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Good Finance “only” will receive 79 million dollars of pension

The eternal question: is it necessary for a president of a company to receive juicy contributions to a pension plan worth millions of dollars ? It is a model of current extra remuneration that many companies use, constituting a private pension plan and in which it is possible to endow an amount of money X, which is usually a lot, to be happy when that certain manager is retired .

Remuneration systems

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I have always defended the remuneration systems by objectives and variable, I understand, first of all, that this type of provisions, allowances, amortizations for the future or, whatever you want to call it, is not another way of granting you a personal, non-transferable bonus, Very profitable and useful to one of your most important workers.

If we talk about GFIC, it rains on wet. Surely everyone remembers that a few months ago, last September, jumped the news about Good Finance . Employee and manager for many years, the bank since its inception had considered, and more when he became CEO of the financial institution, prepare a pension-grant of the most interesting: an asset value of 59 million dollars , which will be awarded at a rate of 3 million dollars per year.

Interests that money generates

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Obviously this formula, which does not have much complication, always ends up benefiting managers who do not receive the money so as not to be taxed until the bars, and in the end they always receive more than the bank had provisioned for them; the interests that money generates by reason of receiving it to small so many can be quite large.

Yesterday the news jumped, the GFIC Board of Directors did it again. The President of the bank, Rey Fernandez and the Council, had sent an official letter to the GFIC to officially announce that the pension for when he leaves office will be 79 million dollars, and not a higher figure (+ another 75 million dollars) as the president of the entity had agreed in his objective and bonus contract.

The company has been very clear:

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We do not consider it appropriate that, having already 79 million dollars in the pension fund and being a person over 65 years of age, contributions continue to be made.

Personally, I can’t agree; Although I have a little doubt, a reconcome inside that gives me what I think:

Will Rey Fernandez be able to live with only 79 million dollars? Note the ironic tone please.

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