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Monthly remuneration of the Board of Directors

Developments in the Board of Directors' monthly remuneration in 2015, 2016 and 2017 are the exclusive consequence of the entry into force of Law No 159-A/2015 of 30 December 2015, which laid down the progressive reversal of the temporary remuneration reductions implemented in Portugal under the Economic and Financial Assistance Programme through Law No 75/2014 of 12 September 2014.

The monthly remuneration level for 2017 corresponds to the amount resulting from the complete elimination of the remuneration reduction under Law No 159-A/2015 of 30 December 2015. 

The monthly remuneration allocated to the members of the Board of Directors of Banco do Portugal is therefore:

Monthly remuneration (in euro)

Governor

Vice-Governor

Director

2017 8

16,926.82

15,868.90

14,810.98

2016 7

16,114.33

15,107.19

14,100.05

2015 6

15,572.67

14,599.38

13,626.10

2014

15,234.14

14,282.01

13,329.88

2013 5

15,234.14

14,282.01

13,329.88

2012 4

15,234.14

14,282.01

13,329.88

2011 3

15,234.14

14,282.01

13,329.88

2010 2

16,926.82

15,868.90

14,810.98

2009 1

17,817.70

16,704.10

15,590.50

In accordance with Article 40 of the Organic Law of Banco de Portugal, the members of the Board of Directors are "entitled to the remuneration established annually by a salary committee comprising the Finance Minister or his representative, who will chair, the Chairman of the Board of Auditors and a former governor appointed for that purpose by the Advisory Board; such remuneration shall not include any variable component". 

The Board of Directors is comprised of the Governor, two Vice-Governors and three Directors.

 

1 Monthly remuneration equal to that of 2006, 2007 and 2008.

2 Salary update (reduction of 5%) effective from June.

3 Remuneration reduction of 10%, by decision of the Board of Directors of Banco de Portugal.

4 The members of the Board of Directors of Banco de Portugal voluntarily suspended their holiday subsidy and Christmas bonus in 2012.

5 The Christmas bonus and holiday subsidy were reinstated in 2013, by decision of the Board of Directors of Banco de Portugal, taken in accordance with the State Budget Law for 2013 (in the case of the Christmas bonus) and the ruling of the Constitutional Court of Portugal regarding this Law (in the case of the holiday subsidy). 

6 Update of the 10% remuneration reduction (introduced in 2011) to 8%, following the decision of the Board of Directors of Banco de Portugal and based on Law No 75/2014 of 12 September 2014, establishing the mechanisms for the temporary remuneration reduction and the conditions for its reversal.

7 Following publication of Law No 159-A/2015 of 30 December 2015, which provided for the removal of the remuneration reduction laid down in Law No 75/2014 of 12 September 2014, the reduction was progressively eliminated during 2016 under the following terms: (i) 40% reversal from 1 January 2016; (ii) 60% reversal from 1 April 2016; (iii) 80% reversal from 1 July 2016 and (iv) complete elimination of the remuneration reduction from 1 October 2016. The value presented corresponds to the level in force as at 1 January 2016, in other words, with the 40% reversal. 

8 The value presented corresponds to the level in force as at October 2016, after the complete elimination of the remuneration reduction.