Chinese banks lack transparency: report
Staff Reporter 2013-01-24 16:18
A Hong Kong Stock Exchange website that discloses information on listed companies. (Photo/CNS)
Chinese banks lack transparency in terms of the amount of information they published over the last two years, according to recent research conducted by the Shanghai-based Economic Observer's research center.
China CITIC Bank International published about 106 files via the Shanghai Stock Exchange in 2011, followed by the Industrial and Commercial Bank of China making public some 90 files, while 14 other Chinese banks published around 50 to 60 files, the research center said.
In contrast, foreign banks produce a staggering amount of information related to financial statements, changes in equity, evaluation reports on internal control and social responsibility public each year.
UBS published about 2,812 files in 2011, followed by JP Morgan Chase & Co's 2,099 files, Bank of America's 1,713 files and Citibank's 968 files.
In addition, Chinese banks also lagged behind advanced economies in terms of executive salaries, reported the Economic Observer.
The highest-paid banking CEO in 2011 was JP Morgan Chase's Jamie Dimon, who earned US$23 million in 2011, which included a base salary, bonus, as well as stocks and futures owned by him.
In the second place was Bank of America CEO Brian Moynihan, who earned US$8.1 million in 2011, much higher than the US$1.9 million he earned in the previous year.
In the UK, HSBC Group CEO Stuart Gulliver was the highest paid banking executive in 2011 with a salary of US$21 million.
HSBC's arch rival Barclays' former chief executive Bob Diamond, who resigned in 2012, earned £12.5 million (US$19.8 million) in 2011.
In contrast, China's state-run bank CEOs were paid between 950,000 to 1.06 million yuan (US$153,000 to $170,000) during the same period, according to the Economic Observer.
