Ma Mingzhe, chairman of the media last year said annual salary Ping'an zero

Last year, for "well-paid door" into the vortex of public opinion to make a Ma Mingzhe recently may be surprised by the decision of the outside world - will be recently published in Chinese Ping'an (32.27, -1.88, -5.51%) 2008 annual report, the directors long and one column CEO pay will be only a few side by side "0." "Scolded the Ma Mingzhe has endured a year, hoping to '分文不取' gesture to show his authority and all staff to ride out the storm, seeking the determination of growth." Closer to the Ping'an Ma Mingzhe people revealed to our reporter, "year does not good, as well as deploring the Fortis investment losses and other factors, prompted him to make this decision. " Our reporter to the press spokesman for Serena Ping'an Health to verify, Serena, said "it true." Then went on to say executive pay and performance company announced in April this year, company results announcements and annual reports will be disclosed. Do white-year 2008 has seen none of the Chinese Ping'an: the beginning of the refinancing crisis, "high-paying Door" to the financial tsunami of the Economic Information Daily Fortis investment, leading to the former darling of the capital market performance fell. Earlier, the investment banking profession generally will decline to speculate Ma Mingzhe pay more than 50%, mainly based on Ping'an is a pay structure and performance are highly linked. In executive pay in the performance of 80% cash bonus and options may be affected. According to the Annual Report 2007, China Ping'an for the second consecutive year to become the most expensive A shares of the gathered executives, the head of Ma Mingzhe people pre-tax salary up to 66.161 million yuan, one of the basic salary of about 400 million yuan, accounting for about 7 percent, and the remaining 93% bonuses and options are. Ma Mingzhe, headed by a layer of well-paid executives, Ping'an due to the pay system and long-term incentive plan. With the mid-2007 the company's first long-term incentive plan payments, 493 million yuan in prize money was more than 400 employees in China Ping'an share, which makes pre-tax bonus part of Ma Mingzhe reach sky-high price of 61.32 million yuan. 2007 Ping'an in 2004 are the first batch of long-term incentive plans to honor the first year of implementation of the vicinity of H shares day average price of 52.74 Hong Kong dollars, the past grant price of 10.33 Hong Kong dollars, while 4192 shares virtual options 1397.33 million in the first phase of the cash amount of 593 million Hong Kong dollars, the actual amount paid for 493 million yuan. This is a bonus, constitute Ping'an executives in 2007 the backbone of the pay rise. "The options settings, does not think the stock market is so crazy, president of the stock so high." Ping'an insiders said that the option plan is essentially a stock appreciation rights. Power lines are holding the line when the stock price and listing the difference between. "Ping'an one year after listing, the share price rose only two per month, until 2006-2007, the share price to increase. Moreover, the entire management team should not visit the right amount of the annual profits of more than 4 percent, so everyone on the options did not too high expectations. " In 2007 the stock market madness, Ping'an huge profits growth, so that option into a banknote printing machine. However, according to the above-mentioned persons close to Ma Mingzhe said, except for taxes and public donations, Ma Mingzhe in 2007 to get this in fact only about one-third of total revenue. In 2008, the world changes. Financial tsunami, the stock market crash, investment losses, improper timing of financing and so on, put this one night a year ago, Ma Mingzhe this star into the financial whirlpool of negative criticism, and his high salary to become the focus of media bombardment firepower. In accordance with the former set of long-term incentive plan, options granted in 2004 with the two parts of the option granted in 2005 the first part should be honored in mid-2008, according to the payment date was set for the June 24 closing price of H shares in Hong Kong 57 element calculation, the two parts in 2004 involving 652 million dollar funding. In addition, 1572 million in 2005 granted options (grant price of 12.47 Hong Kong dollars) 524 million shares of the first part of the same value of 233 million Hong Kong dollar. In this regard, without taking into account other factors under the premise of Ping'an employees in 2008 to take this element is the total prize money of up to 885 million Hong Kong dollar, representing a growth of 49.42 percent over the previous year. While the other a public document, in 2004,2005 two years, team executives Ping'an million in 4192 and 1572 shares respectively, the