TAP’s bonuses are causing turmoil among stakeholders

Last Tuesday, Lusa Press Agency revealed that TAP has paid 1,171M€ in awards to 180 people, despite registering a 118M€ loss. These awards were paid together with their May salaries and oscillate between 1000€ and 110,000€.

Jornal de Negócios has also reported that six board members, nominated by the Portuguese State, have called an emergency meeting after feeling “uncomfortable” with the decision of the Executive Administration.

According to a statement released this afternoon, Pedro Nuno Santos, Minister of Infrastructure, spoke on behalf of the Portuguese Government, accusing TAP of “breaking trust” and “disrespecting previous institutional commitments”.

TAP’s CEO, Antonoaldo Neves, said he did not understand the controversy and reminded that the company is regulated by an Awards Policy, adding that those awards “could even be higher had the company generate bigger profits”, something that did not happen.