Highest paid CEOs hail from shipping and imports industry

Remunerations for top management positions in Malta, namely chief officers, may range between €96,000 and €160,000 with the average package being of around €127,000 which includes performance bonuses, benefits and other allowances.

The highest remunerated chief officers came from the shipping, oil and gas sector industry, followed by food imports and financial services sectors.

This comes out from MISCO’s latest published study, the MISCO Chief Officers’ Salaries & Benefits Report. Now in its second edition, this report is the outcome of an extensive research exercise carried out amongst 70 leading organisations in Malta covering 40 different roles within such organisations.

This survey is intended to guide leading organisations in designing and maintaining an appropriate remuneration framework for their top management and C-Suite positions. The positions covered in this report include the Chief Executive Officer, Chief Financial Officer, Chief Technology Officer, Chief Operations Officer, Chief Commercial Officer, Chief Human Resources Officer and Chief Legal and Compliance Officer.

“One of the most interesting aspects that we are coming across is how job titles in many companies are increasingly being used interchangably. This does not reflect the duties that the particular role is expected to execute. As an example, we come across companies where a ‘CEO’ would be carrying out duties of a General Manager but his or her remuneration would be that of a CEO. Of course this is a trend that we notice in many organisations which can be harmful if not addressed,” Maria Zahra, from MISCO, said.

“This is why it is important for companies to ensure that the job titles within their company are in line with the job purpose. As such MISCO’s methodology when compiling these studies is one where benchmarking is done according to the job purpose and not merely according to the job title. This also explains why MISCO has developed its job evaluation exercises through which companies can be guided and assisted to assign the right duties to the roles and at the right remuneration package,” Zahra said.

MISCO compiles the reports in a scientific manner by phyiscally meeting companies to analyse their internal structures. Most of the data is collected through personal interviews with company representatives that enable MISCO to better understand the operations of the company and the responsibilities of the individual positions.