The General Meeting of Shareholders of Banco do Brasil rejected on Friday (April 26, 2024) a proposal for a 56.7% salary increase for the institution’s president, Tarciana Medeiros. The increase granted by the board was 4.62% in the salary of the CEO, vice-presidents and board of directors. Here is the full vote (PDF – 251 kB).
If the change had been approved, Medeiros’ monthly remuneration would have increased from R$74,972.00 to R$117,470.00. With participation on boards and the bank’s earnings, the amounts that the BB president would receive would approach R$4 million per year.
The vice-presidents and directors also requested higher adjustments than what was approved. In the case of vice-presidents, the salary would go from R$67,105 per month to R$90,188 – an increase of 34.4%; and directors, from R$56,873 to R$69,242 – an increase of 21.7%. Just like the president, vice-presidents and the board of directors are paid for participating in councils.
REMUNERATION HERE
O Power360 found that the leadership internally assesses that Medeiros’ salary is far below what the market practices for those who are in charge of large institutions. There is mention of salaries from banks and other large companies in the private sector, which are much higher.
There is also the justification that values considered outdated would discourage remaining in charge of Banco do Brasil. In comparison, the salary of the CEO of Itaú Unibanco, Milton Maluhy Filho, reached R$53 million in 2021.
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