EDP boss on over €6,000 a day

António Mexia and six other directors of EDP earn more than one million euros per year.

The president of the national electric company took home €2.2 million euros in 2018, made up from salary, performance related pay and bonuses. Mexia earned €100,000 less than in 2017.

Mexia received €6,024 per day, 54 times higher than the average salary of EDP workers.

The remuneration costs of the group's employees amounted to €471.65 million, slightly below the €491.7 million in 2017. This means the average salary at EDP was €40,550 per year.

In addition to Mexia, there are six other EDP directors earning over €1 million with a cost of paying the board €11.3 million in 2018.

This wouldn't be as bad if the company was coining it, but the results for 2018 were the worst for 14 years, with net profit plummeting 53% to €519 million.

The company's trading in Portugal made a loss for the first time since 1997, a painful €18 million, despite sky-high electricity bills.

Comments  

+2 #3 Poor Portuguésa 2019-03-26 11:16

How can it be legal?
Is there no 'watch dog'?

+4 #2 Chip 2019-03-25 11:56

No wonder my electricity bill gets bigger every month.

Time they were forced to have some competition.

0 #1 Maxwell 2019-03-25 09:17

Ed: Not seeing any Chinese names in the boardroom. Don't they own EDP - or some part of Portugal's electricity system - to integrate with their Silk Road?

_______

See https://www.edp.com/en/shareholder-structure-1

The Chinese government owns just over 28% through two companies

Ed

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