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Boards eliminated at state-owned companies to cut costs

The Hungarian Development Bank (MFB) has eliminated the boards at the 25 state-owned companies it oversees as part of a government program to cut costs, the bank told MTI.

MFB replaced the boards at each of the companies with a single CEO, eliminating 102 paid positions.

The bank also replaced all of the supervisory boards at each of the companies with unpaid three-member boards. The move eliminated 108 paid positions. (MTI – Econews)