State CEOs earning more than president; government considers 75% salary cut

Europa

September 20, 2017 10:16 AM

The Finance Minister, Ken Ofori-Atta, said it is worrying that some CEOs are earning thrice more than the President of the country.

The government may slash salaries and benefits of some Chief Executive Officers of some public organisations in the coming days if the Finance Ministry is able to rationalize their pay structure.

At a policy and governance forum on governance strategic policy for the Civil Society Organisation sector, the Finance Minister, Ken Ofori-Atta, said it is worrying that some CEOs are earning thrice more than the President of the country.

He said that his ministry is pushing for a scheme to make it impossible for any CEO to earn more than the president.

The bonus structure for the CEOs will also be looked at, he said.

“We currently have a mirage of remuneration schedule that we don’t quite understand. I think we need to begin to rationalize it to make it clear where remuneration ends so that it does not go beyond the presidency,” he said.

He said his outfit will also consider the various sitting allowances, board fees, among others.

The Minister also touched on corporate governance culture and practices of SOEs saying, “as a shareholder, one of our key priority is to have SOEs both listed and unlisted operate in line with principles of efficiency and productivity without causing a burden on the public purse.”

The vice president, Dr Mahamaudu Bawumia, on his part, expressed concern about the current salary levels which he said do not conform to productivity.

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