Annex C. Actual remuneration levels of executive managers according to SOEs’ orientation and size
Table A C.1. Average annual remuneration of executive managers of commercially oriented SOEs (in actual USD and as a multiple of average wages) | |||||||||||||
---|---|---|---|---|---|---|---|---|---|---|---|---|---|
Shown in actual USD, and (as a multiple of average annual wages) | |||||||||||||
Country | Chief Executive Officer (CEO) | Chief Financial Officer (CFO) | Chief Operating Officer (COO) | ||||||||||
Large SOEs | Medium SOEs | Small SOEs | Average total | Large SOEs | Medium SOEs | Small SOEs | Average total | Large SOEs | Medium SOEs | Small SOEs | Average Total | ||
Austria | 586 400 (11) | N/A | 164 192 (3.1) | 375 296 (7.1) | |||||||||
Brazil1 | 117 724 | N/A | 66 696 | 108 446 (19) | 108 848 | N/A | 62 400 | 100 402 | 108 848 | N/A | 62 400 | 100 402 | |
Bulgaria | 63 120 | 43 607 | 32 084 | 46 270 (5.5) | |||||||||
Chile2 | 250 000 (9.3) | 231 000 | 142 500 | 207 833 (7.8) | 226 761 | 108 482 | 81 678 | 138 973 | 229 857 | 121 941 | 83 966 | 145 255 | |
Costa Rica3 | 128 551 | 125 310 | 53 340 | 102 400 (9.2) | 125 892 | 107 490 | 34 094 | 89 159 | 476 929 | 113 178 | 36 106 | 208 738 | |
Croatia4 | 46 824 (2.8) | ||||||||||||
Estonia | 197 303 | 84 977 | N/A | 141 075 (4.6) | 178 078 | N/A | N/A | 178 078 | 159 098 | 48 161 | N/A | 103 606 | |
Finland | N/A | N/A | N/A | 404 657 (8.7) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
France5 | 351 600 (7.7) | ||||||||||||
Iceland | 325 840 | 179 320 | 152 363 | 200 416 (2.9) | |||||||||
Ireland | 283 869 | 208 330 | 182 289 | 224 829 (4.5) | |||||||||
Korea6 | 182 274 (4.3) | ||||||||||||
Latvia7 | 170 451 | 112 973 | 141 712 (4.7) | N/A | N/A | N/A | N/A | 153 367 | 101 643 | N/A | 127 478 | ||
Lithuania8 | 136 597 | 69 704 | 55 646 | 75 493 (2.4) | |||||||||
Netherlands9 | 414 000 | 370 000 | 194 000 | 326 000 (5.5) | 399 000 | 309 000 | N/A | 354 000 | N/A | N/A | N/A | N/A | |
New Zealand10 | 621 437 | 445 800 | 246 027 | 437 755 (9.6) | N/A | N/A | N/A | M/A | N/A | N/A | N/A | N/A | |
Norway | 511 675 | 282 896 | 188 719 | 318 362 (5.7) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
Peru11 | N/A | N/A | N/A | 106 667 (18.7) | N/A | N/A | N/A | 88 000 | N/A | N/A | N/A | 80 000 | |
Portugal12 | 126 494 | 107 520 | 101 212 | 111 737 (3.9) | 113 838 | 96 762 | 91 070 | 102 900 | 101 182 | 86 004 | 80 945 | 89 377 | |
Slovak Republic | 124 085 | 56 091 | 51 294 | 77 159 (3.2) | 109 646 | N/A | 45 256 | 77 452 | 90 776 | 41 395 | 32 420 | 65 928 | |
Sweden | 684 776 | 381 819 | 210 105 | 425 567 (9.4) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A | |
Turkey13 | 23 675 (4) | ||||||||||||
Notes: Data covers executive remuneration of non-listed SOEs with a state shareholding of at least 50% which are not listed on the stock exchange, except for Chile where data includes one listed SOE (ZOFRI), albeit with remuneration levels similar to those of non-listed SOEs. | |||||||||||||
Data includes fixed remuneration only, except for Brazil, Estonia, Finland, Latvia, the Netherlands and New Zealand where both fixed and variable remuneration are included. | |||||||||||||
Data unavailable for Australia, Belgium, Colombia, the Czech Republic, Germany, Greece, Hungary, Israel, Japan, Philippines, Portugal, Spain, Switzerland and the United Kingdom. Data partially available for Bulgaria, Iceland, New Zealand, Norway and Sweden. | |||||||||||||
1 In Brazil, SOEs are classified as “dependent” and “non-dependent”. Indicated amounts refer to total average annual remuneration, including both fixed and variable components. | |||||||||||||
