On May 1st, at Vanke's annual shareholders meeting on April 30th, Vanke's President and CEO, Zhu Jiusheng, revealed a shocking piece of news: due to financial constraints at Vanke, the company's founder and former chairman of the board, Wang Shi, voluntarily gave up his tens of millions retirement benefits for the year 2023.
According to Vanke's annual report, Wang Shi's average annual post-tax economic profit bonus from 2010 to 2016 was 16.7983 million yuan, totaling over 100 million yuan.
In June 2017, Wang Shi retired from Vanke, with a total pre-tax compensation of 5.947 million yuan for the first six months of that year.
By the end of 2017, Wang Shi still held 7.6172 million shares of Vanke, accounting for 0.069% of the total shares.
Although no longer involved in Vanke's operations and governance after stepping down, Wang Shi still receives a substantial "retirement pension" from Vanke every year.
In December 2019, Wang Shi revealed in a program that he is the honorary chairman of Vanke for life, with his salary remaining unchanged. The various retirement benefits add up to just over tens of millions annually, which is enough to cover his living expenses. However, he mentioned that he doesn't have much money, with savings of only a few tens of millions.
It is worth noting that Wang Shi's wife, Tian Pujun, is a highly successful producer, actress, and writer. Wang Shi even mentioned that when they met, Tian Pujun had more cash savings than him. He humorously remarked, "If we talk about marrying into wealth, it should be me marrying into her wealth."
Vanke's current chairman of the board, Yu Liang, had a pre-tax compensation of 1.27 million yuan in 2023, while President and CEO Zhu Jiusheng received 1.189 million yuan.
Senior executive compensation at Vanke
