Executives of South Korea’s global tech giant Samsung Electronics swept the list of the country’s highest-paid CEOs in the first half of 2014, according to the latest corporate business reports, although the CEOs’ bonuses were somewhat reduced because of a slowdown in business performance in the second quarter.
Shin Jong-kyun, head of the company’s information technology and mobile division, topped the list with 11.34 billion won
(US$11.1 million), followed by his colleague Kwon Oh-hyun, leader of the device solutions department, who received 5.37 billion won.
Chang Sang-don, chairman of Korea Iron and Steel Co., was a close third with 5.27 billion won.
Business reports, which were made public Friday and analyzed through the weekend, showed Shin received 1.68 billion won in wages in the second quarter, a 82.6 percent cut from the first quarter.
Records showed that while he had earned 9.08 billion won in the first quarter in salaries and special bonuses from high-flying performance results of his division, he only took home 1 million won in the second quarter.
Kwon received 1.04 billion won in wages and 3.59 billion won in bonuses in the second quarter, the reports showed.
Chung Mong-koo, head of Hyundai Motor Group, took 4.94 billion won in pay from the group’s three key affiliates: Hyundai Motor, Hyundai Mobis and Hyundai Steel.
Pay disclosures are relatively new in South Korea. Relevant laws were revised in November last year requiring companies to detail the earnings of all corporate chiefs who earn more than 500 million won a year.
Lee Kun-hee, the de facto controller of Samsung Group, is exempt from the disclosure after he declared he will not receive any pay.
Chey Tae-won, head of SK Group who is currently serving a prison term for embezzlement, is also exempt after announcing he won’t take pay. He donated the 18.7 billion won he received last year to various charities.
Analysis of the data showed 192 corporate executives received over 500 million won during the first half, with 74 earning more than 1 billion won. All but two in the top 20 were in the manufacturing sector. (Yonhap)
