Appointed on Monday, 22, as excessive by President Jair Bolsonaro, the remuneration – when adding fixed salary with bonuses and other benefits – of the Petrobras command can draw attention when compared to other public service positions and, mainly, the Brazilian average earnings, but it seems common or even below average in the corporate world.
The average salary of the presidents of public companies that make up the Ibovespa – that is, the main companies in the market – was R $ 11.3 million in the year in 2019. Petrobras’ chief executive, Roberto Castello Branco earned R $ 2.7 million that year, a quarter of the average value. On a monthly basis, the average remuneration gives a salary of R $ 940 thousand per month, while the president of Petrobras earned “only” R $ 226 thousand per month.
At the end of 2019, the average remuneration of Brazilian workers, between formal and informal, was R $ 2.3 thousand per month, according to the IBGE.
The data on high-level executives are collected by a specialist in corporate governance Renato Chaves, former director of Previ, a pension fund of Banco do Brasil. The values were raised in October, in the information that publicly-held companies are required to pass on to the Securities and Exchange Commission, the market’s regulatory body. Companies need to report the total annual compensation of the board, discriminating between the lowest and the highest amount – the highest, almost always, is that of the president.
The survey included 71 companies. When ranked according to the highest remuneration paid to the president, Petrobras is in position 58. Among the ten companies that pay their presidents the best, the banks stand out – Itaú, Bradesco and Santander are among the ten.
For Marcelo Apovian, a partner at the global consultancy specialized in recruiting high-level executives Signium, it does not seem that the compensation values for the president of Petrobras are out of touch with the reality of the oil and gas sector, on the global average. “The remuneration of the first and second levels is adequate with market values.”
According to Apovian, the remuneration of senior executives varies according to the sector. Traditionally, sectors whose profit margins are tighter pay less. The oil and gas sector, globally speaking, pays well to its top executives, because it is a “business that needs to have good people and the (profit) margin allows it to pay well.”
Chaves, who collected the remuneration data, estimates that the amount paid by Petrobras is within the normal range for a state-owned company with shares on the stock exchange. On the other hand, the specialist sees excesses in the average salaries paid to top executives in the country. “The remuneration of company presidents in Brazil is excessive, almost always detached from their results and extremely unequal in relation to those of other employees,” says Chaves.
Chaves’ survey compared the remuneration of the president of each company with the average salary paid to employees as a whole. In the extreme case, the president earns 600 times more than the company’s average. In terms of inequality, the oil company is among those with the smallest differences, with eight times.
The information is from the newspaper The State of S. Paulo.
+ Learn how to prepare the delicious carbonara spaghetti
+ Video: step by step how to make Easter egg
+ Scientists unravel mystery of Siberian giant craters
+ Sex: find out which is the best position according to your sign
+ 5 benefits of intermittent fasting and weight loss
+ How to make your hair grow faster
+ A new Antarctic megaiceberg is coming
+ Trick to squeeze lemons becomes a craze on social media
+ Study reveals the healthiest method for cooking rice
+ Cinema, sex and the city
+ Can belching a lot be a health problem?
+ Shark is captured in MA with remains of young people missing in the stomach
+ Publisher debuts with the novel La Cucina, a gastronomic and erotic adventure