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Genting CEO Lowers His Own Salary By 20%

His announcement sparked a round of applause from Genting's minor shareholders earlier today, 19 June.

Cover image via Sin Chew Daily/Genting (edited)

Genting Malaysia CEO Tan Sri Lim Kok Thay announced earlier today, 19 June, that he will be lowering his own annual income by 20%

Tan Sri Lim Kok Thay

Image via China Press

According to China Press, Lim was speaking at Genting's Annual General Meeting (AGM) today.

His decision sparked a round of applause from minor shareholders present at the meeting.

Lim cited an increase in gaming tax and a decline in the company's performance for his decision

Image via Genting

Sin Chew Daily reported the Genting CEO as saying that the decision to lower his own salary is a way of taking responsibility for the company's poor performance in the past year.

He added that the move is also in lieu of a 10% increase in gaming tax, from the previous 25% to 35%.

Following the decrease, Lim's annual income is estimated to be RM10.04 million lesser than the original RM50.18 million written in Genting Malaysia's 2018 annual report.

Genting's share prices have taken a hit in the past year

According to Sin Chew Daily, the company's share prices dropped 48% last year, from RM5.35 to RM2.76, following announcements of a higher gaming tax and a legal battle with Walt Disney over the construction of a 20th Century Fox theme park. 

As of 3pm today, the company's share prices stood at RM3.33.

Two months ago, Genting Malaysia purchased Jho Low's luxury yacht Equanimity for RM514.6 million:

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