StanChart's Mervyn Davies pays high price for top post
There is a price for everything, including being a chairman.
Standard Chartered group chairman Mervyn Davies (below) will earn three quarters less this year after being promoted from chief executive four months ago, according to the bank's annual report released yesterday.
He will earn a base fee this year of US$1.19 million or 23 per cent less than in his previous position. Worse, he will no longer be eligible for an annual bonus or share options.
Last year, Mr Davies made US$4.43 million, 3.9 per cent higher than in 2005. The package included a US$1.77 million cash bonus and a US$973,000 deferred bonus.
Still, he is entitled to car, a driver, private health care and life insurance coverage.
