Wynagrodzenia menedżerów w spółkach publicznych
Managers' Salaries in Public Companies
Artykuł zawiera przedstawienie wyników analizy poziomu wynagrodzeń członków zarządów i rad nadzorczych polskich spółek giełdowych. Analizowana kategoria została obliczona jako przeciętne roczne wynagrodzenie członka zarządu oraz członka rady nadzorczej spółki, obejmujące wynagrodzenie podstawowe i premie.
The study presents the results of the analysis of the salaries of boards of management and boards of directors of Polish stock companies. To put the proper interpretation on these results it is necessary to indicate limitations of the analysis resulting from the quality of empirical data taken into account. First of all, the information about the salaries of each member of the board, especially of its president, was not applied. The lack of such data made the author use the average salary calculated for all the members of the board. It is a big simplification because if the basic relationship which was searched - the one between the effectiveness of the firm and the salaries of its managers- does really exist, it could be supposed that the essential category stated on that base by the board of directors is the salary of the president of the board. In the present analysis of the salaries of the managers only short-term elements are being considered - salaries and rewards from the profit - meanwhile the long-term components (e.g. options on shares and income from the title of ownership) start to be of bigger and bigger importance. This kind of salaries should be taken into account in the next studies. The data about the salaries in 1997 are available only for 129 companies. It sets considerable restrictions on the possibility of analysing the relationship between the dynamics of salaries and the factors that influence it. However, the annual reports prepared for 1999 can be expected to include all the information according to the ordinance (changed in 1998) about the reporting obligations of public companies. The complement of the information with the next year data will make it possible to try to analyse the case at the time profile. To cope with the task of the study the author applied one of the simplest statistical methods - a correlation analysis. The complement and verification of the data will make it possible to apply more refined