Top bank directors pay is rising while their performance wanes

In 2002, the most expensive directors for shareholders, were the management and supervisory board of Millennium bank, as the leaders of this institution earned a total of zł. 28.8 million, or zł. 3.3 million on average per person. Management board and supervisory board members of BPH PBK and BRE Bank came second, but their representatives earned over one third less. The remuneration of top executives dropped by 6% in 2002 in comparison to previous year, the first time this has happened since 1999. Directors of stock listed banks earned a total of zł. 132.7 million last year, while the net result of their companies decreased by 28% to zł. 1.4 billion. In Poland, shareholders cannot find out how much a president of a bank earn, but "What is important is the fact that they know the total amount earned by the management. It is only forbidden to inform how much each individual earns in order to guarantee them safety," said the Securities and Stock Exchange Commission spokesman Michał Stępniewski. (Parkiet, June 14-16, p. 1) M.M.