Vanity Fair for A-share executives: resignation and abandonment of year-end bonus for a minimum term of 6 days

category:Finance
 Vanity Fair for A-share executives: resignation and abandonment of year-end bonus for a minimum term of 6 days


The chairmans pay has gone up year after year, and these people are on the list

The visual stimulation and topic discussion brought by the mountain shaped cash wall are always lasting. Chen Guangbiao, who is controversial, has made the headlines, and the Fangda system from the Northeast has become popular on the Internet.

In recent years, the listed companies of fangdashi have repeatedly made money when they didnt agree with each other at the annual meeting. Investors have heard about this rich behavior art more or less. In 2018, the total remuneration of the chairmen of the two listed companies, Dachan and Fangda special steel, under the banner of Fangda system, exceeded 70 million yuan, respectively winning the first prize and the first prize in the annual remuneration list. Fangda special steel also relied on its own efforts to elevate the steel industry with the lowest average salary of the chairman in 2017 to the second place in 2018.

However, in 2019, Fang Dachan and Fang Dagang kept a low profile on the chairmans remuneration, which disappeared in the top ten of A-share chairmans remuneration. In 2019, the maximum salary of A-share chairman is only 26.6128 million yuan, which is 34.72% lower than that in 2018. The top ten threshold of A-share chairmans salary is also reduced, from 12.53 million yuan of Vanke A in 2018 to 10.047 million yuan of Greenwich in 2019.

In 2019, there are 7 listed companies ranking in the top 10 in Chairmans remuneration, which coincide with the previous year. Chairmans remuneration is more than 10 million yuan. Pengding holding, Mindray medical and Jinke shares are ranked in the top three. The newly listed Zhongnan Construction, Shengyi technology and greenmei have been listed for more than 9 years, and their overall performance has increased in the past 9 years. Of the top 10 companies, 5 are registered in Guangdong Province.

The square carbon dropped out of the list is actually affected by the statistical caliber. In 2018, the chairman s remuneration exceeded 40 million 700 thousand yuan, and 40 million yuan was actually a bonus. However, in this year s wind data, the bonus was not included in the remuneration, resulting in a sharp drop in the chairman s remuneration of Fangda carbon.

Fang Dachan implements the mode of low annual salary and high bonus. Even if bonus is added, its executives will also have collective salary reduction in 2019. The salary of chairman dangxijiang has been reduced from 769700 yuan in 2018 to 657200 yuan, and the bonus has also been reduced from 40 million yuan to less than 20 million yuan.

Xu Zhixin, the current chairman of Fangda Special Steel Co., Ltd., is not paid in the listed company. However, Xie Feiming, the former chairman of Fangda Special Steel Co., Ltd., received A salary of 41 million 224 thousand and 600 yuan in 2019, which is 9 million 527 thousand and 900 yuan higher than that in 2018, leading the whole A-share market. Xie Feiming is not in the current management list of Fangda special steel, and only served as the chairman of Fangda special steel from August 2017 to June 2019. Xie Feiming was punished for a work safety accident, while Fangda special steels net profit attributable to the parent fell 41.54% year on year in 2019, the first decline since 2016.

In 2019, the average value of A-share chairmans salary is 9516000 yuan, 10% higher than that in 2018. Although the increase is slightly lower than that in 2018, it is still in a high-speed growth stage. Since at least 2015, the average salary of A-share chairman has been increasing year by year, and the overall increase trend is expanding.

The term of office is a little short. The chairman has only worked for six days

Most of the top leaders are the makers of the companys strategy. If the blood exchange is frequent, it is likely to mean that the companys business strategy is unstable, suggesting risk factors.

In 2019, a total of 237 directors of the company announced their departure. It is worth noting that in these 237 listed companies, some of the companys chairman changes frequently. In 2019, there will be 10 companies with two chairman resignations in one year (excluding acting chairman), and 2 companies with three chairman resignations in one year (excluding acting chairman).

