The wage levels of registered executives at major companies have been disclosed for the first time, and there is growing controversy over whether their salaries are reasonable. In some cases, executives received enormous pay despite poor managerial performance or even when they were prosecuted for corruption and irregularities.

The wage levels were released for the first time after the Capital Market Act was revised last year. Under the revised law, companies have to report details of the pay package to their registered top executives who receive an annual salary of over 500 million won.

The first ever disclosure has triggered public backlash and criticism of unethical conglomerate chiefs.

A case in point is the head of SK Group. Data released by the firm show Chey Tae-won received a combined 30 billion won in salaries and other bonuses from four affiliates where he’s a registered board member. But in fact, he spent most of last year behind bars serving time for embezzlement.

Similar cases include the heads of CJ and Hanhwa Group. Other corporate chiefs are under fire for taking a high salary while their companies ran a deficit.

Another issue is whether the wage levels are reasonable in the first place. For instance, SK's Chey Tae-won received 200 to 500 times more than the average salary of 60 to 70 million won for an employee at a large firm.

A number of other CEOs were also paid up to 100 times more than average employees. This gaping difference raises the issue of fairness, and there are growing calls for transparent management and economic democratization.

Following the disclosure, some executives at family owned corporate groups have returned their salaries or declared to work with no compensation.

The companies stressed such decisions are not to win public opinion but their intentions appear to be somewhat obvious.

Some call for a social consensus on the adequate salary level while others say securing transparency in management is the first order of business.

Still others point out that executive pay in Korea is not that high compared to overseas and that only taking issue with the salary without taking into account the firms' economic and social contribution will only restrict corporate activity.

The disclosure of executive wages have been controversial since it was first introduced. But after the first implementation, the general view is that the new rule can at least put a break to the practice of excessively compensating company owners.