ENDESA's chairman earned more that 3.1m in 2006
ENDESA's Chairman, Manuel Pizarro earned over €3.1 million in salary and extra compensation from the company last year, almost 50% more than in 2005; Chief Executive Rafael Miranda earned €2.89 million last year, with a similar increase to Pizarro's.
Besides this compensation, Pizarro and Miranda last year received company contributions to their pension funds of €441,722 and €4.93 million, respectively. In 2005, these contributions amounted to €236,655 and €2.12 million.
Do they worth their salaries? In a few months they have avoided the sale of ENDESA to GAS NATURAL for €24bn, and they have received an offer to purchase it for €41bn. It is obvious that their salaries have increased considerably, but the value of ENDESA has also increased in several million euros at the same time.
Personally, I wouldn't mind to increase the salaries of all the top executives of those companies where I have invested, if they increase my net worth as they have done.