Two top executives of public bodies are paid much more than the benchmark salaries for comparable jobs in the private sector, according to a government-commissioned consultancy report published yesterday.
Though not identified in the report, the two chiefs are believed to be Joseph Yam Chi-kwong, head of the Hong Kong Monetary Authority (HKMA), and Jack So Chak-kwong, the chairman and chief executive of the Mass Transit Railway Corporation (MTRC).
Mr Yam's pay package is about $8 million, following a 10 per cent cut in October.
Mr So's pay is in the range of $7.5 million to $8 million.
The consultancy report said the salary packages for the top posts of the HKMA and MTRC should be $7.2 million and $6.7 million respectively. The study, conducted by the Hay Group, covers about 80 executives in the top three layers of 10 public bodies. They include the HKMA, the MTRC and the Urban Renewal Authority. Pay for senior executives in 80 companies was used as a reference.
Of the top executives in the 10 bodies, seven are paid comparable packages to the private sector. One, who is understood to be the Urban Renewal Authority's chief executive, is underpaid.
