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Yang Ming denies “self-enrichment” of head honchos

Yang Ming Marine Transport has refuted speculation that its chairman Cheng Cheng-mount and general manager Patrick Tu have arbitrarily paid themselves bonuses.

Media reports claim that each man has paid himself TW$2 million (US$62,000) after Yang Ming’s turnover began improving from the last quarter of 2023. In 1Q 2024, the Taiwanese operator’s net profit was US$298.42 million, more than twice the amount in the year-ago period.

In 2022 and 2023, Yang Ming paid employees bonuses of more than 70 months due to exceptional profits. In terms of year-end bonuses, each of Yang Ming’s directors received bonuses amounting to 50 months of salary, and the total paid out was TW$16 million (US$494,000). In addition, each director received an extra TW$2 million as a “special contribution bonus”. Information about the bonus payments was leaked, causing suggestions in the media that Cheng and Tu had rewarded themselves.

On 21 June, in response to the reports, Yang Ming said: “Since Mr Cheng became the chairman in October 2020, the company’s business performance and financial status have improved significantly, and have not been inferior to the company’s peers. The remuneration of Yang Ming’s chairman and general manager is significantly lower than their counterparts in peer companies. Bonus payments are handled in accordance with the company’s performance bonus calculation for shore-based staff, and the same applies to special contribution bonuses. The remuneration amounts are reviewed by the salary committee and there’s no basis for ‘self-enrichment’.

“The company's salaries are kept confidential. If the discussion involves personal interests, the parties concerned will avoid participating in the discussion. However, the content of the meeting and the discussion process of the relevant proposals have been repeatedly leaked by interested parties. Using specific media outlets for personal attacks not only harms the company's image but also violates the spirit of corporate governance.”

Martina Li
Asia Correspondent

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