Last year the BCR group reported a net profit of just EUR17 million after it had posted losses in 3Q.
In 2010 the bank paid seven executives a fixed amount of around EUR1.7 million and total bonuses of over EUR1.2 million, including EUR523 million as deferred payment. The pretax salaries of BCR executives were almost 7% higher than the year before. The bank was headed by Dominic Bruynseels until the beginning of this year, when he was replaced with Czech-born Tomas Spurny.
The performance bonuses of the executive management are decided by the supervisory board headed by Andreas Treichl, the CEO of Erste Group, based on several criteria that include indicators such as net profit, coverage through provisions of non-performing loans, the economic value added and the cost/income ratio.
BCR did pay annual performance bonuses of 24.6 million lei (EUR5.8 million) to employees, around 70% less than amounts approved for 2010 as financial results were significantly lower. Almost 75% of performance bonuses for 2011 went to retail and corporate personnel of BCR’s territorial network.
(English version by Daniela Stoican)