WILLEMSTAD - Government-owned oil company Curoil has formally requested an exemption to pay six top executives salaries exceeding the legal maximum of 386,000 guilders per year, as stipulated by the Landsverordening Normering Topinkomens (LNT), Curaçao's Top Income Standardization Act.
Curoil argues that higher compensation is essential to attract and retain qualified executives with specialized expertise in the competitive international energy market. Among the roles targeted for this salary adjustment are the CEO and CFO, positions deemed critical to the company’s strategic development.
However, the supervisory body SBTNO has raised objections, emphasizing that government entities are generally required to adhere to the LNT limits. “Exceptions can only be made in extraordinary cases and must be thoroughly substantiated,” stated SBTNO. The regulator noted that Curoil has not conducted a market analysis to justify its request and has advised the government to reject the proposal unless a comprehensive review is carried out.
The request comes on the heels of a recent exemption granted earlier this year, allowing medical specialists to earn up to 500,000 guilders annually. Curoil contends that these six key positions are pivotal for the company’s long-term success and require competitive compensation to meet global standards.
The Curaçao government has yet to make a decision on the matter.