Remuneration for Board and Supervisory Boards of State-Owned Companies Has Been Slashed
4 Articles
4 Articles
The government has decided on strict cost-efficiency measures: they will significantly transform the operation of the governing bodies of state-owned companies, limit executive salaries, and eliminate bonus payments for politicians.
Companies are divided into three categories, and remuneration is based on these. However, the government can allow a base salary higher than the maximum if it sees fit.
According to a new decree published in the Hungarian Official Gazette on Wednesday evening, the government will introduce cost-effective rules regarding the size and remuneration of the management bodies of state-owned companies. Companies will now be divided into three categories, which strictly define the maximum number of directors and supervisory boards, as well as the highest salaries for officers and top managers.
According to a new decision, high-ranking political leaders can only sit on the board of directors or supervisory boards of companies with majority state ownership without remuneration.
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