OMV bosses raked in most last year
Mineral oil firm OMV has the highest-earning board members in Austria, a report has shown.The study by investors protection group IVA found that OMVs six-member board raked in 10.2 million Euros in “crisis year” 2009, up from 8.3 million Euros in the previous year.IVA examined Austrian firms quoted on the Vienna Stock Exchanges (WBAG) Prime Market.Wolfgang Ruttenstorfer who will resign as CEO next year earned the most with 2.59 million Euros, according to IVA.OMV, which was founded in 1956, is one of Austrias biggest firms and one of the most active oil and gas providers in Europe. Around one in five petrol stations in Austria is managed by the Vienna-headquartered company. It also runs petrol stations in 10 other European countries.OMV, which produces oil in New Zealand and other countries, has around 5,700 employees in Austria and 26,800 staff abroad. Its 2009 turnover amounted to around 18 billion Euros.Ruttenstorfer claimed recently OMV has drawn the right conclusions from the Gulf of Mexico oil spill. “We dont just talk about sustainability, we do it,” he said in an interview.Ruttenstorfer stressed: “We never avoided the debate about the reduction of carbon dioxide emissions and renewable energies.”The former Social Democratic (SPÖ) financial state secretary explained his firm spent one billion Euros in gas power plants in Romania and Turkey as well as 100 million Euros in windmills in Romania where OMVs biggest subsidy Petrom dominates the market.IVA also announced today that Strabag SE bosses came second in the 2009 board payroll ranking with 8.7 million Euros, the same amount they earned in 2008.The Vienna-based construction firms seven-member board is headed by Hans Peter Haselsteiner who owns the company.Strabag dominates the Austrian building sector and is a major player in Eastern Europe (EE) and in the Arab region.It suffered net losses of 12.8 million Euros in the first six months of 2010, down from 21.8 million Euros in the same time span of 2009. Strabags earnings before interest, taxes, depreciation and amortisation (Ebitda) were up by 14 per cent to 186.2 million Euros.The board of industrial device maker Andritz earned 7.9 million Euros last year, down from 10.8 million Euros in the previous year.Immofinanz bosses raked in 6.8 million Euros (2008: 2.2 million Euros) following the merger with Immoeast.The voestalpine board came fifth in the comparative salary chart with 6.2 million Euros, down from 7.9 million Euros in 2008.IVA President Wilhelm Rasinger said: “Austrias top managers are well paid, but their wages stand no chance if compared with salaries of bosses in western countries.”