Urban Renewal Authority 2018-19 Annual Report

147 (expressed in Hong Kong Dollars) NOTES TO THE FINANCIAL STATEMENTS 6. Operating surplus before income tax (Continued) Operating surplus before income tax is arrived at after charging/(crediting) the following items: (Continued) (f) Managing Director, Executive Directors and senior management’s remuneration paid or payable during the year 2019 Fees Salaries Provident fund scheme contributions Sub-total Variable pay Total $’000 $’000 $’000 $’000 $’000 $’000 Managing Director – Wai Chi-sing – 4,042 18 4,060 1,212 5,272 Executive Directors – Pius Cheng Kai-wah # – 2,484 – 2,484 617 3,101 – Ben Lui Sau-shun ## – 715 4 719 179 898 – Michael Ma Chiu-tsee – 3,142 18 3,160 785 3,945 9 Senior management staff & 1 Ex-senior management staff – 19,540 2,086 21,626 5,493 27,119 Total** – 29,923 2,126 32,049 8,286 40,335 2018 Fees Salaries Provident fund scheme contributions Sub-total Variable pay Total $’000 $’000 $’000 $’000 $’000 $’000 Managing Director – Wai Chi-sing – 4,042 18 4,060 1,212 5,272 Executive Directors – Pius Cheng Kai-wah – 3,295 15 3,310 822 4,132 – Michael Ma Chiu-tsee – 3,097 18 3,115 774 3,889 7 Senior management staff & 1 Ex-senior management staff – 19,910 1,813 21,723 5,357 27,080 Total** – 30,344 1,864 32,208 8,165 40,373 ** Excluding compensation in lieu of leave in the aggregate sum of $406,000 (2017/18: $508,000). # The Executive Director retired on 31 December 2018. ## The Executive Director assumed his role with effect from 1 January 2019.