Blue chip board members take home 2.5 times average Hungarian pay

Telco

The board members of Hungary's biggest blue chips earned on average two-and-a-half times the salary of ordinary Hungarians last year, data compiled by business daily Napi Gazdaság show.

Board members of OTP Bank, oil and gas company MOL, drugmaker Richter and Magyar Telekom received gross cash remuneration of HUF 6.6 million on average last year, about 2.5 times the HUF 2.6 million earned by ordinary Hungarians, the data compiled by the paper as well as figures from the Central Statistics Office (KSH) show.

OTP Bank board members received an annual HUF 8.0 million, but they were also awarded 800 treasury shares a month. The value of the shares well exceeded their cash remuneration.

MOL board members received HUF 7.0 million in cash remuneration last year. Richter board members were paid HUF 6.5 million and Magyar Telekom board members got HUF 4.7 million.

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