WHEELOCK and Co directors ordered themselves a mammoth 81.5 per cent pay increase in the last financial year, despite an 81 per cent plunge in operating profit.
Directors' salaries increased to $9.8 million from $5.4 million in the previous year.
Operating profit fell to $73.9 million from $390 million, while net profits increased 4.6 per cent.
Wheelock's highest paid director earned a total remuneration of between $10.5 million and $11 million in salaries, fees and bonuses. Another took away between $11.5 million and $12 million but this figure included profits on exercise of share options.
Bonuses at Wheelock came to $11.2 million against $12 million in the previous year.
The details revealed by the firm suggest the lion's share of salaries were paid out to executive directors Peter Woo Kwong-ching, Gonzaga Li Wei-jen, Ray Tse Chee-on and Stephen Ng Tin-hoi.
Mr Tse cashed in options on 450,000 shares at $3.65 each during the financial year, a move which could have netted him a profit of between $4 million and $5 million.