“PB” has checked how much the managers of Poland’s biggest listed companies earned in 2007. Only cash payments were taken into account. In 2007, the blue chips paid PLN 240m to their managers. CEZ, the Czech energy giant, was the most generous company and spent PLN 40m for this purpose. No wonder, the company had the highest net income of all blue chips on the Warsaw Stock Exchange which amounted to PLN 5.7bn. Banks follow in the ranking of high wages, including Pekao, BRE and BZ WBK. PGNiG gas monopoly is also in the group of companies who paid over PLN 21m to their managements. PKN Orlen’s managers earned over PLN 20m. TP telecom and Getin paid over PLN 10m to their managers. Remaining blue chips spent several millions zloty on wages of their bosses.
Grupa Lotos is the last in the ranking. On the other hand, its management turns out to be very profitable: every million zloty of wage means one billion zloty of income. This is the highest ratio among WIG20 companies. CEZ has PLN 140m per each PLN 1m of wage. KGHM copper producer, TP, GTC homebuilding company, Pekao and PKO BP also exceeded the level of PLN 100m of net income per PLN 1m of wage. Cersanit tile producer had relatively low income (PLN 20.7m) per each PLN 1m of management’s wage. Asseco Poland turned out to be the weakest company as far as this ratio is concerned: PLN 17m per PLN 1m.
Bioton insulin producer is lacking in the summary as the company failed to publish its report.
(PLN 1 = EUR 0.295)