The highest-paid such CEO is Petru Vaduva, who runs natural gas transmission company Transgaz (TGN.RO) and was paid RON1.8 million last year, according to ZF calculations, based on remuneration committee reports.
As with the other CEOs, the base salary is but a small part of the total income, just 10% in Vaduva’s case, while the rest comes from performance bonuses. Petru Vaduva took the reins of Transgaz in 2013, having previously run Tiriac Holdings.
Taking into account the base income only, the highest-paid CEO in the public sector is Virgil Metea, who runs natural gas producer Romgaz (SNG.RO) and earned RON22,000 net salary per month in 2014.
Adding all the bonuses he got in 2014, including some rewarding his 2013 performance, Virgil Metea made RON824,000, triple his base salary. The income he earned from Romgaz in his first full year on the job was higher than his 2012 income when he was in charge of E.ON’s gas and power distribution companies.
The state-run companies listed on the Bucharest Stock Exchange are the only ones that keep their shareholders regularly updated on the remuneration of their board and executives.
A group of senators has recently devised a bill that requires heads of companies where the government owns a minority stake to file a personal financial disclosure statement, as well. If it turns into law, it would help shed light on the incomes of the management of OMV Petrom (SNP.RO) and Rompetrol Rafinare (RRC.RO).
(English version by Loredana Fratila-Cristescu)