Hong Kong's top 14 highest-paid executives earned a combined total of nearly HK$590 million in 2024, about 2,400 times the city’s median annual wage.
According to government statistics, the city's median monthly wage stood at HK$20,500 for employees between May and June last year.
Lee Yuan Siong, AIA (1299) chief executive and president emerged as Hong Kong’s top-paid local executive last year, earning US$13.73 million (HK$107.1 million), up 2.3 percent from the previous year.
His compensation equates to a daily salary of HK$293,000 – surpassing the city's average annual wage, which remains below HK$250,000.
Elsewhere, CK Hutchison (0001) reported that co-managing director Frank Sixt received HK$86.6 million, a 24.3 percent increase.
At Link Real Estate Investment Trust (0823), CEO George Hongchoy's total compensation of HK$70.40 million has sparked criticism, especially following the company's recent layoffs.
Concerns arise over the award of 14.94 million unit shares to Hongchoy, highlighting a perceived disparity in rewarding top executives while cutting costs at the lower levels.
Link REIT aims to boost efficiency and control costs amid these layoffs.
From fiscal 2025/26 starting this April, George Hongchoy and chief financial officer Ng Kok Siong's pay will be largely tied to unitholder returns, with Wang’s targeted compensation around HK$60 million.
Rumors said its layoff may involve up to 60 persons.
Executive changes at Hong Kong Exchanges and Clearing (0388) also led to notable shifts. Former CEO Nicolas Aguzin, who retired in February 2024, saw his pay fall 39.2 percent to HK$54.30 million.
His successor Bonnie Chan Yi-ting earned HK$22.70 million through the year-end.
Meanwhile, New World Development (0017), which faced leadership turmoil and large-scale restructuring, reported sharp management turnover and a steep decline in its workforce.
Former CEO Adrian Cheng Chi-kong was replaced last September by Eric Ma Siu-cheung, who stepped down just two months later, succeeded by Echo Huang Shaomei.
According to NWD annual results, in the year ending last June, Ma earned HK$24 million, down 0.8 percent, while Huang took home HK$23.9 million, a 29.3 percent drop.
New World lost approximately 2,500 employees over the course of 2024, according to filings.
Other notable top-earning executives include Hong Kong and China Gas (0003) managing director and executive director Peter Wong Wai-yee who earned HK$37.4 million, CK Asset (1113) executive director Justin Chiu Kwok-hung who received HK$37.33 million, Henderson Land Development’s (0012) Colin Lam Ko-yin who drew HK$32.35 million, and Sun Hung Kai Properties (0016) deputy managing director Victor Lui Ting who took home HK$30.33 million.
Also, Hang Lung Properties’ (0101) Weber Lo Wai-pak, CLP's (0002) Chiang Tung Keung, and Cathay Pacific Airways’ (0293) Ronald Lam Siu-por received HK$25.2 million, HK$24.2 million, and HK$14.15 million, respectively.
STAFF REPORTER
