Remuneration of Orlen management board members for 2023. haughty a total of 14 million 583 thousand zlotyincluding the then president Daniel Obajtek1 million 672 thousand zloty – according to the company's annual report. It explains that all elements of remuneration are regulated by the contract concluded between the management board member and the company.
“All elements of remuneration are regulated by the contract concluded between the management board member and the company”
Orlen's annual report states that the remuneration paid to members of the company's management board serving in 2023 and 2022 – a total of 12 people – amounted to PLN 14,583,000. PLN in 2023 and PLN 10 million 86 thousand PLN in 2022, with the then president Daniel Obajtek receiving the most, PLN 1,672,000, respectively. PLN and 1 million 398 thousand zloty.
The report for 2023 also provides the amount of bonuses potentially due to members of the Orlen management board serving in a given year to be paid in the following year – these data cover 11 people and include the total amounts: PLN 13,791,000. PLN for 2023 and PLN 9,504 thousand PLN for 2022, including PLN 1,254,000 for the then president of the company, Daniel Obajtek, respectively. PLN and 1 million 120 thousand zloty. Obajtek was the president of Orlen from February 2018 to February 2024.
As explained in Orlen's report for 2023, the remuneration of management board members is determined by the supervisory board based on a resolution of the General Meeting in connection with the Act on the principles of shaping the remuneration of persons managing certain companies and the recommendations of the Nomination and Remuneration Committee operating within it.
At the same time, Orlen noted in the report that the main elements of the remuneration system for management board members include: monthly basic remuneration – fixed remuneration, variable remuneration depending on the level of achievement of management goals, severance pay resulting from the termination of the contract by the company, compensation for non-competition, compensation for competition. “All elements of remuneration are regulated by the contract concluded between the management board member and the company,” it was emphasized.
The report also indicates that the Orlen Supervisory Board, based on the general catalog of Management Objectives established by the General Meeting, designates four to ten individual bonus tasks each year, which are entered into the Goal Card of a given management board member. The Council – as stated – may also additionally set a separate goal or goals for a given year conditioning the possibility of receiving variable remuneration for that year.
According to Orlen's annual report, the remuneration of members of Orlen's supervisory board – a total of 10 people – amounted to PLN 1,682,000. PLN in 2023 and PLN 1,371,000 PLN in 2022, with the then chairman of the council Wojciech Jasiński PLN 184 thousand respectively. PLN and 164 thousand zloty.
For example, according to the annual report of Orlen for 2014 (then PKN Orlen – the current, official name Orlen has been in force since July 2023), the remuneration of members of the company's supervisory board – 12 people were given at that time – amounted to a total of PLN 1,347,000. PLN for 2014 and PLN 1,205 thousand PLN for 2013, including PLN 202,000 for the then president, Angelina Sarota. PLN and 180 thousand zloty.
What is the remuneration of an Orlen management board member?
In the same report, Orlen reported that the remuneration paid to members of the company's management board serving in 2014 – five people were indicated – amounted to a total of PLN 11,775,000. PLN for 2014 and PLN 11,887 thousand for 2013, including remuneration and other benefits PLN 6,826 thousand, respectively. PLN in 2014, and in 2013 PLN 6,388 thousand. PLN and bonuses for the previous year, also PLN 4,949,000, respectively. PLN and 5 million 499 thousand zloty.
Orlen's report for 2014 shows that the remuneration of the then president of the company, Jacek Krawiec, amounted to PLN 1,674,000 in 2014. PLN and 1 million 524 thousand PLN in 2013, and bonuses of PLN 1,240,000, respectively. PLN and 1 million 440 thousand zloty. Krawiec was the president of Orlen from September 2008 to December 2015.
The same report specified that the bonuses potentially due to Orlen's management board members for a given year to be paid in the following year amount to a total of PLN 6,433,000. PLN – 2014 and PLN 4,949 thousand PLN for 2013 – five people. In this list, in the case of the then president, Jacek Krawiec, the following amounts were given: PLN 1,591,000. PLN in 2014 and PLN 1,240,000 PLN for 2013
The report also explains that the amount of the bonus for 2014 was estimated assuming full implementation of bonus tasks by Orlen's management board members, and for 2013 based on forecasts for achieving goals. It was also indicated that the remuneration of management board members is determined by the company's supervisory board, taking into account the recommendations of the Nomination and Remuneration Committee.
As reported then, The main elements of the management board members' remuneration system include: fixed monthly base salary, annual bonus depending on the level of achievement of quantitative and qualitative goals, severance pay resulting from dismissal or resignation from the function of a management board member and remuneration due to the non-competition clause.
Orlen's report for 2014 also noted that members of the management board are entitled to an annual bonus on the terms set out in the contract, which includes the Regulations of the Incentive System for the Management Board, with the level of the annual bonus depending on the performance of individual tasks – qualitative and quantitative, established by the supervisory board for individual management board members – the board assigns four to seven individual bonus tasks each year. When Orlen's annual report for 2014 was published, the State Treasury held 27.5 percent. shares, while currently it is 49.9 percent.
The Orlen Group is currently a multi-energy concern that owns, among others, refineries in Poland, the Czech Republic and Lithuania, as well as a network of gas stations, including in Germany, Slovakia, Hungary and Austria. It is developing the hydrocarbon, oil and gas extraction segment, the petrochemical segment and the renewable energy sources segment, and plans to develop nuclear energy. By 2030, it intends to launch at least one small SMR nuclear reactor. When the Orlen Group's strategy until 2030 was updated in 2023, taking into account its priority goals after the previous merger with the Energa Group, Lotos Group and PGNiG, it was stated, among other things, that the company plans to invest over PLN 320 billion by the end of the decade.
Author: Michał Budkiewicz
