The Board of Directors of YPF recently approved a significant salary increase for its members during a meeting held on Friday, 26th. This proposal was approved by 98.6% of the votes, including those of the chief and vice-chief of staff, Nicolas Posse and Jose Rolandi respectively. The directors represent the interests of shareholders, which include the State (51%) and private shareholders (49%). Despite this share structure, the company operates as a private limited company (SA) without financial contributions from the national State.
YPF generates 80% of its revenue from fuel sales and can rely on its reserves to cover losses. Last year, the company reported a negative accounting result of $1.277 billion due to revaluing its conventional gas and oil fields for sale. However, the adjusted EBITDA before interest, taxes, depreciation, and amortization was positive at $4.058 billion. A consulting firm determined that director compensation was below market standards and necessitated a salary increase.
The energy industry in Argentina has not been significantly impacted by economic crises; oil unions recently signed a parity agreement that increased salaries by 287% year-on-year. The General Assembly approved payments for director fees and members of the Supervisory Commission for fiscal year 2024 amounting to over $10.1 billion – an increase compared to the previous year – to align with market conditions.
The Board of Directors now has more members than last year with varying compensation levels. The CEO of YPF, Horacio Marin leads the board alongside other prominent figures in the energy sector. Despite controversy surrounding director salaries, YPF continues operations and investment activities in spite of these challenges.
In summary, YPF’s Board of Directors has recently approved a significant salary increase for its members during an Assembly held on Friday 26th while also expanding their number compared to last year with varying compensation levels each member receives despite controversies surrounding their salaries; however they have faced controversy over their compensation levels they continue operating in investments activities in spite this challenge
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