How much top managers of Ukraine's state-owned companies get paid?

Author : Anna Peshkova

Source : 112 Ukraine

Despite the fact that only 191 working state enterprises out of 2,205 were profitable, this winter, officials did not hesitate to increase their salaries and obtain bonuses
13:00, 25 February 2020

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After a scandal with the December bonuses of the ministers, they, as well as MPs, employees of the President’s Office, the National Security and Defense Council, the Accounts Chamber, the Constitutional Court, and the Office of the Prosecutor General’s Office cut their salaries. 3,500 USD would be their maximum monthly wages. has analyzed data for the winter months. It turned out that despite only 191 working state enterprises out of 2,205 were profitable, this winter, officials did not hesitate to increase their salaries and obtain bonuses.

Andriy Kobolev, Naftogaz


The average salary of a Naftogaz employee is high: managers receive more than 3,500 USD. But what about its CEO, Andriy Kobolev?

In addition to the millions of dollar premiums for winning the Stockholm arbitration, he previously earned at least 410,000 USD per month. When extending his contract, payments were cut. So, in January, he earned 85,000 USD. These are almost three salaries of German Chancellor Angela Merkel, five salaries of the President of France Emmanuel Macron and 120 salaries of Volodymyr Zelensky.

Although the company is state-owned, Kobolev explains his salary by market conditions. Another argument is the high profit of the enterprise. According to the latest report of the company, for 9 months of 2019, the company received almost 1 billion USD of net profit. This is 27% more than for the same period in 2018.

Igor Smelyansky, Ukrposhta

Back in 2016, Ukrposhta CEO Igor Smelyansky came to a salary of 13,000 USD, in 2018 he received 23,000 USD, and in January 2020, according to the financial plan of the enterprise, 74,000 USD. This is more than Donald Trump earns.

Of this money, the salary itself is less than half. In an interview with one of the TV channels, Smelyansky announced that he was receiving 34,000 USD. He also stressed that he pays fines for thousands of dollars when he does not manage to cope with his tasks. Smelyansky received 29,000 USD premium, and another 19,000 USD is “additional payments provided by law.” At the same time, the salaries of his deputies and top managers are tied to the salary of Smelyansky.

The head of Ukrposhta believes that he deserves obtaining his salary because he has three higher educations, 14 years of experience and works for 19 hours a day - almost without going to bed. He introduced competitive purchases into the company, online parcel monitoring, and increased employees' salaries.

Oleksandr Donets, Antonov

The salary of the director of the Antonov enterprise Oleksandr Donets is growing rapidly, although the company's profit is only declining. For 9 months of 2019, “Antonov” earned almost 20 million USD less than in the same period of 2018.

According to his declarations, in July, Donets received 5,300 USD, and since autumn - an average of 10,000 USD monthly.

Everything would be fine if in December he had not been issued a bonus of 49,000 USD. Together with the salary for December, Donets was credited with approximately 54,000 USD. This is 84.7 average salaries of Antonov employees (they receive about 650 USD per month).

Yevhen Kravtsov, Ukrzaliznytsia

Ukrainian Railways press service

Yevhen Kravtsov was dismissed from his post in late January. His duties are temporarily performed by Željko Marček, who has been a member of the Ukrzaliznytsia board since 2016. In early February, he declared 10,500 USD. Most likely, he has not yet received salaries in his new position.

If we talk about Kravtsov's income for 2018, then he himself said that he received an average of 23,500 USD per month.

Although we do not know the salary of the head, its approximate amount can be calculated from the salaries of board members. In 2018, they earned half 20 million USD per year, in 2019, based on financial statements, 30,000 USD per month. It is unlikely that Kravtsov earns less than his direct subordinates. And journalists of Channel 5, referring to their sources in Ukrzaliznytsia, reported in December that in 2019, he already received about 51,500 USD per month.

The figure is close to the truth since, at the end of last year, the company paid its employees the 13th salary of half the salary for December 2018. Thus, in December, Kravtsov was supposed to receive at least 16,600 USD of bonuses and a total of more than 40,000 USD. And this is without allowances and bonuses. Kravtsov also faces decent compensation after his dismissal - his annual salary.

Oleksandr Degtyariov, Yuzhnoye Design Office


Degtyariov receives less than other top officials but is still considered one of the highest-paid heads of state enterprises. In January, he reported on receiving 18,500 USD, and on February 2 he received an additional 7,000 USD. In December, he received together with the prize of 45,000 USD.

In 2016, Degtyariov was fired for violating financial legislation on the recommendation of the State Financial Inspection, but he recovered through the court. If we leave aside the very figure of the chapter and judge the results of its work, then on the company's website we find the financial report for 9 months of 2019.

