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Executive directors of companies listed on the Stock Exchange have, mostly, a fixed salary that varies between 72,417 RON (approximately 14,480 euros) and 2.19 million RON per year (approximately 437,750 euros), namely between 1,200 euro and 36,480 euro per month, according to an analysis by KPMG Romania.
The document, titled "Study on the current remuneration system of Executive Directors and members of the Boards of Directors of listed companies", also shows that financial directors receive between 162,043 RON (approximately 32,410 euros) and 1.37 million RON (approximately 274,060 euros) per year, somewhere between 2,700 and 22,840 euros per month - an annual remuneration between 40% and 100% of an executive director's salary.
As regards non-executive or financial directors, half receive a higher salary than that of a financial director, and half a lower one. Moreover, the analysis shows that only half of the companies listed on the Stock Exchange grant a form of variable compensation, which does not exceed a third of the total annual remuneration, in general.
"If we compare the annual fixed remuneration received by the executive directors to the size of the company, we notice that there is a direct correlation between the CEO's salary and the size of the company - the salary increases with the increase in the size of the company. However, there are also some exceptional situations of companies that pay a small fixed annual remuneration compared to the size of the company (496,830 RON - 99,367 euros, versus the company's annual revenues of 29.738 billion RON - 5.9 billion euros), while others reward their directors with large amounts by reference to the size of the company (1.386 million RON - over 277,000 euros, versus the company's annual revenues of 70.053 million RON - a little over 14 million euros)," the KPMG analysis shows.
As far as financial directors are concerned, the fixed annual salary of a CFO varies between 162,043 RON (32,410 euros) per year and 1,370 million RON (274,060 euros) per year.AGERPRES