Among the fast-moving but fast resigning chairmen, the shortest one is less than a week. Yang Qi, the third chairman of the company in 2019, set the record. In 2019, Yang Qi, former chairman of Zhongse, resigned due to personal reasons. However, according to the website of the State Commission for Discipline Inspection of the Central Commission for Discipline Inspection, Yang Qi is suspected of serious violations of discipline and is currently undergoing discipline review and supervision investigation.

No matter what kind of event happened to the company, the reasons for the resignation of the chairman announced by most companies are not surprising. Among the 12 listed companies that frequently change chairman according to the statistics of daily economic news, in addition to * ST Weihais reply to the Shenzhen Stock Exchanges letter of concern, Zhong Chengrong, the former chairman of the company, chose to resign because he was dissatisfied that he would be dismissed without reasonable reason, and the reasons for resignation announced by other exchanges are almost all concentrated in three kinds: work adjustment, personal reasons and expiration of tenure.

Shareholders infighting, thunder explosion, performance loss and punishment for violation of regulations are always accompanied by frequent turnover of senior executives.

In 2019, when the chairman of the board resigned twice a year and the Secretary of the board resigned four times a year, there were incidents such as illegal guarantees, being suddenly guaranteed by St, the official seal luoshengmen, and the raised funds being forcibly transferred away by the bank. This series of events are closely related to the internal strife between the two chairmen of the board of directors of St Weihai.

With the frequent turnover, the operating revenue of 10 of the 12 listed companies in 2019 has declined year on year, and in terms of stock price performance, the stock price of the company that frequently changed its chairman fluctuated greatly last year. Among them, there are 5 companies whose stock prices have declined in 2019, and * ST Gangtai has declined the most, more than 50%. Although there are two chairmen resigning in 2019, the share price of ziguangxue University, Wantong real estate, CNNC titanium dioxide and other companies still rose a lot, of which ziguangxue Universitys annual increase is as high as 70.50%.

Its hard to be a secretary. One out of ten companies has changed

There are more than 3000 A-share listed companies, and Secretary Dong is a special occupation. It is these thousands of secretaries who set up a bridge between listed companies, regulators and investors.

The so-called Secretary of the board of directors, whose full name is Secretary of the board of directors, is appointed by the board of directors and is responsible for the board of directors and the company. He is mainly responsible for the preparation of the general meeting of shareholders and the meeting of the board of directors, the custody of documents, the management of the companys shareholders information, the handling of information disclosure and other matters. In the operation of listed companies, the role of the Secretary of the board of directors is everywhere. As long as the company has any agitation, it is often the Secretary of the board of directors who will bear the brunt of the doubts of the regulators, media organizations and investors.

Although he is in a high position and holds a heavy responsibility, Dongs resignation is not a stable iron rice bowl.

According to wind data, in 2019, there were 391 listed companies that had experienced the resignation of directors and secretaries, accounting for 10.16% of the total number of A-share companies last year. That is to say, in the past year, every 10 listed companies have had changes in the board of directors.

Among the 391 listed companies, there were 458 resignation incidents. On average, there are about two directors and secretaries leaving each trading day.

In the 391 A-share companies where the Secretary of the board of directors left, many companies also changed the Secretary of the board of directors in a high frequency. The reporter found that in 2019, 333 listed companies had more than two times (including) the Secretary of the board of directors left. Among them, 7 companies have had 3 times of secretary resignation, while * ST Weihai disclosed 4 times of secretary resignation in the past year.

Year end bonus is not important? Chairman Dong Mido resigned at the end of the year

Different from the turnover trend of ordinary office workers at the beginning of the year, the secretaries seem to have no year-end bonus concerns and prefer to resign at the end of the year.

According to the data, from January to July 2019, the total number of directors and secretaries resigned was 82. Since August, the number of directors and secretaries resigned has increased rapidly, and the number of directors and secretaries resigned in that month reached 71. In December, the number of directors and secretaries leaving the company reached a peak of 95.

