DECISION The heads of OMV Petrom will no longer be loyal with shares of the Austrian parent group, the cash bonuses will depend exclusively on the results of the Romanian company
OMV Petrom petrol station, Photo: OMV Petrom
The annual cash bonuses of the members of the Directorate of OMV Petrom, the largest producer of hydrocarbons and fuels in Romania, also a producer of electricity, controlled by the Austrians from OMV, will depend from next year exclusively on the results and performances of the Romanian company, those of the parent group in Austria being excluded from the calculation, decided the general meeting of OMV Petrom shareholders.
In addition, under the so-called Long-Term Incentive Plan (LTIP), through which CEOs are awarded shares based on performance, for loyalty, shares that they must keep until they retire or leave the company, from 2026 they will be granted shares in OMV Petrom, not OMV AG, as before, and the performance criteria will only relate to OMV Petrom's figures, according to the ruling AGM.
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