Top Management Salaries in Kuwaiti Banks
March 30, 2011 Leave a comment
This table is very interesting. It’s the first time ever that banks disclose how much they pay their top management, in salaries, stock options, and other indemnities.
- It shows NBK and KFH paying more than KD 10 Million, each, in compensation to their top managers.
- NBK people deserve every penny, they’ve been working hard since the financial crises and their efforts show in NBK’s profits and share price.
- KFH people, on the other hand, don’t deserve this at all. KFH’s profits have dropped significantly, and the share price has gone down by more than 70% in the past couple of years. I don’t see how they could justify getting this money.
- Bobyan is quite funny, having the biggest payout-to-profits percentage of all banks, at 20%. That means nearly 1 in every 5 workers work just to pay the top management. Its like forget the shareholders.
- Commercial Bank’s payout of just Kd 1 million makes me feel sad for the managers over there. This hardly seems fair, considering CBK’s big size and adequate performance.
Like I said, this is one interesting table.