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Dubai: Board members of 81 joint-stock companies listed on the Dubai and Abu Dhabi stock exchanges have been awarded approximately AED666 million for their contributions to company management and their work on board subcommittees.
According to an analysis by Arab publication Al Khaleej, some listed companies in Dubai and Abu Dhabi did not hold annual general meetings to approve the remuneration of their board members for the fiscal year 2022.
Data from 48 companies listed on the Abu Dhabi market was available for review, totaling AED386.4 million in incentives, including membership bonuses. In Dubai, the 33 companies listed on the DFM have allocated about AED279.3 million to their board members in 2022.
The analysis also revealed a range of compensation practices. While some companies opted not to offer stipends or salaries for subcommittee attendance, they did offer bonuses for board members. Instead, some companies choose not to provide any bonuses to their boards.
Emaar Properties awarded its board members the highest award of AED 49.3 million of all companies analyzed. This includes AED 7.4 million in bonuses for non-executive members and AED 1.18 million in bonuses for committee meetings. The managing director of Emaar Properties received Dh36 million, while another member of the executive board received Dh1.77 million. The Chairman of the Board of Directors received AED 3 million for his additional duties.
In addition to bonuses, the managing director of Emaar Properties receives an annual salary of Dh12 million for his duties, in addition to travel expenses.
First Abu Dhabi Bank took second place with a total compensation of AED 45 million. Dewa was third with AED 39.5 million, while Fertiglobe was fourth with AED 33.23 million.
It was followed by e& at AED 32.59 million, followed by Emirates NBD at AED 30 million. Abu Dhabi Commercial Bank followed with AED 28 million.
In eighth place was TAQA with revenue of AED 24 million, followed by ADNOC Distribution with revenue of AED 23.55 million.
Dubai Islamic Bank, Eshraq Investments, Borouge, National Hotel Abu Dhabi, Abu Dhabi Airways, Dana Gas, Waha Capital, Sharjah Islamic Bank and Alpha Dhabi are other top companies offering the most salaries.
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