HEC Board of Directors Received 260 Million Drams in a Year: Romanos Petrosyan

Romanos Petrosyan, the acting manager of the Armenian Electric Networks (HEC), has announced that the company's board of directors received approximately 260 million drams in salary payments over the past 12 months, yet did not participate in the management processes of the company.

Petrosyan stated this on his Facebook page, noting that the five paid members of HEC's board received a total of around 176 million drams, while nearly 84 million drams were allocated to the board's staff including consultants, assistants, drivers, and other employees.

According to him, during this period, the board of directors did not support the crisis management of the company, did not participate in problem-solving, and did not carry out strategic decision-making processes. “For more than a year, HEC’s board of directors has been in apparent inaction, yet several board members continue to be paid from HEC’s financial resources,” Petrosyan wrote.

He suggested that members of the board receiving salaries from HEC's budget should follow the example of the former chairman of the board and current MP Narek Karapetyan by voluntarily renouncing their salaries until the company undergoes changes in its legal structure.

Petrosyan also highlighted that the determination and alteration of board members' salaries are outside the authority of the acting manager and fall under the jurisdiction of the shareholders' general meeting.