Hanjin Group Chairman Cho Won-tae received compensation of more than 9.053 billion won in the first half of this year from group affiliates. In the first half of last year, Cho received compensation of more than 9.224 billion won.
Although Cho received less compensation year over year in the first half from affiliates such as Hanjin KAL and Jin Air due to bonuses paid last year, the compensation paid by Korean Air Lines increased significantly, keeping the aggregates at a similar level.
According to the semiannual reports of Korean Air Lines(003490) and Hanjin KAL(180640) on the 14th, in the first half Cho received 5.383 billion won from Korean Air Lines and 3.67 billion won from Hanjin KAL.
Compensation received from Korean Air Lines rose 40.8% from the same period last year. Korean Air Lines said it was due to the impact of virtual stock receipt rights arising from a medium- to long-term performance compensation plan that pays cash linked to stock value.
Compensation received from Hanjin KAL fell 15.2% in the same period. Hanjin KAL paid a one-time special bonus (1.925 billion won) along with 2.404 billion won in salary in the first half of last year upon completion of the business combination of Korean Air Lines and Asiana Airlines. Compensation received from the two companies increased 11% from the same period last year.
However, Jin Air, which paid Cho 1.072 billion won in the first half of last year including a bonus, appears to have paid compensation in the first half of this year that did not even reach half that amount.
Semiannual reports require disclosure only of individual payments of 500 million won or more, and Jin Air and Asiana Airlines, which pay compensation to Cho, did not disclose the size of Cho's compensation in the first half of this year.