State-owned energy producer Hidroelectrica, the biggest such producer in Romania, plans to double salaries for its management, based on a new Corporate Governance law.
Hidroelectrica’s interim management, consisting of five managers and seven board members, is due a reshuffle later this year. With it, the company will also start to apply a new Corporate Governance law, which would result in a hike for management salaries.
Each of the five managers currently earns some EUR 4,350 a month, six times higher than the average salary in the energy sector. Board members make some EUR 1,450 a month, net. Hidroelectrica’s budget, due for shareholder approval next month, has already included a double budget for management and board salaries, including a fixed and a variable amount.
Hidroelectrica posted a gross profit of some EUR 350 million, its best ever.