Genting CEO Lowers His Own Salary By 20%

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

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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