Brazil's Development Bank Pays Directors Salaries of Up to US$ 30,000

02/19/2018 - 10h35

Among the five federal state-owned banks, The Brazilian Development Bank (BNDES) is the institution paying the highest wages to its directors.

Data obtained by Folha through the Access to Information Act show that the fixed wage of the directors on the BNDES board is R$ 80,110.10 (US$ 24,500), while the president receives R$ 87,400 (US$ 26,500).

When these sums receive the addition of the variable remuneration, which depends on goals met, the average monthly income amounts to R$ 105,000 (US$ 31,800).

The directors also receive meal allowances of R$ 1,613.49 (US$ 484), and are entitled to housing allowances of R$ 1,800 (US$ 545). Regarding the latter, only two directors, who do not have houses in the city, according to the bank, receive the allowance.

Although the figures are below those of private banks, they are above the salaries paid by the other federal financial institutions.

In Banco do Brasil, for example, in the same calculations, when all the bonuses are included, wages reach R$ 87,400 (US$ 26,400). In Caixa Econômica Federal, salaries plus variable remunerations amount to some R$ 60,000 (US$ 18,200).

The BNDES says that its directors' salaries are higher than those of other state-owned institutions because it has nine directors, fewer than institutions such as Banco do Brasil and Caixa Econômica Federal, which have 39 and 33, respectively.

"The structures of Banco do Brasil and Caixa Econômica Federal are much bigger, thus these banks need more directors," says Sandro Cabral, a professor at Insper.

Translated by THOMAS MUELLO

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