Estonia, Financial Services, Railways, Transport

International Internet Magazine. Baltic States news & analytics Saturday, 16.01.2021, 13:59

Estonian econmin recalling supervisory board of Estonian Railways

BC, Tallinn, 08.05.2020.Print version
Minister of Economic Affairs and Communications Taavi Aas is recalling the supervisory board of the state-owned Estonian railway company Estonian Railways, which decided to award a hefty bonus to company executives during the coronavirus crisis, public broadcaster ERR writes.

Aas is asking the nomination committee to make proposals regarding new members in the near future. The minister noted that the transport volumes of Estonian Railways have been constantly decreasing and, among other things, the government decided to also support Estonian Railways with a share capital contribution in the crisis measures package.

"In such a situation, I consider it completely inappropriate to pay a bonus of 2.5 months' salary to board members," Aas said, adding that he is not in itself opposed to paying bonuses for a good job, but only in a situation where the company is well run, profitable and when everything is fine. "But in a situation where freight transport has been steadily declining, then no, I cannot tolerate such a decision in this situation," the minister added.

According to the business daily Aripaev, Estonian Railways decided on March 25 that executives of the state-owned company deserve a bonus in the extent of 2.5 months' salary, that is a performance bonus of 20,000 to 25,000 euros, for last year.

The supervisory board of Estonian Railways includes chairman Priit Rohumaa and members Siiri Lahe, Ain Tatter, Raigo Uukkivi and Enn Veskimagi.

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