Articles: Directors' remuneration

Xpress excess
Here's a horror story of excessive pay at Xpress Group (0185), a company you've probably never heard of, but pay attention, because it could just as easily happen to yours, as the Listing Rules do not prevent it. In the last 15 years, the controlling family have received HK$493m in pay as directors, while the loss attributable to shareholders was $248m. (8-Oct-2012)
Trouble and strife at Applied Development
An encrypted Court of Appeal judgment reveals a classic basket case of corporate governance problems at Applied Development (0519) - a case study of what can go wrong with small, family-run HK-listed companies. (18-Jan-2011)
China Water Affairs independent holders veto option grant to Chairman
Company announcement, 5-Jan-2011
China Water Affairs proposes large option grant to Chairman
Company circular, 20-Dec-2010
Webb, other key business leaders interviewed by IFAC
International Federation of Accountants, 6-Aug-2010
See Theme 3: Business reporting through the lens of the investor.
Sheltered by the immunity of the Legislative Council last week, Legislator for concrete Abraham Shek asked rhetorically whether the HKEx Head of Listings is working for David Webb. Well of course, he isn't, but we'll tell you whom Mr Shek is working for. Listed companies pay him as a director about 5 times what he earns as a legislator. (5-Jan-2009)
China Zenith Chemical shareholders veto massive options for Chairman
Company announcement, 29-Aug-2008
China Zenith Chemical shareholders veto general issue mandate and option scheme refresh
Company announcement, 7-Dec-2006
Building a Value Proposition for HK
HK Chief Executive Donald Tsang recently convened an Economic Summit of 33 people, which spawned 4 focus groups, including one on financial services, which in turn produced 3 working groups, one of which, headed by HKEx government-appointed director and Chairman Ronald Arculli, has sought submissions on the markets. This is our submission. (4-Oct-2006)
Tanrich and the Pay Loophole
We tell you how the Chairman and controlling shareholder of a listed futures firm received a 381% pay rise just 8 months after the IPO. It's a classic exploitation of the pay loophole in the Listing Rules, and there is nothing you can do about it until the rules are amended to allow minority shareholders' approval of excessive pay increases. (17-Mar-2004)
Where directors write their own paychecks...
Investor Relations magazine, 12-Feb-2003
Global Tech's Wreck
We take a detailed look at the accounts of mobile phone box-pusher Global Tech (Holdings), which has been doshing out massive "commitment fees" and huge salary increases to its directors even in a year in which it plunged into loss. With a controlling shareholder about to face a mainland trial for tax evasion, he has apparently been making undisclosed connected transactions and breached his non-compete undertaking with the company. (10-Feb-2003)
Listing Rules Review Part 5: Rules Roundup
We're almost out of time on the Listing Rules consultation, which closes next Monday, so this final part of our review covers some of the remaining issues from the 176 page document. We look at notifiable transactions, directors' pay and share dealings, connected transactions, battles for control of the board, and the availability of basic corporate documents. (17-Apr-2002)
Sunday Payday
HK-listed cellphone operator Sunday Communications (NASDAQ:SDAY) had a surprise up its sleeve in the annual report. Shareholders attending next week's AGM may want to know why boardroom pay increased 297% last year in the face of continued losses and a share price down 87% since the IPO. In fact, the vast bulk of it went to one director, who earned over 3 times the combined pay of the entire board of competitor SmarTone Telecommunications - guess who? (8-May-2001)

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