No bonuses for ČEZ management
Members of the board of directors and the supervisory board of the ČEZ energy group will not receive bonuses from last year's profit it was decided at a company meeting on Friday. Shareholders decided to pay a 40 crown per share dividend before taxes, the same amount as in previous two years, or about 21.5 billion in total, which is 73 percent of adjusted net profit of the group for 2014, the Czech News Agency reported. The state, which owns about 70 percent of CEZ's shares via the Finance Ministry, will receive 15 billion. Management bonuses will not be paid for the first time since 2001 when ČEZ launched dividend payments to its shareholders. The Finance Ministry came up with the proposal for no rewards to be paid. The management received 25.5 million every year since 2010. The board of directors had proposed the same amount this year also, but the proposal was turned down.
At the same time, the board of directors can still use the share motivation programme. Within the programme, CFO Martin Novak bought 100,000 CEZ shares for 56.4million in May and then sold most of the shares, earning 6.9 million in the transaction, business daily Hospodářské noviny reported.