Sapura CEO Earns RM72 Million Annual Income

Sapura Energy Berhad - Chief executive officer (CEO) Tan Sri Shahril Shamsuddin survived a bid to oust him as director and CEO amid unhappiness over his total pay package of RM71.92mil in financial year 2018 ended Jan 31 (FY18). 

At the company’s AGM on Wednesday, Shahril, who earns nearly RM200,000 a day, managed to stave off the move by institutional investors to remove him as Sapura Energy’s CEO. 

In a poll, Shahril managed to get about 82% of the votes to keep his job as a director of the company. All the other resolutions were passed by shareholders. 

The institutional shareholders have deemed his remuneration as excessive and are unhappy, according to the Minority Shareholder Watchdog Group (MSWG). “This is the first time that the Institutional Investors Council has taken this collective decision to vote against (directors’ re-election). 

Shahril’s remuneration of RM71.92mil for last year consisted of RM7.24mil in fixed monthly salaries (and other emoluments), RM55mil in bonuses, RM9.34mil under the defined contribution plan and RM348,000 for benefits in kind, according to its annual report. 

The base remuneration for that year was RM8.69mil. In that year, the company did not name the executive that was paid this remuneration, but it is assumed that the money was paid to Shahril, given that he is the top executive of the board.