[Executive Remuneration] CITIC Securities is worthy of being the leading brokerage firm. Not only is its profitability the highest in the industry, but its executive compensation is also at the top level. The total compensation of senior executives disclosed in the company's 2020

[Executive Compensation] CITIC Securities is worthy of being the leading brokerage firm. Not only does its profitability rank first in the industry, but its executive compensation is also at the top level. The total compensation of senior executives disclosed in the company's 2020 annual report is still the same as before, ranking first among domestic securities companies again, without any suspense.

The annual report shows that CITIC Securities achieved revenue of approximately 54.4 billion yuan in 2020, an increase of 26%; the net profit attributable to shareholders of the parent company was 14.9 billion yuan, an increase of approximately 22% year-on-year. In the company's history, the revenue and profit levels in 2020 are only slightly lower than those in 2015 during the bull market, which is the second highest level.

This also lays a solid foundation for senior executives and even employees to receive salaries that exceed the industry average.

The total salary is 149.38 million, and 4 senior executives have more than 10 million

In 2020, CITIC Securities had a total of 26 directors, supervisors and senior executives receiving remuneration. Non-executive director Wang Shuhui receives remuneration from listed companies. The total remuneration received by these 26 senior executives from the company reached 149.38 million yuan, which was slightly 5.66 million yuan less than the total remuneration of 155.04 million yuan in 2019.

The top management took away nearly 150 million yuan in salary, which is the total net profit of many companies for the whole year. But in CITIC Securities , its net profit is about 1/100.

Specifically, there are four senior executives whose salary exceeds 10 million yuan. They are Ma Yao, Gao Yuxiang, Xue Jirui, and Yang Bing. These four are all senior executives and members of the executive committee. Their respective salaries are 10.96 million yuan, 10.76 million yuan, 10.56 million yuan, and 10.16 million yuan. There is no difference between them. big.

However, there is another executive who holds equity, namely Jin Jianhua basic salary is 7.46 million yuan, and at the same time holds 350,000 shares at the end of the reporting period, so the total salary plus equity is 17.75 million yuan, more than four people receive thousands Executives with salaries exceeding RMB 10,000.

Plus Jin Jianhua, CITIC Securities has a total of 11 senior executives with salaries ranging from 5 million yuan to 10 million yuan. The salaries of the five top executives range from 1 million yuan to 5 million yuan. There are another six senior executives whose salaries range from 100,000 yuan to 1 million yuan.

The three independent directors each receive an allowance of 150,000 yuan per year, and the supervisors receive an allowance of 100,000 yuan. In addition, Wang Junfeng, who only became secretary of the board of directors on July 30, 2020, has a salary of approximately 740,000 yuan. This is because he only lasted about 5 months in office, and his annual salary was about 1.78 million yuan.

The salaries of the chairman, president, and chairman of the supervisory board are relatively "low-key"‍‍

As mentioned above, there are four senior executives whose salaries exceed 10 million yuan, and the highest net worth is Jin Jianhua, with a total shareholding and salary of 17.75 million yuan. But these five senior executives are not the company's three core senior executives, namely the chairman, president and chairman of the board of supervisors. The salaries of these three top executives are in the middle of the company's top ranks.

Chairman Zhang Youjun has been at the helm since 2016 and has served as chairman for more than five years. Last year, his salary was less than 4.92 million yuan, ranking 16th among the top executives. Yang Minghui, the general manager or president, has been in this position since June 2016 and has been in this position for more than four and a half years. His salary last year was 9.93 million yuan, ranking sixth.

I would like to mention that a few people with salaries exceeding 10 million yuan are members of the executive committee. In fact, Zhang Youjun and Yang Minghui are also members of the executive committee. Yang Minghui's salary is close to 10 million yuan, but the salary of Zhang Youjun, who is also very senior, is less than half of the salary of other executive committee members. The design of the salary system of CITIC Securities is quite interesting. Zhang Changyi, chairman (convener) of the

board of supervisors, received a salary of 3.52 million yuan last year, and he only served for 6 years. In addition, supervisor Li Ning, who served as the convener for half a year, also received a salary of 3.26 million yuan.

The 2020 annual reports of securities firms are still being released. The total compensation of CITIC Securities senior executives in 2019 was 155 million yuan, which is less than the second-placed CITIC Construction Investment . Its total salary pool is less than 62 million yuan. Therefore, CITIC Securities Securities once again won the top executive total compensation championship among securities firms in 2020, and there is no doubt about it. The above remuneration is before tax.

Brokerage firms are a fully market-oriented and fully competitive industry. From top management to all employees, high salaries are a characteristic of the industry. Compared with banks in another financial industry, they can actually be described as "crushing".