【Executive】After CNOOC became CEO and concurrently served as president, Zhou Xinhuai took on a new position.
Li Yong, former vice chairman of China National Offshore Oil Corporation (600938), will retire in mid-December 2023. Five months later, CNOOC announced on the evening of May 8 that the board of directors had appointed Zhou Xinhuai as vice chairman.
Zhou Xinhuai held various positions at CNOOC, and was elected as an Executive Director on 28 April 2022 and became Chief Executive Officer on the same day. In June 2023, he began to serve as president, and since then, he has been appointed vice chairman again, holding four positions.
CNOOC Limited is the controlling shareholder of CNOOC, indirectly holding 60.5% of the shares. At the CNOOC Group level, Zhou Xinhuai served as the Deputy General Manager of the Group from March 2022 to March 2024. In March 2024, he was appointed as Director and General Manager of the Group.
CNOOC Limited has two non-executive directors, namely Chairman Wang Dongjin and Wen Dongfen, and only Zhou Xinhuai as executive director, as well as four independent directors: Li Shuxian, Lin Boqiang, Zhao Chongkang and Qiu Zhizhong. Isn't it interesting that the names of the company's seven directors are all three words?
The members of CNOOC's management team are generally older. Born in 1970, Zhou Xinhuai is 54 years old, and his age is Vice President Yan Hongtao. In addition, Xu Changgui, deputy chief engineer of exploration, 1971.
Joint Company Secretary Xu Xiru in 1972. The rest of the executives are all post-60s, and there is no post-75 Mesozoic generation in the management team. Chairman Wang Dongjin was born in 1962 and is now 62 years old.
CNOOC Limited is one of the "three barrels of oil", with revenue of 416.6 billion yuan and net profit attributable to the parent company of 123.8 billion yuan in 2023, a decrease of 12.6%. Its net profit attributable to the parent is lower than that of PetroChina (161.1 billion yuan attributable to the parent company) and about twice that of Sinopec (60.5 billion yuan attributable to the parent company). In the first quarter of this year, CNOOC's revenue was 111.5 billion yuan, an increase of 14%, and the net profit attributable to the parent company was 39.7 billion yuan, an increase of 23.7%.
According to the 2023 annual report, CNOOC's highest salary is Cao Xinjian, safety director and executive vice president, reaching 1.68 million yuan, an increase of 310,000 yuan over 2022. There are 9 executives with a salary of more than one million yuan, and Zhou Xinhuai's salary is 1.02 million yuan, an increase of 680,000 yuan, ranking eighth.
To the author's surprise, the remuneration of CNOOC's independent directors is generally higher. Zhao Chongkang's remuneration exceeded one million yuan, and the other independent directors were 610,000 yuan and 860,000 yuan respectively; The remuneration of the two outgoing independent directors is 440,000 yuan and 360,000 yuan, which is significantly higher than the remuneration of independent directors of other A-share listed companies. The average remuneration of all directors, supervisors and senior executives of CNOOC Limited last year was 980,000 yuan, which was basically the same as that in 2022.
As of the end of 2023, CNOOC Limited has a total of about 22,000 employees, with an average income of 18.94 million yuan and a per capita profit of 5.63 million yuan.
As of the close of trading on May 8, CNOOC had a total market capitalization of 1.38 trillion yuan, a price-to-earnings ratio of 11.2 times, and a dividend yield of about 3.5%.