Energy, Estonia, Legislation, Wages
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Wednesday, 19.06.2013, 16:20
Supervisory Board of Eesti Energia refuses to escalate CEO's salary
Juhan Tere, BC, Tallinn, 14.06.2012.
Print version
Print versionThe Supervisory Board of Estonia-based energy company Eesti Energia rejected a proposal of its Supervisory Board to increase sharply the salary of CEO Sandor Liive, the Estonian news portal BBN reports.
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According to the proposal, Liive's salary should be increased up to 20,000 euros a month due to the fact that managers' wages were last time improved six years ago, writes LETA.
At present Liive is making 11,319 euros a month.
The supervisory board decided to reject the proposal because the majority of the board said that the changes that had taken place in the company did not justify such a rapid increase in management board salaries.
As reported, a non-profit organization Baltic Institute of Corporate Governance (BICG) stated in a study launched in mid-May that the governance of Eesti Energia is the best among fully state-owned companies in the Baltic States.
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