Berhad
- Total Compensation: MYR 11.05 million (2018 data)
- Age: 61 years old
Mr. Kong Khoon Tan has been Chief Executive Officer and Group Managing Director of Hong Leong Bank Berhad since July 1, 2013. Mr. Tan also serves as Senior Investment Consultant of DBS Capital Investment Ltd. He holds Bachelor’s Degree in Business Administration from Bishop’s University Canada, Executive Management Program for Bankers from Wharton School of Business & National University of Singapore and Advanced Management Program from Harvard Business School U.S.A.
7. Datuk Seri Tengku Zafrul Aziz
- Company: CIMB Group Holdings Berhad
- Total Compensation: MYR 9.89 million (2017 data)
- Age: 45 years old
Tengku Dato’ Sri Zafrul Tengku Abdul Aziz is the Group Chief Executive Officer/Executive Director of CIMB Group Holdings Berhad, a leading ASEAN universal bank and a world leader in Islamic finance with presence in 16 countries worldwide. With over 22 years of experience in the financial services sector, specialising in Investment Banking, Zafrul’s last position was with Maybank Investment Bank Berhad and Maybank Kim Eng Holdings as Chief Executive Officer. He is currently a member of the APEC Business Advisory Council (ABAC), representing Malaysia in promoting intra-trade and collaboration within Asia Pacific.
8. Datuk Farid Alias
- Company: Malayan Banking Berhad
- Total Compensation: MYR 8.73 million
- Age: 50 years old
Appointed as Group President & Chief Executive Officer of Maybank Group on the 2nd of August 2013, Datuk Farid helms Maybank Group’s overall business growth and regionalisation strategies and ensures the delivery of long-term value for shareholders, customers, employees and all other stakeholders. Datuk Abdul Farid was named CEO of The Year in the ASEAN Business Awards 2015, which recognises outstanding enterprises in the ASEAN business community. He was also awarded the CNBC Asia Business Leader Award for Corporate Social Responsibility in 2015.
9. Tan Sri Mohd Bakke Salleh
- Company: Sime Darby Berhad (Former)
- Total Compensation: MYR 7.9 million
- Age: 64 years old
Tan Sri Mohd Bakke assumed the role of the Executive Deputy Chairman & Managing Director of Sime Darby Plantation Berhad effective 21 November 2017. He is also the Chairman of the Malaysian Palm Oil Board and currently sits on the Board of Eastern & Oriental Berhad and the Governing Council of Yayasan Sime Darby. He graduated with a Bachelor of Science (Economics) degree from the London School of Economics, United Kingdom in 1977. He was an Associate of the Institute of Chartered Accountants in England and Wales (ICAEW) since 1983 and became a Fellow of ICAEW since 1993. He is a member of the Malaysian Institute of Accountants since 1988.
10. Tan Sri Ngau Boon Keat
- Company: Dialog Group Berhad
- Total Compensation: MYR 6.57 million (2018 data)
- Age: 70 years old
Ngau Boon Keat is the co-founder and chairman of Dialog Group, a large oil-and-gas services provider specializing in storage-tank terminals, engineering services and crude refining. He was appointed to the DIALOG Board on 2 January 1990 and is currently the Executive Chairman of DIALOG and Chairman of the Remuneration Committee. He holds a Bachelor Degree in Mechanical Engineering and an Honorary Doctorate in Engineering from the University of Canterbury, New Zealand.