Finance Minister, Ken Ofori-Atta, in 2017 advised it was not right for Chief Executive Officers (CEOs) of State-Owned Enterprises to earn more than the President of the Republic.
He hinted that a new system was being introduced to check the salary payment of CEOs.
Also, Ken Ofori-Atta said the bonus structure of CEOs of State-Owned Enterprises would be reviewed.
“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.
“Some of you take thrice what the president earns and I think we should look at that based on what you do,” he added.
Read the full story originally published on September 20, 2017 by 3news.
Finance Minister, Ken Ofori-Atta, has hinted that government is introducing a new system to rationalize the salaries of key management members of State-Owned Enterprises.
The Finance Minister, Ken Ofori-Atta, is concerned that some CEOs are earning thrice more than the President of the Republic.
The Ministry is pushing for a scheme to make it impossible for any CEO to earn more than the president. This will also mean that the review will also look at the bonus structure for the CEOs.
This was disclosed at the 2017 edition of the State-Owned Enterprises policy and governance forum. Ken Ofori-Atta says management members will take salaries depending on their efficiency “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. “Some of you take thrice what the president earns and I think we should look at that based on what you do”.
He said consideration will be given to the various sitting allowances, board fees as well as other related benefits. The minister added that the move is in line with provision of the Public Financial Management Act “We intend to take this function and responsibility seriously.
Hence in accordance with best practices like the PFMA, we have initiated efforts to establish a comprehensive performance monitoring regime for the SOE sector”.
These efforts will culminate in the development of a performance monitoring manual.
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