Self-discipline believed behind efforts to cut back salaries despite 15pc rise in profits
Garment retailer Giordano International reduced its directors' pay by 23.33 per cent last year, though profit increased 15.55 per cent in the period.
According to the company's annual report, the pay packets of its 10 directors fell to HK$23 million from HK$30 million the previous year.
Executive director Terry Ng Sze-yuen said the decrease was partly because director Peter Lau Kwok-kuen gave up part of his salary in the year.
The departure of one high-paid director, who received about HK$13.5 million the previous year, also contributed to the decrease.
Another senior executive, who was not among the directors, was introduced in the year - receiving only HK$2 million.
The pay shrinkage is a sharp contrast to pay-outs at Pacific Century CyberWorks last year.
