The powers of the Agency for Monitoring and Evaluation of Public Enterprises' Performance (AMEPIP) in the matter of remuneration policy are limited by the legal framework in force, the institution specifies, in the context of discussions in the public space regarding the compensation of members of the boards of directors of state-owned companies.
According to some clarifications regarding AMEPIP's responsibilities in applying the remuneration policy regulated by GEO no. 109/2011 on the corporate governance of public enterprises, posted on its website, the Agency specifies that it monitors compliance by public enterprises with the ceilings established by the legislation in force. In this regard, AMEPIP verifies whether the proposal regarding the level of fixed remuneration for non-executive members of the board of directors falls within the ceiling provided for in art. 37 paragraph (2) of GEO no. 109/2011, in relation to the activity carried out in accordance with the main object of the company.
"According to the provisions of the same ordinance, the responsibility for the legality, correctness and accuracy of the information in the analyzed documents lies with the management bodies of the public enterprise, and establishing the necessity and appropriateness of the remuneration level falls within the competence of the Nomination and Remuneration Committee (CNR), respectively the General Meeting of Shareholders (GMS)", AMEPIP states.
In the analysis of the documentation, AMEPIP draws attention to the profitability achieved by the company in recent years and recommends evaluating the financial impact of the proposal regarding the remuneration of non-executive members of the board of directors, as well as its influence on the future performance of the company.
"According to art. 37 paragraph (2) of GEO no. 109/2011, after the issuance of the opinion by AMEPIP, the approved remuneration level also requires approval by the General Meeting of Shareholders, based on the provisions of art. 37 paragraph (1), in compliance with the structure and limits imposed by law. The analysis of the opportunity, feasibility and necessity of granting these remunerations is the responsibility of the tutelary public authority, respectively the company management," the Agency mentions.
All matters related to social justice will be regulated, and in the case of boards of directors, the allowances must be lowered not by much, but by a lot, stated on Tuesday the interim president of the PSD, Sorin Grindeanu, upon handing over his mandate as Minister of Transport.
"I agree and, as interim president (of PSD - editor's note), I have signed that political agreement and also assume the government program on what it means, if you want, all these inequities, things related to social justice. It is inadmissible that the compensation for a board of directors, even if there is that autonomy given by 109, all the things you know, going once a month, maybe twice a month, should be higher than the president's salary. All these things must be regulated and will be regulated and I am a more than determined partner in this coalition to do these things. There must be a clear salary grid or common sense compensation in the boards of directors. You cannot have compensations with such amounts, and these things must be lowered not much, very much. Whoever doesn't want to, should leave the boards of directors! Without any kind of discount from this line. And we agree with this matter," Grindeanu said.
According to him, the salary scale for board members will be established based on the importance of the company.
"The way it was discussed in the coalition is as follows: there will be a kind of grid, depending on the importance of that company, that one thing is, for example, to be a member of the Board of Directors at the Port of Constanta or at the Bucharest Airport or at CNAIR and another is to be a member of the Board of Directors at the CFR printing house. However, we are talking about something else. But even there, things must be lowered not much, very much, and then there must be such a gradation or different levels for these allowances in the boards of directors. And yes, without any problem, these things must be corrected. They have gotten out of control, obviously," he specified.
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