Urgent.News

What's breaking now, across thousands of outlets.

Tuesday, 25 August 2026 Reading Room

Business

이사 연봉 93% 삭감?…강화된 임원 보수 공시에 ‘착시효과’

Original Korean Read in English

hani.co.kr ·

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.

Read the original at hani.co.kr →

More in Business

What are the results of high-paying CEOs? In Korea, it is only considered over 3 years, but in the US and UK, it is considered over 5-10 years. 국내 상장사 10곳 중 7곳의 최고경영자(CEO) 성과가 3년 이상 장기적으로 평가되지 않는 것으로 나타났다. Of the listed companies in Korea, 7 out of 10 companies do not evaluate their CEOs' performances over a long-term period of 3 years or more. 21일 기업평가사이트 CEO스코어(대표 김승훈)가 국내 500대 상장사 CEO 496명의 성과 평가 기간을 조사한 결과, 3년 미만으로 평가하는 곳이 68.1%(338명)에 달했다. On the 21st, CEO Score, a corporate evaluation site, surveyed the performance evaluation periods of 496 CEOs of the top 500 listed companies in Korea and found that 68.1% (338 people) evaluate their performances in less than 3 years. 1년 만으로 평가하는 곳도 18.1%(90명)였다. 18.1% (90 people) of the companies evaluate their CEOs' performances in just one year. 3년은 49.6%(246명), 5년은 21.2%(105명), 10년은 9.7%(48명)였다. 49.6% (246 people) evaluate their performances over 3 years, 21.2% (105 people) over 5 years, and 9.7% (48 people) over 10 years. 미국과 영국 등 선진국은 5년에서 10년 단위로 CEO 성과를 평가하는 곳이 많다. In developed countries such as the US and UK, many evaluate their CEOs' performances over a period of 5 to 10 years. 2019년 5월 미국 경영자협회(ASA)가 발표한 ‘CEO 평가 가이드’에 따르면, 52%의 기업이 3년, 24%가 5년, 16%가 3년 이상으로 평가 기간을 설정하고 있다. According to the "CEO Evaluation Guide" published by the American Management Association (ASA) in May 2019, 52% of companies set their evaluation period at 3 years, 24% at 5 years, and 16% at more than 3 years. 영국은 상황이 더하다. The situation is even more extreme in the UK. 지난해 7월 영국 상장사 350곳의 의결권 자문사인 인스티튜셔널 쉐어홀더 서비스(ISS)가 조사한 결과, 10곳 중 8곳이 5년 이상의 장기 성과 측정 지표를 평가하고 있다. In July last year, Institutional Shareholder Services (ISS), a voting rights advisory firm for 350 listed companies in the UK, found that 8 out of 10 companies evaluate long-term performance measurement indicators of more than 5 years. ISS는 보고서에서 “장기 성과 지표는 CEO가 단기 성과에만 집중하지 않고 지속가능경영을 추구하도록 돕는다”며 “장기 성과 지표는 주주총회에서 경영진의 성과 평가에 사용된다”고 설명했다. In the report, ISS stated that "Long-term performance indicators help CEOs focus on sustainable management rather than short-term performance, and are used to evaluate management performance at general meetings of shareholders." 한국 기업들도 이 같은 장기 성과 평가 제도를 도입해야 한다는 목소리가 높다. There is a high demand for Korean companies to adopt such a long-term performance evaluation system. 기업 지배구조 전문가인 정구현 서울대 경영학과 교수는 “한국은 주주가 단기간에 주식을 매도하는 비율이 높은 만큼, 경영진이 장기 성과에 집중할 수 있는 경영 환경을 만들어줘야 한다”고 말했다. Prof. Chung Koo-hyun, an expert on corporate governance and a professor at Seoul National University's business school, said, "In Korea, shareholders sell their stocks over a short period of time, so we need to create a management environment where management can focus on long-term performance." 그러면서 “이를 위해 이사회가 CEO 성과 평가에 적극적으로 나서야 한다”고 덧붙였다. He added, "To achieve this, the board of directors should take an active role in evaluating the CEO's performance."

·hani.co.kr

More from Tuesday 25 August →