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September 24, 2021

General manager recruiting contracts within EUR 50,000-60,000 range

The contracts for recruiting general managers to the companies subordinated to the Ministry of Economy would be of EUR 50,000-60,000 and would be capped at 250,000 euro, Mediafax quoted Economy Minister Ion Ariton as saying. Asked whether the future state company managers will earn salaries of hundreds of thousands or millions of euro a year, Ariton said the pay would be set by contracts and would not go that high by any means.

According to data published by the Economy Ministry, the companies to recruit general managers to Hidroelectrica, Oltchim, Electrica Furnizare and Romarm will get 250,000 euro for each company. Each contact will be 90 pc paid for by the companies themselves, and 1 pc from the Economy Ministry budget. The managers picked by Electrica Furnizare and Oltchim will be in charge of preparing the companies to move towards private ownership. Government and the International Monetary Fund (IMF) has decided that, this year, nine state companies will be run by private managers, with another six to follow suit next year.

Ariton further stated that the Economy Ministry would not sell minority share-packages in companies such as Transelectrica or Transgaz unless it gets “the best price”. “Privatisations, minority privatisations, remain unmodified. There won’t be any majority privatisations in Hidroelectrica, Nuclearelectrica, Romgaz, Electrica Distributie, Transelectrica or Transgaz. There was no mention of a majority privatisation in the near future in our letter to the IMF,” Ariton added. He further argued that the July offer to sell 9.84 pc of the state’s shares in OMV Petrom was “successful”, even if wasn’t completed.

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