[Asia Economy Reporter Choi Dae-yeol] Koo Kwang-mo (photo), chairman of LG Group, received a total compensation of 8.008 billion KRW from LG Corporation last year, the company announced on the 22nd.
According to the securities report submitted by LG Corporation on the same day, Chairman Koo received a monthly salary of 182 million KRW each for base pay and role pay, totaling 4.368 billion KRW in salary. In addition, he received a bonus of 3.64 billion KRW.
The bonus amount is determined by the board of directors based on performance evaluation according to the executive compensation regulations. Quantitative indicators such as sales and operating profit, along with qualitative indicators such as fulfillment of mid- to long-term expectations, leadership, and contribution, are evaluated, allowing payment of up to 150% of the annual salary.
The company explained, "In 2019, amid ongoing external uncertainties and a slowdown in domestic economic growth, we achieved consolidated sales of 6.5753 trillion KRW and operating profit of 1.0241 trillion KRW in a challenging business environment. From a long-term perspective, the bonus was calculated in recognition of contributions to business structure advancement and enhancement of business competitiveness to discover future growth engines."
Vice Chairman Kwon Young-soo, who is also a CEO of the same company, received 3.153 billion KRW. Similarly, Ha Beom-jong, head of the finance team and an inside director (vice president), received 712 million KRW. Among non-registered executives, President Hong Beom-sik received 1.349 billion KRW, Vice President Lee Bang-su received 754 million KRW, and Executive Director Kim Yi-kyung received 722 million KRW. President Hong and Executive Director Kim, both from outside the company, received amounts reflecting signing bonuses of 300 million KRW and 500 million KRW respectively, agreed upon at the time of their hiring.
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