THE tougher economic times of last year did nothing to stop strong increases in directors' pay packages, according to the annual Sunday Money survey of directors' emoluments.
For the fourth consecutive year, the rise in boardroom pay of the 33 Hang Seng Index constituents has heavily outstripped increases in company profits, inflation, and general wage levels.
The average rise for Hong Kong blue-chips was 55 per cent, a figure heavily influenced by a 1,550 per cent increase in the directors' packages at New World Development - the highest since the survey began in 1992.
The median figure, which is less influenced by extreme rises and falls, was an increase of 26 per cent, while the overall amount paid by the companies was $916 million, a rise of 11 per cent.
By comparison, those surveyed raised profits by just 12.6 per cent and earnings per share, a more sophisticated measure of company performance, rose an average of just 9.3 per cent.
The pay package figures quoted are taken from company annual reports and include housing, pension schemes and some other perks, but are not in all cases inclusive of share options.