Hanjin Group Chairman Cho Won Tae Receives 9.2 Billion Won in Compensation in First Half of Year

Cho Won Tae, chairman of Hanjin Group, received a total compensation of over 9.2 billion won in the first half of this year.

According to the semiannual report released by Korean Air on the 14th, Chairman Cho received a total of 8.152 billion won from Korean Air and Hanjin KAL. From Korean Air, he received 2.331 billion won in salary and 1.492 billion won in bonuses, totaling 3.823 billion won. From Hanjin KAL, he received 2.404 billion won in salary and 1.925 billion won in bonuses, totaling 4.329 billion won. From Jin Air, he received 637 million won in salary and 435 million won in bonuses, totaling 1.072 billion won.

Cho Won Tae, chairman of Hanjin Group, is answering questions from the press at a press conference for the unveiling of the new CI held at Korean Air headquarters in Gangseo-gu, Seoul on March 11. Photo by Airport Press Photographers Group

This represents a 43% increase compared to the total of 6.458 billion won he received from Korean Air and Hanjin KAL last year. In addition to the increased compensation from Korean Air and Hanjin KAL, he also received compensation from Jin Air.

A Korean Air representative stated, "Monthly compensation is determined based on the director compensation payment standards, and finalized through a series of procedures including preliminary review by the compensation committee and approval by the board of directors." The company comprehensively evaluated the management performance and roles of Hanjin KAL and its major subsidiaries, and paid performance bonuses to all employees following the completion of the acquisition of Asiana Airlines. Korean Air also paid incentives to all employees in accordance with labor-management agreements, in connection with the incorporation of Asiana Airlines as a subsidiary. Jin Air determined compensation by considering the business scale, responsibilities, and roles of the integrated low-cost carrier (LCC).