The Board of Directors of the oil company
YPF
will discuss at its next Assembly a
salary increase ("fees, remunerations and remuneration for all concepts") of 40% above inflation for its members
.
The directors of YPF are appointed and represent the interests of the shareholders, which are jointly the State
(51%) and the private shareholders (remaining 49%). Despite this share structure, the company operates as a private Limited Company (SA); Unlike other companies in which the national State is a participant, in YPF it does not contribute money.
Last year YPF recorded a negative accounting result of 1,277 million dollars, mainly caused by the revaluation of its conventional assets that it will put up for sale for about US$ 1,800 million. On the other hand, its business operating result (adjusted EBITDA) before interest, taxes, depreciation and amortization was positive $4,058 million.
Months ago, YPF had hired
an international "compensation and benefits" consulting firm that determined that the remunerations paid to directors were below the market
, so, in the opinion of these specialists, this increase would be necessary to equal current conditions. of the directors of other comparable companies.
The energy industry is one of the least affected by the deep income crisis for workers in Argentina.
The oil unions this week closed a parity of 287% year-on-year, which equals the inflation
accumulated in the last 12 months.
However, on the contrary,
workers in every country recorded on average a real loss in income of 20.7% year-on-year in January
, a drop that in the case of unregistered employees reached 36.7% in that same period. .
If previously an "informal" employee earned $100, at the beginning of 2024 they would receive $63.30
, according to data from the Salary Index of the National Institute of Statistics and Censuses (Indec). In February this collapse in salaries would have continued.
YPF salaries
The General Assembly will be held next
Friday, April 26
and the official proposal - among other topics to be discussed - is to approve the
payment of interim fees to the directors and members of the Supervisory Commission for the financial year 2024 for up to $10,189,823,464
( $10,189.8 million).
This is an
increase in nominal terms of 388.11%
compared to the $2,087,597,061 ($2,087.5 million) received "in remuneration, fees and remuneration" by the Board of Directors during the year ended December 31, 2023, values that its members consider "adequate and reasonable."
The average inflation expected by the International Monetary Fund (IMF) for Argentina is 249.8%, so the increase, discounting this effect, reaches 39.5% annually
. In 2024, however, the Board of Directors will have two more members than last year.
The president of the YPF Board of Directors and also CEO of the oil company, which is state-managed but operates as a private Joint Stock Company (SA), is Horacio Marín, former executive of Tecpetrol, one of the companies in
Paolo Rocca's Techint
holding company .
The rest of the members of the board of directors as "heads" who will be made official next Friday are Mario Eduardo Vázquez, Carlos Manuel Bastos (the brain of the privatizations in the '90s), the deputy chief of staff, José Rolandi; Eduardo Alberto Ottino, Omar Gutiérrez, former governor of Neuquén; Emiliano José Mongilardi, Horacio Oscar Forchiassin, former deputy Jimena Hebe Latorre, José Guillermo Terraf, and Gerardo Damián Canseco.
Meanwhile, Santiago Martínez Tanoira, Executive Vice President of Gas and Energy, will be appointed as alternate directors; Silvia Noemí Ayala, Mauricio Alejandro Martin, vice president of Downstream (refining and marketing of fuels), María Martina Azcurra, Guillermo Gustavo Koenig, Carla Antonela Matarese, Hugo Eduardo Rodríguez, deputy Pamela Fernanda Verasay, María Araceli Guzmán and Julio Alejandro Schiantarelli.
The value of YPF's share today is trading at $19 and its president's plan is to quadruple it in 4 years. Trader Esteban Monte saw two reports from the sector: Goldman Sachs sets a target of $20 for YPF stock in the coming months, while Citi sets the bar at $24.