2 For Chile, data includes average remuneration levels in all SOEs, regardless of their orientation. | |||||||||||||
3 In Costa Rica, large SOEs include ICE and INS; medium-sized SOEs include NBCR, BCR, JAPDEVA; small SOEs include CR Mail Service, INCOP, SINART. | |||||||||||||
4 Indicated amount for Croatia refers to the net salary paid to executive managers in legal entities of special interest to the Republic of Croatia in December 2020. | |||||||||||||
5 In France, the indicated amount refers to the average annual remuneration of CEOs of all SOEs, regardless of their orientation. | |||||||||||||
6 In Korea, the indicated amount refers to the average remuneration of the CEO of public corporations for 2020. For market-type public corporations, the average remuneration of the CEO for 2020 amounted to KRW 229 519 000 (Korean won) (equivalent to USD 194 775), and for quasi-market type public corporations for the same period, it amounted to KRW 204 321 000 (equivalent to USD 173 125). | |||||||||||||
7 In Latvia, indicated amounts refer to the remuneration levels paid to, respectively, the CEO, the CFO/COO (same amount), and ordinary executive board members. | |||||||||||||
8 In Lithuania, indicated amounts refer to the average annual remuneration of CEOs of all SOEs, regardless of their orientation. | |||||||||||||
9 In the Netherlands, indicated amounts refer to the average annual remuneration of CEOs of all SOEs, regardless of their orientation. Large SOEs include Air France/KLM, BNG, NS, NWB Bank, TenneT. Medium-sized SOEs include GasUnie, Havenbedrijf Rotterdam, Holland Casino, Nederlandse Loterij, Schiphol, Thales. Small SOEs include COVRA, FMO, Invest NL, NIO, SRH, UCN. | |||||||||||||
10 In New Zealand, large commercially oriented SOEs include those with annual revenue above NZD 4 000 million; medium-sized commercially oriented SOEs, those with annual revenue above NZD 800 million; and small commercially oriented SOEs, those with annual revenue below NZD 50 million. | |||||||||||||
11 In Peru, the SOEs under the scope of FONFAE are all considered commercially oriented. | |||||||||||||
12 In Portugal, indicated amounts refer to the remuneration levels paid to, respectively, the president, the vice president, and ordinary executive board members of all SOEs, regardless of their orientation. | |||||||||||||
13 In Turkey, the indicated amount refer to the average annual fee based on the upper limits of director generals according January 2021 data. | |||||||||||||
Source: Country responses to the OECD questionnaire supplemented by desk research, and OECD calculations based on OECD database (https://data.oecd.org/earnwage/average-wages.htm) and ILOSTAT database (https://ilostat.ilo.org/topics/wages/). |
Table A C.2. Average annual remuneration of executive managers of public policy-oriented SOEs (in actual USD and as a multiple of average wages) | ||||||||||||
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Shown in actual USD, and (as a multiple of average annual wages) | ||||||||||||
Country | Chief Executive Officer (CEO) | Chief Financial Officer (CFO) | Chief Operating Officer (COO) | |||||||||
Large SOEs | Medium SOEs | Small SOEs | Average total | Large SOEs | Medium SOEs | Small SOEs | Average total | Large SOEs | Medium SOEs | Small SOEs | Average Total | |
Austria | 328 143 | 257 827 | 164 072 | 250 015 (4.7) | ||||||||
Brazil1 | 70 840 | N/A | 68 548 | 69 550 (11.6) | 68 857 | N/A | 65 673 | 67 066 | 68 857 | N/A | 65 673 | 67 066 |
Bulgaria | 52 315 | 40 441 | 34 405 | 40 609 (4.9) | ||||||||
Costa Rica2 | 56 188 | 39 018 | 53 295 | 49 500 (4.4) | 45 023 | 37 795 | 44 126 | 42 315 | 44 508 | 33 276 | N/A | 38 892 |
