Millions for management boards: These GPW companies pay their managers the most

Management boards of companies listed on the Warsaw Stock Exchange (GPW) saw their average gross remuneration reach 4.19 million Polish zloty in 2025. This figure includes base salary, bonuses, and other variable components, translating to approximately 956,900 zloty gross per board member.

The reported remuneration shows a 4.4% increase compared to 2024 and a 0.7% rise from 2023. Looking at longer-term trends, the increase is more substantial: 83% since 2009 and 55% since 2019, before the COVID-19 pandemic.

While these figures represent significant earnings, the growth rate for GPW board members has lagged behind the overall economic wage growth for the second consecutive year. Average wages in the enterprise sector rose by 6.8% year-on-year in July 2026, a pace considerably faster than that of top management compensation. This slower growth in executive pay is interpreted by experts as a sign of increased caution among supervisory boards and a more realistic approach to compensation policies.

Furthermore, despite a 37% improvement in the average financial results of GPW companies in 2025 after a weak 2024, the financial outcome per 1,000 zloty of board remuneration decreased by 12% compared to the previous year. Similarly, revenue generated per 1,000 zloty of gross remuneration for board members in 2025 was lower than the record levels of 2023 and 2024, although still higher than in the 2020-2022 period. This suggests that while executive efficiency remains relatively high compared to earlier years, it has not fully translated into proportional salary increases.

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Ich dynamika wyhamowała i to drugi rok z rzędu. Odczytywałbym to jako oznakę większej ostrożności rad nadzorczych i stopniowego urealniania polityki płacowej. W efekcie zarobki menedżerów rosną wolniej niż płace w całej gospodarce