Thanks to some government pressure, Hyundai’;s billionaire chairman, Chung Mong Koo, has revealed just how much he gets paid each year. Honestly, the amount is a bit lower than we’;d expect considering he helms such a huge industrial empire. The 76-year-old chairman brought home $ 13 million in 2013, $ 5.2 million of which came from Hyundai’;s automotive business while both Mobis and Hyundai Steel chipped in $ 3.94 million, each. For reference, Ford CEO Alan Mulally netted $ 23.2 million in 2013, although the vast majority of that money came from stock options.
The push for Chung to reveal his pay was part of a larger effort by the South Korean government called the Financial Investment Services and Capital Markets Act. The act forces several thousand companies to release info on annual pay, bonuses and severance for employees earning over $ 5 million won ($ 469,000), according to Bloomberg.
“With the disclosure of the executives’; compensation, the pressure to deliver better profits will increase,” said Heo Pil Seok, the CEO of Midas International Asset Management. It seems to be working, as Hyundai shareholders, of which Midas is one, have seen their shares increase by 6.1 percent in 2014, which includes a 1.2-percent jump as of yesterday, according to Bloomberg.