As complaints against EDP reach record levels due to contrived incompetence over customers switching energy supplier, and with the regulator pushing home a multi-million euro fine for EDP’s refusal to deal fairly with customers on the ‘social tariff,’ the company’s chief executive António Mexia earned €2.1 million last year.
The businessman’s total wedge was made up of performance related pay going back to 2014 and a deferred salary payment from 2012 but even these generous sums were boosted by an extraordinary bonus, agreed by EDP’s remuneration committee, of €360,000 for "leadership qualities and strategic vision."
Mexia’s pay totalled €239,000 of salary to April 2015 and almost €548,000 salary to the 2015 year-end under a new contract.
In addition, he received €480,000 of performance related pay for 2014, plus €549,000 of deferred variable salary for the year 2012.
The remuneration committee’s controversial decision to award Mexia a bonus of €360,000 is the number that sticks out in the annual report as many perhaps foolishly presumed that he is employed for his "leadership qualities and strategic vision" and does not need an extra €360,000 to use them.
Overall, the board paid themselves €14.99 million in 2015, slightly below the €15.32 million in 2014.
The remuneration of over 12,000 EDP employees increased from €484.9 million in 2014 to €488.6 million in 2015, reveals the annual report.
EDP of course now is a private company and can pay its directors 'the going rate' which no longer is subject to State control.
