Financial firms shun performance-based pay for CEOs
Seoul - Yonhap
Financial companies in South Korea are reluctant to pay their executives based strictly on performance, the financial regulator said Wednesday, as the watchdog moves to revamp the wage system after criticism arose that they still get a generous pay despite banks' dim earnings. Investment firms and insurers here paid their chief executive officers (CEOs) based more on the fixed salary than business results, according to latest data by the Financial Supervisory Service (FSS) on 65 financial companies in 2012.
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