Members of the new Board of Directors of Electrica designated earlier this week by the shareholders will receive a monthly gross salary of 2,500 euros. In addition, they might receive bonus of up to $ 10,000 if they would achieve their annual targets, Mediafax announced.
“The Extraordinary General Assembly of the Shareholders approved the establishment of the following remuneration for Board members: a fixed amount of 2,500 euro gross salary per month for the tasks assigned to them by the memorandum and a variable amount up to 10,000 (gross) per year for achieving targets that will be determined by the Nomination and Remuneration Committee within three months after the service agreement will be signed by the board administrators”, the decision writes.
Also, the administrators will benefit, at the expense of the company, from a Directors & Officers Liability type insurance, of 10 million euro worth, says the service contract that the board members will sign. In addition, Electrica undertakes the obligation of reimbursing the managers for reasonable expenses made during activities related to the company.
New members in Electrica’s Board of Administration
Baroness Arielle Malard de Rothschild, a French national, is the founder of emerging markets division of investment bank Rothschild & Cie, part of Rothschild group. Prior to joining Rothschild & Cie in 1999, she spent 10 years at Lazard Frères & Cie investment bank. Since 1989, Arielle Malard de Rothschild was financial adviser all across Eastern Europe and Northern Africa, initially advising governments on renegotiating state debts and privatization, while later engaged in merger and acquisitions activities.
Arielle Malard de Rothschild is experienced with large projects of privatization in Romania, Poland, Russia, Hungary and Morocco, coordinating the privatization of companies such as MOL, Nafta Polska, ZIL, BCR or Dacia, say the documents available on Electrica’s website. Currently, as managing director at Rothschild & Cie and as vice president for Eastern Europe, Arielle Malard de Rothschild leads a team of 30 people located in Paris, and supervises operations in various countries.
Michael Adriaan Maria Boersma, a Dutch national, worked for the oil group Shell, between 1977 and 2003. In 2003, Boersma held the position of president of Shell Global Solutions. Between 2003 and 2009, he was CEO and chairman of Essent, the largest integrated utilities company in the Netherlands.
After leaving Essent, Boersma has served as member in the boards of directors at several companies in the Netherlands, USA, Germany and Finland. Currently, he holds different positions as senior consultant, president and member of the board of directors at several companies, foundations, institutions and advisory bodies.