Here’s How Much The 5 Highest-Paid Malaysian Bank CEOs Earn
We know that CEOs earn a lot. But how much do they earn exactly? What about bank CEOs? Who are the highest earning bank CEOs in Malaysia?
According to the Securities Commission’s (SC) inaugural Corporate Governance (CG) Monitor 2019 report, the remuneration of the top-20 highest paid CEOs in Malaysia ranged from RM8mil to RM168mil in 2018.
Now, before we go gaping at the numbers, let’s get acquainted with what they do on a daily basis and the challenges they face to find out if it they are really worth their weights in gold.
The roles of a CEO
A CEO is the chief executive officer of an organisation. In general, some of their roles are:
- Make the vast majority of all business related executive decisions.
- Leading, guiding, and overseeing the job performance of other highly ranking company employees such as the president and vice presidents.
- Responsible for putting together and formulating a strategic set of plans on how to address the direction of their company.
- Drive strategic planning, business development, and fiscal operations.
- Establish positive relationships with stakeholders and other business leaders.
- Determine overarching goals and initiatives.
The roles of a bank CEO
Specifically, a bank CEO is responsible for:
- Formulating operational policies for the bank
- Formulating goals and setting deadlines for them
- Formulating rules and regulations in the bank regarding financial transactions and other important functions
- Coordinating the resources in the bank in order to attain the formulated goals
- Interacting with shareholders and releasing company reports
- Ensuring that all the financial data of the company is updated and accurate
- Monitor the functioning of various departments of the bank and ensuring that all of them are working on the right track
How to qualify to be a bank CEO?
Some of the qualifications needed to be the CEO of a bank:
- Great social skills and the ability to be an effective leader
- Excellent analysis, observation and decision making skills
- Excellent communication skills
- A thorough knowledge about federal and state regulations regarding the banking sector
- A thorough knowledge about the way banks work
- A master’s degree in finance and management is essential for a CEO
- Experience of work in various sectors of banking is required
Now that you know what is required of a bank CEO, let’s see what they earn!
To give you a perspective, according to the Salaries & Wages Survey conducted by Department of Statistics Malaysia (DOSM), in 2017,
The median salary of Malaysians is RM2,160.
Here’s a roundup of the annual remuneration and background of the top 5
Let’s see how much the top 5 bank CEOs are being paid yearly in Malaysia. *Drumrollllll*
Total compensation: RM9.89 million
Age: 45 years old
Education: Bachelor of Science (Hons) in Economics and Accounting from University of Bristol, United Kingdom, Master of Arts in Finance and Management from University of Exeter, United Kingdom, Fellow of the Asian Institute of Chartered Bankers and Investment Management Certificate from Institute of Investment and Research, United Kingdom
Background: Over 22 years of experience in the financial services sector specialising in Investment Banking
Total compensation: RM10.11 million
Age: 50 years old
Education: Bachelor of Science in Accounting from Pennsylvania State University, Master of Business Administration from University of Denver and an alumnus of the Harvard Business School Advanced Management Program.
Background: Over 20 years of experience in investment banking, corporate finance and capital markets with Aseambankers Malaysia Berhad, Schroders, Malaysian International Merchant Bankers Berhad, J.P. Morgan and Khazanah Nasional Berhad.
Total compensation: RM11.05 million
Age: 61 years old
Education: Bachelor of Business Administration degree from Bishop’s University, Canada and an alumnus of the Harvard Business School Advanced Management Program.
Background: Began his banking career with DBS in 1981 and has successfully built consumer banking franchises across multiple markets in Asia for Citibank, Standard Chartered Bank and ANZ Bank.
Total compensation: RM12.02 million
Age: 51 years old
Education: Bachelor of Economics from Macquarie University, Sydney, Master of Business (Banking & Finance) and Master of Business Administration, both from University of Technology, Sydney.
Background: Spent 16 years at Citigroup where he served in various senior management roles across Asia, where he helped to drive execution of Citi’s strategy across 10 countries and helped to manage the banking operations during the 2008/2009 financial crises.
Total compensation: RM27.84 million
Age: 76 years old
Education: Master’s degree in Business Administration from Henley, United Kingdom and attended the Advanced Management Program at Harvard Business School.
Background: Started as a pioneer staff in 1966 and comes with around 60 years of experience in the banking and finance industry.
What Can You Learn From The Top 5 Highest Earning Bank CEOs In Malaysia?
Regardless of which industry you aim to work in, here are 3 key takeaways to keep in mind.
- Investing in quality education is the key to make your way upwards and onwards. If you are done with school, invest in courses and cultivate high-income skills that will give you an edge in the corporate world.
- Be courageous to try new things and face challenges as they will give you invaluable experience and turn you into an asset for your company.
- Aim high and keep your eyes on the trophy!