Executive Director Compensation in Malaysia: A Study of Firms with Substantial Shareholding
Notice bibliographique
Résumé
In corporate governance studies, two types of conflicts are identified. Type I conflicts exist in companies where ownership and management are separated. But when substantial shareholders manage the company, the probability of expropriation of minority shareholders gives rise to Type II conflicts. Hence in countries where share ownership is highly concentrated, Type II conflicts are said to be more prevalent. Since research by many scholars has shown that equity ownership in Malaysia is highly concentrated, a study has been conducted on one category of Malaysian public listed companies – those in which the single largest shareholder owned at least 10% of the shareholding – to investigate a possible form of expropriation: compensations paid to executive directors. This paper reports on the board compensation characteristics of these substantially owned Malaysian companies. This study confirmed the findings of previous studies on the Malaysian corporate sector, which was found to be highly concentrated in terms of ownership. Slightly over one half (51%) of the main board listed companies in the selected sectors were found to have single largest shareholders owning no less than 10% of the total shares. Among the PLCs where the single largest shareholder held no less than 10% share ownership, a quarter of the sample was found with share ownership of more than 50%. It also confirmed the family ownership pattern as reported in other studies, since 91% of the sample firms in this study were found to be owned by individuals, families or private firms (which were owned by the individuals or families). Study of the compensation received by executive directors found that the bulk of their compensation was fixed in nature. Indeed salaries made up 75% of the executive directors’ total emoluments. Dividends received by executive directors through their share ownership represented another major source of their income. Among these substantially owned and controlled firms, total dividend income in fact exceeded the total emoluments received by the executive directors. This paper concludes that the phenomenon calls for further study to establish the likelihood of Type II conflicts among these Malaysian firms.
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|---|---|---|
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