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August 15, 2022

Private managers at state-owned companies to be paid some EUR 50,000 per month

According to a draft law published on the Senate’s website, the private managers that will be employed by state-owned companies will have monthly incomes equivalent to as much as 45 average gross monthly salaries, ‘Evenimentul Zilei’ informs. That upper limit is for managers of state-owned companies that have an annual turnover of more than RON 1 bln and more than 10,000 employees. In 2010 Romgaz paid the highest average gross monthly salary in Romania (over RON 5,300). The manager of such a company could win more than RON 240,000 (EUR 56,000) per month. Apart from that, he could also earn a percentage of the company’s net profit, provided the latter is higher than the one established by contract. Nevertheless, that percentage cannot surpass 3.2 per cent of the net profit. The company’s net profit rate, profitability, labor productivity, liquidity rate, the period needed to collect debts and the period needed to pay off debts are some of the performance criteria that will be taken into account. The results will be carefully monitored by the authorities. Meanwhile, the companies Pedersen & Partners, Professional Agency SRL Bucharest and the association between George Butunoiu’s company and firm law Biris Goran submitted tenders to recruit private management companies under Ministry of Economy administration.

On the other hand, analyst Liviu Voinea, executive director of the Applied Economics Group, considers that the new draft law is “useless” as the general managers of state-owned companies will need the approval of politicized Administration Boards, ‘Bursa’ daily informs. He stated that the salaries that the managers would have to receive are too high despite the fact that they are calculated on the basis of results. According to a communiqué remitted by the Economy Ministry, Hidroelectrica, Oltchim, the Oltenia Brown Coal Company, Electrica Supply, and Romarm will be the first state-owned companies to have private management.

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