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.


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    • 1 Second Ago
  • 5 Comments
      bK
      • 9 Months Ago
      Not including under table bribes...
      Rick
      • 9 Months Ago
      Koo's pay may seem slight but only in comparison to many US CEO's. Really now, is any one person worth those kinds of dollars? Half those dollars? If no firm was offering such big paydays what would prospective CEO's and other executives do? Not work? We created our own monsters and now we have to live with it. I remember some years ago reading how Japanese company execs brought home maybe less than 10 times the pay of the typical worker, not the ship loads of cash that we see today. It's too disproportional. Skim a few mil off the top which few of them would truly miss and feed the poor, help disaster victims, etc. It's just plain crazy.
      mikemaj82
      • 9 Months Ago
      $13M will buy you a lot more in Korea than it will in the U.S., so I'd say his pay is worth many times more than that of Mulally's.
        Gr8 Man
        • 9 Months Ago
        @mikemaj82
        Not really, Seoul is one of the most expensive cities in the world.
        Whatamooseiam
        • 9 Months Ago
        @mikemaj82
        Simply not true. Prices are about equivalent to the U.S. But if you live in Seoul, which I assume he does, buying power is much less than the avg U.S. city. Here is rundown of basic living costs... - Cars are about 25% more expensive than in the U.S. - Buying a home in Seoul is more expensive ($500,000 -$1,000,000). - Renting an apartment in Seoul is considerably more expensive ($50,000 - $200,000 rental deposit). - Clothes are generally more expensive ($100 avg price for a pair of jeans). - Eating out is cheaper. But produce/grocery is more expensive. - Cigarettes are cheaper. - Travel is cheaper (public buses, train, taxi). - Furniture prices differ so much -- it's about a wash. - Alcohol prices differ so much -- it's about a wash.