Raivis Veckagans, Seaport Authority


Raivis Vetskagans for January declared 27,000 UDS along with bonuses. Moreover, last year his salaries were more modest: in December – 10,000 USD, in November – 11,300 USD. After large-scale reductions, the ratio of the director's salary to the average employee salary in January was 29 times.

Vetskagans receives such a high salary, despite the fact that according to the administration’s reporting for 9 months, its profit decreased by 19%.

Pavlo Pavlyshyn, Energoatom

Open source

Acting Director Pavlo Pavlyshyn in February received 25,000 USD. This is the 23 rate of salaries of his employees. In January, Pavlyshyn received 21.000 USD, although in 2019 the amounts were much more modest: in December – 7,000 USD, in November – 5,200 USD.

The predecessor of Pavlyshyn, Yuriy Nedashkovsky, received more than 25,000 USD per month.

Yakiv Smoliy, National Bank (NBU)

Yakiv Smoliy, Acting Head of National Bank of Ukraine

Smoliy in January declared 24,000 USD. At the same time, in 2019, he earned about 15,500 USD, his deputies – 13,200 USD each.

The salary of the NBU chairman is calculated based on the average size of the chairpersons of the boards of Ukrainian banks. Media writes that the head of the board of PrivatBank Petro Krumkhanzl earns 28,600 USD a month - almost 70 times more than the average employee of the bank. The heads of the board of Oschadbank, Ukrgasbank, and Ukreximbank seem to have lower wages. Despite media inquiries, this information was not disclosed to banks.

Vsevolod Kovalchuk, Ukrenergo

Vsevolod Kovalchuk still has not been declared his payments for January. In December, he received 494 20,000 USD, in November – 21,000 USD, in October – 17,100 USD. These are 24 salaries of the average employee and about the same amount as Angela Merkel receives.

In September 2019, he declared 168,000 USD. Most likely, he received this money in connection with the transfer to a new position. It is likely that Kovalchuk is waiting for another transfer: the company announced the start of a competition to replace him.

As for the results of his work as the head of Ukrenergo, so far there is only a financial report for 9 months of 2019. Net profit for the year increased by 2.4 times.

Pavlo Ryabikin, Boryspil


The director-general of the Boryspil international airport declared 20,000 USD in January. It is also more than the French leader gets.

If we talk about the effectiveness of Ryabikin, four years ago the company was unprofitable, and in the past, in 2019, Boryspil reported a net income of 102 million USD. But in 2018, profits were more than 1 million USD. This did not stop Ryabikin from raising his salary by 3,500 USD per month. Since payments to Ryabikin are growing faster than dividends, there are doubts about the justice of his salary.

Closer to reality: from the Agrarian Fund to Ukravtodor

After the salaries of the top ten top officials, the earnings of other heads of enterprises and departments seem more adequate. In the private sector, you can really find vacancies for managerial positions with payment from 8,000-10,000 USD per month. But they are practically unattainable - 1-2% of top managers get them.

New head of the Agrarian Fund Ivan Baryshev received in January 10,400 USD, in December – 9,400 USD. Inspections in the Agrarian Fund showed speculation with the amounts of profit. The actual balance amounted to 118 million USD, although the amounts claimed were 2.5 times more.

The National AntiCorruption Bureau (NABU) responded to our request that in January its head Artem Sytnk received almost 8,100 USD (with surcharges for the length of service, for work related to access to state secrets, for rank, with business trips and vacation pay). At the same time, his deputies get more: Tetyana Varvarskaya received 13,000 USD, Anatoliy Novak – 7,900 USD.

Head of the National Police Ihor Klymenko for December declared 6,700 USD, in January he was paid 3,200 USD. Special Anti-Corruption Prosecutor's Office (SAP) head Nazar Kholodnitsky. Earlier earns 3,300 USD.

In January, Iryna Venedyktova, head of the State Security Bureau, was not paid the official salary, but she received a bonus of 1,000 USD. Her predecessor in office, Roman Truba, earned 2,700 USD in March. Venedyktova's deputies receive from 1,300 to 1,500 USD.

Most of all vacancies in the private sector amount to 1,000 to 1,700 USD. Such modest salaries are received by some top managers of state-owned companies.

Director of Ukravtodor Oleksandr Kubrakov, who was appointed on November 16, said he was receiving 1,000 USD with an average employee salary of 730 USD. The salary of his predecessor Slavomir Novak with bonuses was about 6,100 USD per month. Kubrakov says that he has enough money since he has a business. However, it cannot be said that his salary is too underestimated, since the head of Ukravtodor still has bonuses, and the losses of his company for only nine months of 2019 amounted to 737,000 USD.

And Aivaras Abromavicius, the head of Ukroboronprom, hasn't yet published his declaration from his new place of employment (the declaration expected in April), however, in a November interview said that he was earning 190 USD per month. This is a record low amount.


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