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The local business magazine, Malaysian Business has recently compiled a list of “Highest Paid Directors” survey for the year of 2009. Among the list, Genting Berhad topped the list with a payout of RM92.11 million. Besides, Genting Bhd also had the highest remuneration band of RM87.6 million to RM87.65 million for a single director. However, the company did not name the director. The top executive listed is its executive chairman and chief executive officer, Tan Sri Lim Kok Thay.

The magazine said the other company with the highest remuneration band for a single director was Genting’s unit, Genting Malaysia Berhad, which paid out RM37.25 million and above to its top executive. However, these payouts might have been paid to the same person taking into account the possibility of double counting.

IOI Corperation Berhad stands in third place with a paid out of RM25 million to RM30 million in remuneration band to its highest-ranking director. This is less than RM41.1 million to RM41.15 million it paid out in 2008.

The survey revealed the top ten companies in terms of total payouts forked out nearly RM300 million last year. Out of the more than 600 companies surveyed, close to 240 directors drew more than RM1 million in remuneration last year despite the cautious economic environment. The Malaysian Business survey lists a total of 628 companies with a remuneration band of above RM300,000 as stated in the companies’ annual report. Of these, only about seven per cent of the companies were transparent in stating the exact remuneration of their top executive.

Last but not least, several companies with huge losses still reward their directors with huge payouts.