The measure was adopted through a memorandum approved in the last 2011 Government meeting, said Muntean.
In 2009, the Government cut the salaries of state company management board members to 1% of the wages earned by company managers, which were also reduced from RON20,000-RON28,000 to RON4,800 – the level of a state secretary wage.
The measure was extended through memoranda to also apply in 2010 and 2011.
At the end of 2011, the Government approved the legal framework allowing the hiring of private management for state-owned companies and also deciding that their salary would not be set by law, but through negotiation with the company’s shareholders.
The framework was regulated through an emergency ordinance on corporate governance in state-owned enterprises, put forward by the Ministry of Justice and approved by the Government, as per negotiations with the International Monetary Fund. The rules apply to Romanian state-owned enterprises, with the exception of insurance and reinsurance companies, and lending and financial institutions.
A bill presented by MEDIAFAX in September said the managers could earn as much as EUR75,000 gross per month, plus millions of euro per year in the case of highly profitable companies, like Romgaz, Transgaz and Hidroelectrica, if they meet the performance criteria set in the contract.
The ordinance on corporate governance allows the companies to choose between a monist or dualist administration system and sets rules on the membership of the management/ supervisory board and the executive management, and the protection of minority shareholders.
(EUR1=RON4.3219)