(Yicai Global) April 8 -- The chief executive officer and president of Tencent Holdings saw their compensation plunge by almost 25 percent in 2021 from the year before as the Chinese internet giant slashed overall payments to its board of directors as part of its drive to optimize costs amid a more challenging operating environment.

CEO and co-founder Pony Ma received CNY44.1 million (USD7 million) last year, compared with CNY58.7 million in 2020, according to the Shenzhen-based company's annual report released yesterday. This was comprised of a salary of CNY7.3 million (USD1.1 million), a bonus of CNY35.5 million, retirement plan contributions of CNY110,000 (USD17,296) and a director's fee of CNY1.1 million.

While President Martin Lau received CNY323 million (USD50.7 million), including CNY291.8 million in equity compensation and a bonus of CNY23 million. This was much less than the CNY427.7 million he received in 2020.

Overall, payouts to the board of directors tumbled 23.5 percent last year from the year before to CNY388 million (USD61 million), the report said. Iain Ferguson Bruce's remuneration slumped 58.3 percent to CNY1.9 million (USD298,000). But other board members were given a pay rise, with Ke Yang's salary increasing by 37.8 percent and that of Ian Charles Stone, Li Dongsheng and Yang Shaoxin by between 18 percent and 24 percent.

Tencent is adapting to the new environment by optimizing costs, increasing efficiency and sharpening focus on key strategic areas for sustainable long-term growth, Lau said last month. There is a fundamental shift taking place in the industry from growth at all costs to a more value-based, efficiency-based and sustainable growth model, he added.

The internet giant’s profit nudged up 1 percent last year from the year before to CNY123.7 billion (USD19.4 billion), the smallest profit increase in nearly a decade, according to its earnings report. Revenue jumped 16 percent to CNY560.1 billion (USD88 billion).

Editor: Kim Taylor