Mining & Energy
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Remuneration of the board of directors of public company Electricity of Mozambique (EDM) has increased by more than 60 percent during the past year in a sector where the wage increase decreed by the government was 13.3 percent, with seven members earning on average one million meticais a month each.
“During the year ended December 31, remuneration earned by the Board of Directors amounted to 152,307,801 meticais [ around US$2,487,580 at current exchange rates],” the EDM’s 2016 Annual Report and Accounts reveals.
This amount is distributed in 51,116,737 meticais for directors’ pensions and 101,191,064 meticais for 12 months’ salaries.
Compared to 2015, when the Board of Directors’ salaries amounted to 62,729,133 meticais plus 31,512,014 meticais in pensions, @Verdade calculated an increase of 61 percent in a year in which the remuneration of the 3,892 ordinary EDM employees grew by only 28 percent.
EDM’s Board of Directors is chaired by Mateus Magala, assisted by Executive Directors Carlos Alberto Yum, Noel Joaquim Govene, Aly Sicola Impija and Maria de Fátima Serra Ribeiro Arthur. It also includes government representative Edgar Cossa and Henrique Anuário, workers’ representative on the board.
The document that A Verdade has access to does not indicate individual remuneration, but an equal distribution would give each of the seven members about 1.2 million meticais a month. In 2016, the minimum wage in the electricity distribution and production sector was 5,402 meticais.
These salary increases came in a year in which the state energy distribution monopoly accumulate losses for the fifth consecutive year, this time of 983,432,916 meticais, despite tariff increases for the second year running.
Source: A Verdade
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