In Tuesday’s ZF Live show, Mircea Ursache, vice-president of ASF, the single financial supervisory authority set up a month ago to replace the three former authorities, for the first time made public the value of compensatory payments that the commissioners of the former get. Some of the commissioners are to be found in the management of the current authority ASF.
“At the Insurance Supervisory Commission [CSA] the severance pay amounts to 19 salaries, at the National Securities Commission [CNVM] there are requests for the payment of nine salaries,” says the vicepresident of ASF.
This severance pay is provided for in the internal regulation of every institution, Ursache adds.
“This is peculiar because these sectors are out of control. I understand that one would give a severance pay when you cut short someone’s mandate halfway through, but not when someone’s mandate has ended,” the vice-president says.
The three supervisory commissions were led by a total of 19 commissioners. According to statements made by Prime Minister Victor Ponta, the former president of the Supervisory Commission Daniel Tudor earned 188,000 lei (around EUR40,000) per month, Carmen Negoita, former president of the National Securities Commission – RON80,000 per month (around EUR18,000) and Marian Sirbu of the Private Pensions Supervisory Commission made around EUR14,000. Daniel Tudor is now vicepresident in charge of insurance at ASF and Marian Sirbu is a non-executive member of ASF.
Based on these figures, the former president of CNVM Carmen Negoita is set to get severance pay of over EUR100,000, while the former CSA commissioners are set to get in excess of EUR500,000. These payments are made at a time when the Romanian capital market is going through an extremely difficult period. It is near the bottom of the ranking by the value of transactions and the latest listing of a private company took place five years ago.
Ursache also explained that commissioners in the former supervisory institutions earned high income especially because the former commissioners were paid based on the number of meetings.
“The fact that at ASF meetings are no longer remunerated is very important: salaries were not very high before, but incomes reached very high levels thanks to the remunerations for meetings. So it snowballed into high income that piled on by scheduling meetings after meetings and by postponing items on the agenda.”
The salary of the president of ASF, Dan Radu Rusanu, is EUR14,000 per month, the first vice-president Daniel Daianu earns 95% of the president’s salary, and the three vice-presidents earn a monthly salary of 90% of the president’s salary. The 12 non-executive members each earn 3,600 per month.
(English version by Daniela Stoican)