Galp executives’ gross pay totalled 7 million euros in last financial year
Filipe Silva, who resigned as CEO earlier this year, was the highest-paid member of the executive board, with a total of 1.7 million euros gross, of which 980,000 was in fixed remuneration.
The remuneration of Galp Energia’s executive directors totalled almost €7 million in gross terms in the 2024 financial year, as against the €4.6 million they were paid in the previous year, according to the integrated report of the group’s accounts for 2024, published on Monday via Portugal’s Securities Markets Commission (CMVM).
Filipe Silva, who resigned as CEO earlier this year, was the highest-paid member of the executive board, with a total of €1.7 million gross, of which €980,000 was in fixed remuneration and the rest composed of variable remuneration and his Retirement Savings Plan (PPR).
The manager’s resignation, on 7 January, came after it was reported that he was being investigated by Galp’s ethics committee for a possible conflict of interest, following an anonymous complaint about a personal relationship with a top director.
Executive director Georgios Papadimitriou earned close to €1 million gross in 2024, of which €504,000 was fixed remuneration.
In fact, excluding Filipe Silva, all the executive directors had a fixed remuneration of €504,000, including Maria João Carioca and João Diogo Silva, who took over the leadership of the oil company on an interim basis after Filipe Silva’s resignation.
However, adding the variable remuneration, Silva earned a total of €957,000 gross, a figure higher than the €843,000 earned by the finance director. The difference is due to the payment of €113,600 to Silva under ‘Other’ – which includes benefits such as accommodation allowance, education allowance and other exit costs.
Finally, Rodrigo Vilanova and Ronald Doesburg each earned €843,600 without deductions.
The total remuneration paid to Galp executives last year also includes the payment of €406,000 in “long-term incentives” to Andy Brown, the former CEO who resigned with effect from 31 December 2022, as well as €174,500 relating to allowances and/or exit costs for his predecessor, Carlos Gomes da Silva.
As for the suprevisory board, remuneration totalled €950,000, with the chairman, Paula Amorim, again giving up her share and directing it to the Galp Foundation.
The remaining 12 members, including Adolfo Mesquita Nunes, Jorge Seabra de Freitas, Marta Amorim, Javier Cavada and Fedra Ribeiro, received gross fixed remuneration of between €48,000 and €108,000.
Last year, Galp recorded profits of €961 million, down 4% from the same period the previous year.
Analysing just the last quarter of last year, Galp’s net profit fell by 75% to €71 million, the group said.