Impressive Salaries and Promotions – Will such gifts be given to managers of a state-owned company?



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President Gitan Nausėdas is shaken by Darius Maikštėnas, the head of the state energy giant Ignitis, during a visit to the Kruonis power plant in the summer. .

Former Finance Minister Vilius Šapoka also assigned them shares of a state company for more than 200 thousand. euros. Maikštėnas itself can expect more than 2 thousand. shares worth 45 thousand. euros. The value of the shares promised to the rest of the managers of the Ignitis Group would reach 20,000 euros each.

For whom the promotions, when the salaries are impressive, the managers of the Ignitis group do not want to explain, send a spokesperson.

“The general principles for the allocation of shares were approved by the Ministry in September in the rules. The shareholder must decide on the general rules. The Board of Supervisors then sets targets for 2024. makes a decision on whether to achieve the targets, assign or no shares, how much to allocate for its implementation ”, says Artūras Ketlerius, representative of Ignitis.

And investment experts point out that Ignitis shares are extremely valuable for nothing.

“Shares are the most valuable gift for every manager, more valuable than money. When working in a company, a manager has the opportunity not only to increase the added value for the main shareholder, but also for himself. Unlimited possibilities” says financial expert Marius Dubnikovas.

Vilius Šapoka, who hung the minister’s folder on a nail and disappeared from the public eye, no longer allows the media. Valius Ąžuolas, who headed the Finance Committee at Seimas, says he knew nothing.

“It just came to our knowledge then. It is necessary to clarify who made the decision. Has it been adopted by the previous management? But the decision, to my knowledge, was made recently, the current Minister of Finance is Gintarė Skaitė. Probably made the decision. to make the donation of shares possible, ”says Valius Ąžuolas, a member of the Seimas and a farmer.

And Dalius Misiūnas, who previously ran Lietuvos Energija, now called Ignitis, has his own explanation for why Šapoka shares the shares of the state-owned company, and therefore all of us, with the current managers.

“The distribution of shares was the ambition of the former minister, it may be his way of thanking the people who made his dream come true,” said Dalius Misiūnas, former director of Lietuvos Energija.

State-owned Ignitis Group began selling its shares to the public in the fall and promises to make as much profit as possible for its owners, but is collecting all the electricity payments from us that we have made.

Therefore, the economist Raimondas Kuodis criticizes this business model of the state monopoly and encourages managers to use the company’s shares for profit. This, according to the economist, goes against the public interest to pay the lowest possible price for electricity, which has risen again 5 percent for domestic consumers since January. This is the position of Dalius Misiūnas.

“According to the incentive procedures, the managers are motivated by profits and projects. The rate reduction is not an indicator by which managers are encouraged, ”says D. Misiūnas.

The new Finance Minister, Gintarė Skaistė, still does not know how Vilius Šapoka’s decision to please Ignitis managers with the company’s shares will become known, and Mykolas Majauskas, chairman of the Seimas Budget and Finance Committee, is suspicious about Ignitis activities.

“It is not in the state’s interest to obtain the greatest possible benefit. It is in the main interest of the population to receive an uninterrupted supply of electricity at the lowest possible prices,” says Mykolas Majauskas, president of the Seimas Committee.

Majauskas promises to raise questions about Ignitis’s mission and leadership development program in meetings with the Minister of Finance and the Ignitis Oversight Board.



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