On Wednesday, Sporting SAD announced salary increases for three of its chief executives, including chairman Frederico Varandas, and also began paying remuneration to non-executive directors and all of the company’s governing bodies.
In a communication sent to the Securities Market Commission (CMVM), the current fourth-place player in Football League One confirmed that a salary review for SAD’s governing bodies was approved at an extraordinary general meeting of shareholders held on Tuesday.
The proposal was approved by a majority, receiving more than 1.26 million votes in favor, about 200,000 votes against and 20 abstentions, Sporting SAD said.
The Shareholders’ Committee, responsible for presenting the remuneration policy for members of the management bodies, proposed to increase the salary of Frederico Varandas by almost 32%, from 182,000 euros gross per year to 240,000 euros.
The permanent part of the executive vice-presidents Francisco Salgado Zegna and Andre Bernardo will grow by 45% from next season, from 131 thousand to 190 thousand euros gross per year.
The suggested values are based on a study commissioned by consultant Korn Ferry, according to which Frederico Varandas’ remuneration is “11.4% below the market average”.
The shareholders’ committee also intended to award a fixed salary of €7,000 to non-executive directors Margarida Diaz Ferreira and Maria Ines Pinto de Abreu, in line with the remuneration of the chairman of the supervisory board, Fernando Pinto.
The members of the supervisory board will receive 6,000 euros per year gross, and the chairman of the board of the general assembly, Bernardo Ayala, will earn 3,000 euros, another 1,500 euros for the “vice president” and 1,000 euros for the secretary of this governing board. body.