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Enoch Yiu

Chief executive says his salary will remain at last year's levels

The Hong Kong Monetary Authority's 600 staff will be given the highest pay rises and bonuses among local regulators, but chief executive Joseph Yam Chi-kwong has dropped his right to a fatter pay cheque.

According to the authority, staff will get an average 4.2 per cent pay rise this year, their first increase  since 2002.

That is higher than the 3 per cent  paid to 420 staff at the Securities and Futures Commission,  their first rise  since 2001.

It is also higher than  listed companies regulator, Hong Kong Exchanges and Clearing, whose 800 employees this year received an average pay rise of between 2 per cent and 4 per cent.

In terms of bonuses,  HKMA staff also came out on top, with an average 2.4 months' salary  based on their performance, higher than the average  six week bonus at HKEx and the SFC.

The pay rise, however, will not push Mr Yam back into the stratosphere of the highest-paid regulator in Hong Kong, since he requested that his own fixed and variable pay remain at last year's levels.

Mr Yam's take home pay will stay at about $9 million this year, lower than stock exchange  chief executive Paul Chow Man-yiu who earns $11.15 million including base salary, retirement benefits and bonus.

Before Mr Chow joined the exchange in 2003, Mr Yam was the highest-paid regulator in the city.

Authority   employees have had their base salary frozen since 2002, but  staff, including Mr Yam, had their variable pay increased by 5.6 per cent last year, followed by a 0.5 per cent rise in 2004.

Jerry Chang, a director at  international headhunting firm Barons, said the authority, like the SFC and the exchange, were under pressure to offer more attractive packages.

'The pay levels of the commercial  and investment banks are  on a rising trend which is tracking the economic recovery,' he said.

'If the HKMA does not increase pay levels, it would soon find many of its most talented staff jumping ship for the private sector,' Mr Cheung said.

'To ensure the de facto central bank can fulfil its duty properly, it is necessary for the authority to have a pay rise in line with the private sector,' he said.

Bankers said commercial banks had strong pay rises this year, with Citibank staff getting an average increase  of 5 per cent, HSBC  employees receiving 3 per cent to 5 per cent, and Hang Seng Bank staff getting   between 2 per cent and 8 per cent.

All three regulators have faced brain drain problems.

The authority's former deputy chief executive, Norman Chan Tak-lam, left in May last year and joined Standard Chartered in December.  Executive director Amy Yip also quit her job with plans to join a commercial bank.

The SFC also needs four executive directors, while the turnover among middle management reached 26 per cent last year.  Many of the exchange's listing division staff have joined investment banks.



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