Firm triples directors' pay
Directors at mainland foodstuffs company Ng Fung Hong have seen their emoluments more than triple to $14.57 million.
Emoluments rose 268 per cent from $3.96 million on the back of a rise in attributable profit of 127 per cent to $302.7 million and a 116.8 per cent rise in earnings per share to 36 cents.
Profit attributable was arrived at after booking a loss of $33.97 million on discontinued items along with an exceptional gain of $34.83 million, under the same heading. There was a further booking of another $10 million exceptional under continuing items.
Exceptional gains booked under continuing operations mostly consisted of $11 million on interest income on application monies received on issue of new shares. For discontinued operations the $34.8 million was recorded as the profit on distribution in kind (in specie ) of subsidiaries, following the group re-organisation ahead of the company's listing.
Executive director salaries and basic allowances came to $4.46 million, against $3.93 million in the previous year.
The big ticket item was a $10.05 million bonus paid, against no such payment in the previous year.
There were no fees paid to non-executive or executive directors. According to the group 1995 accounts the biggest payout was up to $4 million. Another director got up to $3 million and two directors got up to $2.5 million.