The first high
Stock price above 60 dollars the first high-priced shares in Shanghai and Shenzhen Suning Appliance (002024), from a hefty pay increase this year for the executives. Suning yesterday (March 29) announcement shows that since 2005, Suning six executives rose more than 70% of the average annual salary, average salary of 575,000 yuan. It is understood, Suning, the average annual income of ordinary sales of 2 million from their executives with Suning the difference between the average salary of about 28 times. But executives with high dividend program because of public criticisms of the UF suffered when compared to the salary increase Suning executives described as "trivial."
2004 Suning performance increased rapidly, the report data revealed that net profit of 180 million yuan last year, Suning, up 83.22 percent, earnings per share were 1.95 yuan. Notice that, given the company the directors, supervisors and senior managers in the process of rapid development of the company's contribution, combined with the company's actual operating efficiency, to be on the remuneration and allowances to be adjusted.
Suning Zhang Jindong, chairman of the annual salary adjustments of 150 million, compared with last year's 800,000 yuan, or nearly 87%. Suning Appliance Company Secretary of any pay increase Jun highest annual salary jumped to 80,000 yuan from 200,000 yuan, or up to 150%. Suning CEO Sun Weimin shares rose a minimum annual salary, his annual salary from 50 yuan to 600,000 yuan, or 20%; Vice President Mengxiang Sheng, Jin Ming's salary were 500,000 yuan from 300,000 yuan rose to the financial officers Shi-Qing Chen's annual salary rose to 150,000 yuan from 100,000 yuan. In addition, independent directors and external directors of the allowance rose from 30,000 yuan per year to 40,000 yuan per year; supervisors ZHU Hua, Shang Xuefeng annual salary of 100,000 yuan to 150,000 yuan.
Executives in the Suning Appliance 6, 4 people have directly or indirectly, Suning stock. Zhang Jindong, personal total of 40.24 percent controlling stake in listed companies. Suning to yesterday's closing price of 60.85 yuan, Zhang Jindong's worth has more than 2 billion yuan. Jin Ming holds 204.48 million; Chen Shiqing hold 68.16 million shares. Sun Weimin, although not directly hold shares of listed companies, but their control of the second-largest shareholder of listed companies in Jiangsu Suning Appliance Co., Ltd. 18% of the shares, thus indirectly held 306 million shares.
"Retail is a labor-intensive industries, a raise is deserved reward executives." Su Ning told reporters yesterday Zhang Jindong, chairman, Su Ning for higher growth, the equity incentive is a " once and for all, "the long-term reward. He also hopes to raise this in the short-term incentives to stimulate the management team of a competitor, while standardizing "length of the combination of" incentive system, and form a rational system of promotion. "In addition, foreign capital entering the domestic appliance retailing sector, improve the executive treatment that it can avoid brain drain."
Shanghai Rong is consulting senior business director of the light that Suning executive pay after the treatment, still below the Carrefour and other foreign retailers executive pay, the appropriate pay nothing wrong. Tian Wenbin Hong Kong and Macao advice that the annual salary of executives is part of the treatment, they have significant annual bonuses, dividends and other income, executives and ordinary employees of the income gap is too large will not achieve the incentive to all employees. He said the Japanese executives generally pay only 7 times the wages of ordinary workers, domestic currently popular move to the executive a raise should not be advocated.
Executive salary increase while Suning plans to capital reserve capitalization approach is to increase by transferring all the shareholders 10 shares for every 10 shares for every 1 per 10 shares distributed in cash. Increase by transferring, the company's total share capital of 9316 million from the current increased to 1.8632 billion shares.
Suning Appliance's stock closed at 60.85 yuan yesterday, down 1.93% than the previous day. UFIDA Annual Report 2004 released yesterday showed, in turn, chairman Wang Wenjing share of about 25 million yuan (including tax). This from 2001 to 2004, four years, Wang Wenjing total dividend from UF about 1.1 billion (including tax).
Most analysts pointed out that because the cost of holding Wang Wenjing only 1 yuan / share, through high school are able to recover after the significant cost and outstanding shares of shareholders must invest in the secondary market, the purchase price of his several times that of the dividend to the shareholder best interest. And many individual investors believe that the majority shareholder is the exploitation of such secondary market through high dividends to investors, hollowing out of the listed companies.
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