Genting CEO Lowers His Own Salary By 20%
His announcement sparked a round of applause from Genting's minor shareholders earlier today, 19 June.
By Jia Vern Tham — 19 Jun 2019, 06:17 PM
Genting Malaysia CEO Tan Sri Lim Kok Thay announced earlier today, 19 June, that he will be lowering his own annual income by 20%
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
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.