666 million dirhams are the remuneration of the boards of directors of 81 companies in the UAE

The integrated reports and invitations to the meetings of the general assemblies of 81 joint-stock companies listed on the Dubai and Abu Dhabi markets revealed that the members of the boards of directors of these companies were rewarded with about 666 million dirhams for the fiscal year 2022, in exchange for their efforts in managing companies, and their work in the sub-committees emanating from the councils, in addition to their rewards. Or for their additional work and tasks, according to each company.

According to the “Gulf” analysis of the data, many companies did not hold annual general assembly meetings to approve the remuneration of the members of the Board of Directors for the fiscal year 2022, but some governance reports included allowances for the tasks of members of the Board of Directors in subcommittees, and proposals for remuneration.

The data showed that 48 companies listed on the Abu Dhabi market, whose data were available, rewarded members of their boards of directors at a value of 386.4 million dirhams, which includes member bonuses.

The data showed that 33 companies in Dubai rewarded the members of their board of directors about 279.3 million dirhams during the year 2022.

Some companies did not pay any allowances or salaries for attending the sessions of the sub-committees, but they suggested paying bonuses to the members of the Board, and some companies also refrained from paying any bonuses to the Board of Directors.

First ranks

“Emaar Properties” topped the most rewarding companies for board members, with a total value of 49.3 million dirhams, distributed between 7.4 million dirhams in bonuses for non-executive members, and 1.18 million dirhams for committee meetings, in addition to a bonus for the Managing Director of 36 million dirhams. Another executive board member received a bonus of 1.77 million dirhams, and the chairman received 3 million dirhams for his additional responsibilities and special efforts for the company.

In addition to bonuses, the Managing Director of Emaar Properties receives 12 million annual salaries for his executive duties, in addition to travel expenses.

First Abu Dhabi Bank ranked second, with total bonuses for board members of about 45 million dirhams, as shown by the results of the annual general assembly meeting. dirhams, which were approved in the General Assembly. And “Virtiglobe” came in fourth place, after the General Assembly approved the remuneration of the members of the Board of Directors of about 33.23 million dirhams.

200 million dirhams for 52 members

9 members of Emaar Properties / 49.3 million dirhams
11 members of the First Abu Dhabi / 45 million dirhams
11 members of DEWA / 39.5 million dirhams
10 Virtiglobe members / 33.23 million dirhams
11 members of “E&” / 32.6 million dirhams
Positions 5 to 10

And “E&” ranked fifth, with a total reward of 32.59 million dirhams, which is 0.33% of the net profit, which includes membership of the Board of Directors and the additional tasks and responsibilities that it assumed in the Board committees, due to the amount of work and time devoted by the members of the Investment and Affairs Committee. Financial, each member receives 880 thousand dirhams, and each member of the other committees receives 528 thousand dirhams.

Emirates NBD came in sixth place, after the bank’s general assembly approved the distribution of 30 million dirhams as bonuses to board members for the year 2022.

Then Abu Dhabi Commercial came in seventh place, with a proposal to distribute 28 million dirhams as bonuses to the members of the Board of Directors.

“TAQA” came in eighth place, with rewards worth 24 million dirhams, then “ADNOC Distribution” in ninth place, with rewards of about 23.55 million dirhams.

Dubai Commercial came in tenth place with about 23 million dirhams, according to the results of the general assembly meeting, which decided to increase bonuses.

Positions 11 to 20

Dubai Islamic came in eleventh place, with total rewards amounting to 19.4 million dirhams.

Dubai Investments ranked twelfth, as the Nominations and Rewards Committee recommended paying 17.5 million dirhams to members of the Board for 2022, to present it to the Annual General Assembly, and it is noteworthy that the Vice Chairman and Chief Executive Officer received 6.25 million dirhams annual bonuses for 2021. He paid it in 2022, and did not calculate his annual salary of 4.67 million dirhams.

Then “Ishraq Investment” came in the thirteenth place, with a proposal for rewards amounting to 15 million dirhams, provided that 3 million dirhams are paid to the chairman of the council, and two million dirhams to each member, provided that the new member’s share is paid between him and the resigning member in proportion to the term of office. Membership in 2022.

Then came “Borouge” in the fourteenth place, with rewards amounting to 14.73 million dirhams, then “Abu Dhabi National Hotels” in the fifteenth place with 14 million dirhams, then “Abu Dhabi Airlines” in the sixteenth place with 14.98 million dirhams.

And in the seventeenth place, “Dana Gas” came, with a proposal to reward the members of the Board of Directors, with a total of 12.22 million dirhams.

Also, “Waha Capital” came in the eighteenth place, with rewards amounting to 11.95 million dirhams, then “Sharjah Islamic” in the nineteenth place with 10.3 million dirhams, then “Alfa Abu Dhabi” in the twentieth place with 10 million dirhams.

Positions 21 to 25

Du ranked twenty-first with about 9.4 million dirhams, and the managing director received compensation of about 90,000 dirhams per month for the extra time and attention he provided as a managing director, according to the bonus policy. Then “Abu Dhabi Ports” is in the twenty-second place with bonuses and committee fees of about 9.17 million dirhams, which will be presented for the approval of shareholders in the general assembly on April 19, then “Tabreed” in the twenty-third place with 8.55 million dirhams, then “Air Arabia” in the twenty-fourth place. With 8 million dirhams, followed by «Al Ain Ahlia Insurance» in the twenty-fifth position with 7.1 million dirhams.

Lump sums

As an exception from Clause (1), and what is stipulated in Article No. (171) of the Decree-Law, and taking into account the controls issued by the Authority in this regard, a member of the Board of Directors may be paid a lump sum fee that does not