Is the 93% cut in CEO's annual salary an optical illusion due to strengthened disclosure of executive compensation? 국내 상장사들이 올해부터 강화된 '임원 보수 공시' 기준을 적용 받으면서, 일부 기업의 경우 최고경영자(CEO)의 연봉이 실제보다 적은 것처럼 보이는 '착시효과'가 나타나고 있다. From this year, domestic listed companies are subject to strengthened 'executive compensation disclosure' standards, and in some cases, it appears that the CEO's annual salary is lower than it actually is, creating an optical illusion. 금융감독원 전자공시시스템을 보면, 삼성전자는 지난해 이재용 회장의 급여 총액이 25억 8000만 원으로 전년(35억 7000만 원)보다 27.7% 감소했다고 공시했다. According to the Financial Supervisory Commission's electronic disclosure system, Samsung Electronics disclosed that the total compensation of Chairman Lee Jae-yong last year was 2.58 billion KRW, down 27.7% from the previous year (3.57 billion KRW). 그러나 실제 이 회장의 연봉은 2021년 35억 7000만 원에서 1년 만에 93% 가까이 줄어든 2억 5000만 원 수준은 아니다. However, the actual annual salary of Chairman Lee is not 2.5 billion KRW, which is a 93% decrease from 3.57 billion KRW in 2021. 이는 강화된 공시 기준에 따라 '급여' 항목에는 기본 급여와 상여, 기타 근로소득은 물론, 전년도 말 기준 삼성전자 주식 1.4%의 가치 변동분(스톡옵션)도 포함됐기 때문이다. This is because according to the strengthened disclosure standards, the 'compensation' item includes not only the basic salary, bonuses, and other employment income but also the change in the value of 1.4% of Samsung Electronics' stock as of the end of the previous year (stock options). 삼성전자 측은 "공시된 25억 8000만 원은 회계기준 변경에 따라 산출된 값"이라며 "실제 이 회장의 연봉은 35억 원대"라고 설명했다. A Samsung Electronics official said, "The disclosed 2.58 billion KRW is a value calculated according to the changed accounting standards," and added, "The actual annual salary of Chairman Lee is around 3.5 billion KRW." 재계에서는 "일부 기업의 경우 CEO의 연봉이 실제보다 적은 것처럼 보이게 돼 투자자들의 오판 가능성을 우려한다"며 "회계 투명성 강화 취지는 공감하지만, 투자자 보호와 기업 경영진의 과도한 급여 감소를 피해야 한다"고 지적했다. In the business community, there are concerns that the annual salary of CEOs may appear lower than it actually is for some companies, leading to the possibility of misjudgment by investors. While they agree with the purpose of strengthening accounting transparency, they point out that it is necessary to protect investors and prevent excessive salary cuts for corporate executives.
A recent survey reveals that the average CEO compensation at Korea Investment Holdings dropped 93% from 430 billion won in 2024 to 31 billion won last year, while the total shareholder return (TSR) rose from 43.9% in 2024 to 78.3% last year. The apparent discrepancy lies in the fact that the surge in TSR was driven mostly by the exercised options of Kim Yung-bum, the Chairman and Vice Chairman of the company, worth 814 billion won.
This phenomenon, dubbed "illusory effect," results in an exaggerated perception of CEO pay cuts. However, the compensation for individual executives has continued to increase, with the CEO's pay dropping by 20.8% from 20.58 billion won in 2024 to 16.29 billion won last year. The "performance-linked compensation disclosure" introduced by financial authorities this year aims to make the relationship between CEO pay and company performance clearer to shareholders.
However, the presence of "illusory effects" in the disclosure, such as the impact of the exercised stock options, obscures the true picture. To properly assess the relationship between company performance and executive compensation, investors must manually compare the disclosed stock option grants and exercises with historical data.
The U.S. has taken a different approach, basing its calculations on the stock option grant date rather than the exercise date, leading to fewer distortions in the trend.
Written by urgent.news from Hankyoreh's reporting — not their text. Machine-written — may contain errors; check the original before relying on it.
