According to the integrated report on accounts for 2024, released today by the Securities Market Commission (CMVM), Filipe Silva, who resigned as CEO this year, was the highest-paid member of the Executive Committee, receiving a total of 1.7 million euros gross. This amount includes 980 thousand euros as fixed remuneration, with the remainder distributed between variable pay and a Retirement Savings Plan (PPR).
The resignation of Silva on January 7 followed reports that he was under investigation by Galp’s ethics committee for a potential conflict of interest, following an anonymous tip regarding a personal relationship with a senior director.
Executive Director Georgios Papadimitriou earned nearly one million euros gross in 2024, of which 504 thousand was fixed remuneration.
Excluding Filipe Silva, all executive managers received a fixed remuneration of 504 thousand euros, including Maria João Carioca and João Diogo Silva, who took interim leadership of the oil company following Filipe Silva’s departure.
However, with the addition of variable remuneration, João Diogo Silva’s total gross earnings amounted to 957 thousand euros, surpassing the 843 thousand euros earned by the financial administrator. The difference is attributed to a payment of 113.6 thousand euros to João Diogo Silva under the “Other” category, which includes benefits such as housing allowance, education subsidy, and other exit costs.
Finally, Rodrigo Vilanova and Ronald Doesburg each earned 843.6 thousand euros before deductions.
The total remuneration for Galp executives last year also includes a payment of 406 thousand euros in “long-term incentives” to Andy Brown, the former CEO who stepped down effective December 31, 2022, as well as 174.5 thousand euros related to subsidies and/or exit costs to his predecessor, Carlos Gomes da Silva.
The Board of Administration incurred costs totaling 950 thousand euros, with chairwoman Paula Amorim once again declining her remuneration, redirecting it to the Galp Foundation.
The remaining 12 members, among them Adolfo Mesquita Nunes, Jorge Seabra de Freitas, Marta Amorim, Javier Cavada, and Fedra Ribeiro, received a gross fixed remuneration ranging from 48 thousand to 108 thousand euros.
Last year, Galp reported profits of 961 million euros, a 4% decrease compared to the previous year.
In the final quarter of last year alone, Galp’s net profit fell by 75%, to 71 million euros, according to the group.