virtual share options 1103.8 million shares and 343.6 million shares, the executive team can be pro-rata access to the Hong Kong dollar 223 million long-term incentives. However, the virtual stock option plans in accordance with the Ping'an the provisions in the above-mentioned bonuses team want to fall into the pockets of executives, but also achieve the above "line right to the total amount must be less than 4 percent profit prediction was" rigid requirements. This means that in 2008 Chinese Ping'an by International Financial Reporting Standards caliber must be under the total profit of more than 22.131 billion yuan. This is obviously extremely difficult. Now, in the absolute proportion of salaries accounted for long-term incentive scheme, Ma Mingzhe made even do not receive the decision of the basic salary, which is truly to become a "white collar", erected in 2008 as a whole. After闭门思过 March 2008, Ping An of China on the "high-paying Door" made some public explanation, but the market is constantly questioned. May provisional shareholders meeting, the "Ma Mingzhe express themselves worthy of pay" is also caused a great uproar. According to the then shareholders will take part in the scene, said Ma Mingzhe in fact the original words were: "I want more hard work and efforts to be worthy of the trust and the shareholders pay." Ping'an insiders who think, based on the basic operations in 2008 to determine, if not Futong events, or Ping'an results have been good. "Fortis investment in heavy losses so deeply saddened by Ma Mingzhe, the company senior management on this matter once even opened for a few days to reflect on the closed-door meeting. 'Zero-salary' decision is made shortly after this." Of course, this also express a gesture, hope and all the staff to ride out the storm, encouraging them to come up with good results. Fortis after the incident, internal Ping'an also conveyed the general staff "no layoffs, non-wage reduction" commitments. The end of last year also set a Ping'an internal军令状and vow to re-board in 2009 the business to new heights. Ma Mingzhe all staff in his letter said that after fruitless trips overseas, will be returned to the main industry and focus on the domestic market. Since then, Ma Mingzhe regular night to lead the company's management to discuss the five-year planning and business development plans. "After the middle of the night against him Receive e-mail are common," says one executive with a BlackBerry cell phone Ping'an feeling the pressure of their work. It appears that Ma Mingzhe fully invested in 2009 the turn over battle, hoping to re-make a good return to the capital market the image of youth. How much it appropriate? Annual salary to zero-profile, high salaries may make Ma Mingzhe door incident to an end, but the executives in the end how much, what principles should adhere to in the end, the problem does not appear to have been there to answer. In the financial tsunami background, the financial well-paid executives in almost all over the world are being questioned and criticized. Obama accused the President of the United States Prior to Wall Street to accept state aid financial institutions for issuing bonus "disgraceful." In the limited salary, get an order, "one dollar annual salary," often led to a burst of applause. "Fundamentally, the pay should not be a reward mechanism for error and greed, but pay should never lose its performance-based incentive mechanism." An international human resources consulting firm of experts think. Prior to this, in the debate about high-paying, it was suggested that high-paying enterprises must set up a sound corporate governance structure, has a strict standard-setting, supervision and punishment mechanism, in the absence of this premise, high pay is tantamount to "legal" corruption. And in how much executives of the issue, calling for managers of state-owned enterprises pay with international practice, on the grounds that Chinese state-owned enterprises management executives with foreign counterparts, the same size and take the money less than the foreign counterparts. But at the same time, there are statistics show that the annual salary level executives of state-owned enterprises and enterprise performance correlation coefficient of only 0.4. A considerable number of state-owned listed company executives pay has nothing to do with the performance of the company, many companies pay executives at the company's profits also fell on the rise. " 'Astronomical salary' should not take, but the 'one dollar salary' or even 'zero-salary' is not to solve the problem long-term executives salary policy," the aforementioned international human resources consulting firm experts think, "No matter what the pay system, adhere to corporate governance, performance-related is the real core. "