Mexia’s salary shrank. Received 2.16 million euros from EDP

  • ECO News
  • 17 March 2020

António Mexia won less last year. The "cheque" was for 2.16 million euros in a year, in which five more managers received a gross salary above the million euros.

António Mexia received less, but not enough to stop being the best paid manager in the country. Adding fixed remuneration to the variable, but also the multi-year variable, EDP’s chief executive raised over two million euros gross.

According to the 2019 Report and Accounts sent to the Securities and Exchange Commission, a year in which EDP showed a profit of 519 million euros, a decrease of 1% compared to 2018, the amount paid by the electric company to its CEO shrank by 1.5%. From 2,198,992 euros of gross income, the “salary” rose to 2,166,463 euros.

Only part of this figure corresponds, however, to last year. The fixed remuneration for 2019 stood at 1,015,024 euros, increasing from 970,213 euros in 2018, as was the case with the multiannual variable remuneration, which had amounted to 626,928 euros in the previous year, and increased to 826,407 euros.

The sizeable difference in Mexia’s income, which justifies the overall balance having shrunk, although very residually, is in the annual variable remuneration, which rose from 601,715 euros to almost half: 325,032 euros.

Mexia’s reduction in income is in line with what happened in the Electrica’s board of directors, which went from 11,303,658 euros in 2018 to 11,055,006 euros last year.

If Mexia took almost one fifth of the amount spent by EDP on the executive committee, there was another manager with an expressive “slice” of the remuneration paid to the Executive Board: Manso Neto.

The CEO of EDP Renováveis received 1,476,632 euros last year, a gross amount very similar to that earned the previous year. The fixed remuneration approached 700 thousand euros, with the variable amounting to 220 thousand euros. The enormous boost to the manager’s salary came from multi-annual remuneration – relating to performance evaluation for the period 2015-2017 – which amounted to 571 thousand euros.

Besides Mexia and Manso Neto, there were four other managers receiving over one million euros, before taxes. Miguel Stilwell de Andrade, António Fernando Melo Martins Costa, Rui Manuel Rodrigues Lopes Teixeira and João Manuel Veríssimo Marques da Cruz all exceeded this milestone.

Marques da Cruz earned 1,022,289 euros, and to exceed the million euros he also had 240 thousand euros through EDP – Asia Soluções Energéticas, a company owned by EDP