Similar to the period when the directors and secretaries left the company, most of the directors chose to resign at the end of the year. Of the 246 directors who left in 2019, 76 chose to resign in December, which is equivalent to that 2-3 directors announced their resignations every day in that month.

In addition to the operation, the frequent change of directors and secretaries of listed companies also points to the hard to find good people behind them. For example, in guangha communications, where the former Secretary Chen Xiaoying retired in August last year, the company appointed an executive, Tan Weili, to act on behalf of the secretary. In accordance with the relevant provisions of Shenzhen Stock Exchange GEM Listing Rules, three months after Tan Weilis agency period, the chairman of the company had to take over the work of acting secretary until the company formally hired a new secretary.

In terms of the correlation between the companys capital strength and the frequency of directors and secretaries resignations, among the eight listed companies that had more than three times (including) directors and secretaries resignations in the past year, by the end of May this year, the market value had not exceeded 10 billion yuan, and the average market value was only 3.436 billion yuan. However, in the listed companies with two or less Board Secretary resignations, the market value distribution does not show obvious regularity. The Board Secretary resignations are mainly due to normal retirement, resignation and regular work adjustment.

With less than 16% of the boards annual salary, science and Technology Innovation Board companies are more stingy

Only Vanke A is a listed company that is generous in both positions. Compared with the stability of the chairmans salary list, the board secretarys salary list has a clear trend of shuffling. In 2018, only three of the top ten companies continued to lead in 2019.

In 2019, the average remuneration of the secretary was 669400 yuan. Light media surpassed Vanke A, which had been dominating the list for two years, and became the company with the highest remuneration for the Secretary of the board last year with an annual salary of 6.72 million yuan. The reporter noted that in addition to being the Secretary of the board of directors of light media, Mr. Hou Jun also served as the companys director and general manager of investment, and the above salary is the overall remuneration for his three work.

Different from the spindle shape of the chairmans salary range, the chairmans salary range is pyramid shaped. The annual salary of directors and secretaries of three companies is more than 5 million yuan, while that of over 1700 companies is less than 500000 yuan. At the bottom of the pyramid, there are 553 listed companies with an annual salary of more than 1 million yuan, accounting for 15.61% of the total.

In March 2019, the Shanghai Stock Exchange officially accepted the application of investment banks for the science and technology innovation board project. In June, the first share of the science and technology innovation board officially appeared as a pilot field for reform. The science and technology innovation board attracts the markets attention with innovation and high technology as its highlights.

Compared with the average salary of A-share chairman, the average salary of chairman of science and technology innovation board is 25.45% higher, about RMB 1193800. Among them, the chairmans remuneration of 46 companies is higher than the average value of a shares, and about 46% of the chairmans remuneration in the scientific and technological innovation board is between 1 million and 5 million yuan.

However, the average remuneration of the Secretary of science and technology innovation board is lower than that of A-share, about 649000 yuan. Among them, the highest is Shengyi electronics, with the remuneration of 3.5858 million yuan. About 44% of the remuneration of directors and secretaries of science and technology innovation board is concentrated between 100000 yuan (excluding) and 500000 yuan (excluding). Data Description: the data in this paper are from wind and listed company announcements or other public disclosure announcements, and the statistical scope includes enterprises newly listed in 2020 but disclosed 2019 salary data. Reporter: Li shaoting, song Kejia, Li Shiqi editor: Chen Junjie vision: Liu Guomei, Li Shiqiang typesetting: Chen Junjie, Ma Yuan source: Daily Economic News Author: Li shaoting, song Kejia, Li Shiqi editor in charge: Wang Xiaowu_ NF

However, the average remuneration of the Secretary of science and technology innovation board is lower than that of A-share, about 649000 yuan. Among them, the highest is Shengyi electronics, with the remuneration of 3.5858 million yuan. About 44% of the remuneration of directors and secretaries of science and technology innovation board is concentrated between 100000 yuan (excluding) and 500000 yuan (excluding).

Editor: Chen Junjie

Typesetting: Chen Junjie, Ma Yuan