Contract of the director of “ToMontenegro” published – An important step towards transparency

We welcome the decision of the Board of directors of ToMontenegro to disclose the managerial  contract of its executive director, after their answer to our free access to information request was first delayed and then rejected.

Contract can be found on our site: “Whose are our public companies

Beside the salary of €4 400 and reimbursement up to €1 000 for apartment rent, executive director already earned €50 000 in bonuses. The company already started with commercial flights (condition for one-off bonus) and transported 60 000 passengers by September (condition for one of the annual bonuses). In case of contract termination, director will have the right to 24 average net salaries, which amounts to over 105 thousand euros.

Reimbursement policy of the management of state-owned enterprises has to be regulated more precisely than it is now the case with the Law on Salaries of Public Sector Employees. Another issue is severance pay of executive directors, which currently has no clear limits or prescribed critera.

It is important that management earnings are transparent and precise information about them available to the public. Therefore, we welcome publishing of the contract and we hope that the managements of other state-owned enterprises who still hide the contracts of directors will follow this example.

 

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