Are CEOs of large public corporations millionaires
Salaries in the millions, such as those that board members can achieve in the private sector, remain unattainable for top managers in public companies. In municipal companies, the average total remuneration per capita is 145,000 euros. This already includes a performance-related portion of just under 30,000 euros. This is the result of a study by Zeppelin University Friedrichshafen, which the German Association of Cities supported.
A good half of these top executives who work in management or on the board even earn less than 150,000 euros a year. Around one in eight receives more than 300,000, but only four percent receive remuneration of over half a million euros. The study is based on the data on the remuneration of almost 2,700 top managers in almost 1,500 public companies such as municipal utilities, savings banks, hospitals and the housing industry.
The remuneration of the municipal utilities is particularly high
What is striking are the differences when comparing pay in the 21 sectors examined. The top executives in the municipal utilities earn an average of 228,000 euros, more than twice as much as in the "health and social affairs" sector with more than 88,000 euros. The remuneration of the municipal utilities is particularly high. Here the corresponding value is 329,000 euros. In both industries, the pay of top managers rose significantly from 2015 to 2016 by 9.3 and 7.7 percent, according to the study.
The study shows that the remuneration between the industries can vary widely, even in companies of comparable size. "In some cases, companies in the health & social sectors have substantially lower total remuneration values per capita, even with a significantly higher number of employees," writes the author Ulf Papenfuß from the Chair of Public Management. He left it open whether this is appropriate. The considerable differences, however, "require justification", since the number of employees and thus the responsibility for personnel and the size of the company are an important criterion for the level of payment. Papenfuß believes that clear criteria for determining payment, especially in public companies, are desirable. These would have a "role model function". In the debate, however, the private sector is being looked primarily at.
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