Dubai: Board members of 81 joint stock companies listed on Dubai and Abu Dhabi bourses were awarded approximately Dh666 million for their contributions towards managing the companies and their work in subcommittees under the board.
According to an analysis by Arabic publication Al Khaleej, some of the listed companies in Dubai and Abu Dhabi did not hold annual general assembly meetings to approve the remuneration of their board members for the fiscal year 2022.
Data from 48 companies listed on the Abu Dhabi market, accounting for a total of Dh386.4 million in rewards, including member bonuses, was available for review. In Dubai, 33 companies listed on DFM distributed around Dh279.3 million to their board members in 2022.
The analysis also uncovered a range of remuneration practices. While some firms chose not to provide allowances or salaries for subcommittee meeting attendance, they did propose bonus payments for board members. Conversely, a few companies opted against offering any bonuses to their boards of directors.
Among all companied analysed, Emaar Properties awarded its board members the highest rewards at Dh49.3 million. This included Dh7.4 million in bonuses for non-executive members and Dh1.18 million for committee meetings. The managing director of Emaar Properties was awarded a bonus of Dh36 million, while another executive board member received a bonus of Dh1.77 million. The chairman of the board of directors received Dh3 million for his additional responsibilities.
Apart from the bonuses, the managing director of Emaar Properties also receives an annual salary of Dh12 million for his duties, in addition to travel expenses.
First Abu Dhabi Bank secured the second position with a total remuneration of Dh45 million. Dubai Electricity and Water Authority came third with Dh39.5 million, while Fertiglobe stood fourth at Dh33.23 million.
Next was e& at Dh32.59 million, followed by Emirates NBD at Dh30 million. Abu Dhabi Commercial Bank was next at Dh28 million.
At the eighth spot was TAQA with Dh24 million, followed by ADNOC Distribution at Dh23.55 million.
Dubai Islamic Bank, Eshraq Investments, Borouge, Abu Dhabi National Hotels, Abu Dhabi Aviation, Dana Gas, Waha Capital, Sharjah Islamic Bank and Alpha Dhabi were the other top companies that gave out most remuneration.