Croatia3 | 46 824 (2.8) | |||||||||||
Estonia | 144 287 | 94 703 | 65 500 | 99 357 (3.2) | 133 065 | 70 389 | N/A | 117 396 | 114 649 | 83 138 | 49 297 | 95 508 |
Finland | 324 124 (7) | |||||||||||
Iceland | 201 581 | 150 014 | 147 670 | 153 530 (2.3) | ||||||||
Ireland | 197 892 | 161 348 | 122 381 | 160 540 (3.2) | ||||||||
Korea4 | 156 628 (3.7) | |||||||||||
Latvia5 | 102 445 | 82 619 | 52 388 | 79 151 (2.6) | N/A | N/A | N/A | N/A | 87 042 | 70 568 | 48 832 | 68 805 |
New Zealand6 | 369 936 | 264 700 | 274 751 | 303 129 (6.7) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Norway | N/A | 224 520 | 102 499 | 215 452 (3.8) | N/A | N/A | N/A | N/A | N/A | N/A | N/A | N/A |
Slovak Republic | 89 702 | N/A | N/A | 89 702 (3.8) | 91 642 | N/A | N/A | 91 642 | 97 085 | N/A | N/A | 97 085 |
Turkey7 | 23 675 (4) | |||||||||||
Notes: Data covers executive remuneration of non-listed SOEs with a state shareholding of at least 50% which are not listed on the stock exchange, except for Chile where data includes one listed SOE (ZOFRI), albeit with remuneration levels similar to those of non-listed SOEs. | ||||||||||||
Data includes fixed remuneration only, except for Brazil, Estonia, Finland, Latvia, the Netherlands and New Zealand. | ||||||||||||
Data unavailable for Australia, Belgium, Colombia, the Czech Republic, France, Germany, Greece, Hungary, Israel, Japan, Peru, Philippines, Spain, Sweden, Switzerland and the United Kingdom. Data partially available for Bulgaria, Iceland, New Zealand and Norway. Data for France, Lithuania, the Netherlands and Portugal are reported in Table B.3 above. For Chile, data is available regardless of SOE orientation, and as such remuneration levels in all SOEs are reported in Table B.3 above. | ||||||||||||
1 In Brazil, SOEs are classified as “dependent” and “non-dependent”. Indicated amounts refer to total average annual remuneration, including both fixed and variable components. | ||||||||||||
2 In Costa Rica, large SOEs include AYA; medium-sized SOEs include INCOFER, JPS, RECOPE; and small SOEs include CNP. | ||||||||||||
3 The indicated amount for Croatia refers to the net salary paid to executive managers in legal entities of special interest to the Republic of Croatia in December 2020. | ||||||||||||
4 In Korea, the indicated amount refers to the average remuneration of the CEO of quasi-governmental institutions for 2020. For fund management type quasi-governmental institutions, the average remuneration of the CEO for 2020 amounted to KRW 239 448 000 (equivalent to USD 202 888), and for commissioned service type quasi-governmental institutions for the same period, it amounted to KRW 176 301 000 (equivalent to USD 149 383). | ||||||||||||
5 In Latvia, indicated amounts refer to the remuneration levels paid to, respectively, the CEO, the CFO/COO (slightly differentiated amounts), and ordinary executive board members. | ||||||||||||
6 In New Zealand, large public policy-oriented SOEs include those with annual revenue above NZD 1 600 million; medium-sized public policy-oriented SOEs, those with annual revenue above NZD 250 million; and small public policy-oriented SOEs, those with annual revenue below NZD 30 million. | ||||||||||||
7 In Turkey, the indicated amount refer to the average annual fee based on the upper limits of director generals according January 2021 data. | ||||||||||||
Source: Country responses to the OECD questionnaire supplemented by desk research, and OECD calculations based on OECD database (https://data.oecd.org/earnwage/average-wages.htm) and ILOSTAT database (https://ilostat.ilo.org/topics/wages/). |
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