The main target of a public outcry is Guotai Jun'an Securities Co, one of the largest brokerages in China, which is reportedly ready to give its executives hefty pay rises for 2008, when the financial services industry suffered major losses and the company itself saw a 24.24 percent decline in net profit, according to the Securities Association of China.
Guotai Jun'an announced it would earmark 3.2 billion yuan ($470 million) for "compensation and welfare expenses" for the past year, 57 percent higher than its compensation budget at the beginning of the year.
The decision, pending approval from its board of directors, was immediately chastised by the Chinese media as a move State broadcaster China Central Television described as "causing harmful social influence".
Saturday, February 7, 2009
Hefty payout deal draws public anger
Sound familiar? Sure, except keep reading...