The average annual salary of 17 chairmen of coal enterprises is 69,000

With the closing of the annual report of A-share listed companies in 2018, the executive compensation of listed companies has attracted market attention. According to the statistics of Tonghuashun IFIND, the journalist of Securities Daily found that the income gap between the chairmen of the listed companies in the coal industry is a little big. Among them, the chairman of the "richest" coal enterprises received more than 1.68 million yuan in salary last year, and the average annual salary of 17 chairmen of coal enterprises was 69 million yuan. The coal industry started the supply-side reform in 2016, and then the coal price continued to rise, and the profitability of coal enterprises gradually increased. In 2018, due to the high price of coal, the coal industry can be described as "stuffy hair and great wealth", but from the perspective of the whole capital market, compared with the annual salary of many chairmen of the board of directors, the annual salary of "coal bosses" is not high.

Tonghuashun IFIND data show that in 2018, 19 chairmen of A-share listed coal enterprises, including Yanzhou Coal Chairman Li Xiyong, did not receive salaries from listed companies. The remaining 17 chairmen received salaries of 1170,960,000 yuan from listed companies, with an average annual salary of only 69,000 yuan per person.

Specifically, three of the chairmen of Listed Companies in the coal industry were paid more than 1 million yuan last year, namely Liu Mingsheng, chairman of open-pit coal industry, Chen Pei, chairman of Xinji Energy, and Jiao Yun, chairman of Baotailong. They received 168.56 million yuan, 12.629 million yuan and 118.61 million yuan from their respective enterprises respectively.

But it needs to be mentioned that although the chairman's annual salary is over one million yuan and the general manager's annual salary is close to one million yuan, Baotailong's performance is not "very good". In 2018, the company realized net profit of 343 million yuan, an increase of 111.7% over the previous year. However, it was questioned by the Shanghai Stock Exchange why the performance doubled. The company was asked to respond to the inconsistencies between sales expenses and operating income, the rationality of higher gross margin than its counterparts, as well as the problems of not transferring fixed assets in time for construction projects and abnormal inventory. Compared with ST Antai and Jizhong Energy, the salaries of the chairmen of ST Antai and Jizhong Energy are 140.64 million yuan and 99.9 million yuan respectively, which are the two chairmen who receive the least salary. However, it should be noted that Zhang Chengwen, the former chairman of Jizhong Energy, left office last year, and Yang Yinchao took over as chairman only in October 2018. Therefore, his salary of 99,900 yuan is only about three months.

Compared with the chairman, there are fewer general managers who are not paid by listed companies. According to IFIND data of Tonghuashun, only five general managers of Panjiang Stock Company, Datong Coal Industry, Shaanxi Coal Industry, Luan Environmental Energy Company and Zhongshan Coal Energy Company (General Manager of Zhongshan Coal Energy Company receives remuneration in related enterprises, and $738,000 listed in the company's annual report in 2018 is its deferred performance salary, so it is excluded) are not paid by the company. The remaining 31 general managers received a total of 20.52 million yuan, or about 640,000 yuan per person, from listed companies last year.

It is noteworthy that data statistics show that Liu Jianping, director and general manager of open-pit coal industry, received 3358,000 yuan from the company last year and became the king of salaries among the general managers of listed coal enterprises.

Open-pit Coal Industry realized total operating income of 8.23 billion yuan in 2018, an increase of 8.5% year on year; realized net profit of 2.03 billion yuan belonging to the owner of parent company, an increase of 15.5% year on year; earnings per share of 1.24 yuan. In addition, Zhang Jiming, general manager of Shenhua, Zhang Wei, general manager of Haohua Energy, and Yang Boda, general manager of Xinji Energy, were paid more than 1.19 million yuan, 117.32 million yuan and 101.81 million yuan respectively from the company last year. The general managers of eight coal enterprises, such as Shaanxi Black Cat and ST Antai, were paid less than 300,000 yuan last year. At the same time, the open-pit coal industry has become the "richest" top management team with 17.7298 million yuan on the total salary list. Among them, Jizhong Energy, Xinji Energy and Yanzhou Coal Industry ranked second in the total salary of senior managers of coal enterprises with 12.1276 million yuan, 11.359 million yuan and 10.65 million yuan respectively. Shanghai Energy and Shenhua China also have more than 9 million yuan in total compensation, followed by.

Shaanxi Black Cat has the lowest total compensation. The company's general manager, financial director, secretary, chief engineer, a deputy general manager and two sole directors, totaling seven executives, received a total salary of 790,000 yuan in the company, with only 110,000 yuan per capita, which can be said to be the "most coal-cutting enterprise". Shaanxi Black Cat Annual Report shows that in 2018, the company realized revenue of 10.472 billion yuan, an increase of 9.27% over the same period of last year, and realized net profit of 325 million yuan, an increase of 31.35% over the same period of last year.

It is not difficult to find that the same is earning more than three billion yuan, the annual salary of the top managers of open-pit coal industry is over one million yuan, while the top managers of Shaanxi Black Cat are only one tenth of the top managers of open-pit coal industry.

According to the statistics of Tonghuashun IFIND, in 2018, the most profitable coal enterprises ranked China Shenhua, Shaanxi, Yanzhou, China Coal Energy, Luan Environmental Energy and Open-pit Coal, with net profits of 43.9 billion yuan, 109.9 billion yuan, 79 billion yuan, 3.4 billion yuan, 2 billion yuan, respectively.

From the perspective of the profitability of coal enterprises, as the "most profitable coal enterprise", Shenhua of China is far ahead of other coal enterprises in 2018, but its executive compensation is not the highest. In contrast, the open-pit coal industry and Yanzhou coal industry are quite heroic.

Some senior managers of coal enterprises told the Journal of Securities that most of them are state-owned enterprises, and their annual salaries are not as high as the market imagines. In addition, the coal industry has just undergone supply-side reform in the past two years. Many enterprises have changed from loss to profit, which is very difficult. Many coal enterprises are still reforming continuously. They are relatively cautious about the increase of executive compensation.