PGN directors get Rp7bn bonus
This is the time to calculate the bonuses for the management of our state-owned companies. Let me start with PT Perusahaan Gas Negara (PGN) Tbk, the third largest company at Jakarta Stock Exchange (JSX) by market capitalization (Rp46 trillion or around US$5 billion), the second biggest listed SOE behind PT Telkom Tbk.
The shareholders meeting last week agreed to give Rp7 billion bonus to the management. Here's the breakdown:
President director WMP Simandjuntak: Rp999 million (US$108,500);
Directors: 90% of the president
President commissioner: 40% of the president director
Commissioners: 36% of the president director
How much is the salary? PGN's president director net salary: Rp55 million (US$6,000) per month. Others follow the formula for bonus payment. But don't ask how much these guys really make each month...it's totally different issue. We have to add the benefits, including Golf memberships, and hopefully no more under-the-table payments from suppliers or business partners...But if they still make money from such practices...the amount could be multiplied hundreds times.
READ MORE!!!
The shareholders meeting last week agreed to give Rp7 billion bonus to the management. Here's the breakdown:
President director WMP Simandjuntak: Rp999 million (US$108,500);
Directors: 90% of the president
President commissioner: 40% of the president director
Commissioners: 36% of the president director
How much is the salary? PGN's president director net salary: Rp55 million (US$6,000) per month. Others follow the formula for bonus payment. But don't ask how much these guys really make each month...it's totally different issue. We have to add the benefits, including Golf memberships, and hopefully no more under-the-table payments from suppliers or business partners...But if they still make money from such practices...the amount could be multiplied hundreds times.
READ MORE!!!
posted by yosef at 10:34 AM
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