I’m not sure how these posts regarding Jimmy’s remuneration could be considered lies Coast.
The annual report states Jimmy’s salary consists of $450,000 + super. He is further entitled to 5% of the profit after tax attributable to members.
In addition (as announced in the HY results):
On 1 February 2022, Hong Kong Debt Management ServicesLimited (HKDMS) (major operating subsidiary) entered into a trustee serviceagreement with Jimmie Wong to compensate his services as bankruptcy trustee.The fee consists of i) HK$450,000 monthly service fee circa A$81,000 and ii)10% earnout which is calculated based on HKDMS’s monthly revenue roughly aroundHK$300,000 circa A$54,000.
I read this as (in addition to his CEO salary) Jimmy is now taking approximately $81K AUD a month (service fee) plus a further $54K AUD a month (earnout).
I assume the earnout is dependent on HKDMS achieving revenue targets.
That’s an additional $135K AUD a month = $1,620,000 PA.
This equates to:
- $450K base wage + $45K super (assume 10%) = $495K
- 5% of profit after tax (assume HY profit doubles to $3.2M for FY) = $160K
- Monthly service fee + earnout ($135K a month) = $1,620,000
Total remuneration of approx $2,275,000 PA. This for a business that is supposed to be retaining surplus cash for growth initiatives.
I’m no expert and happy to stand corrected if I have misread or miscalculated.
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