Bonuses for the managers and employees of "Broker" Cluj

The managers and employees of "Broker" Cluj could receive a bonus of about 8% of the company"s net profit for 2011, if the company makes more than 60% of the profit stipulated in the Revenue and Expense Budget for the year, according to a decision of the shareholders of BRK made in the General Shareholder at the end of last week.

The management would receive 8%, and the employees would receive another 4%.

Last year, the shareholders have budgeted a gross profit of 8.42 million dollars for this year, after the company last year reported a gross profit of 6.65 million lei. For 2011, the management of "Broker" has budgeted total revenues of 53.14 million lei and total expenses of 44.71 million lei.

The shareholders of the brokerage firm have also approved the granting of a 2% bonus out of the net profit for the members of the Board of Directors, also also subject to making at least 60% of the net profit of the Revenue and Expense budget.

The chairman of "Broker" Cluj will receive a monthly wage of 1,000 Euros/month, the vice-president will receive 600 Euros/month, and each member of the board will receive 400 Euros/month, according to another decision made by the board on Friday.

On Friday, the shareholders of "Broker" have also approved the transfer of the amount of 627,764 lei to the employees, the management team and the board of directors out of the profit of 6.65 million lei made in 2010, according to the decision of the Board of Directors of March 26th, last year, and the allocation of the 6.02 million lei into unallocated profit.

In last week"s General Shareholder Meeting, the investment plan for 2011 of the company, with a total value of 2.18 million lei (around 500.000 Euros), of which 350,000 Euros for a software purchase, 100,000 Euros for IT and security equipment and 64,000 Euros for the set up of the company"s offices.

"Broker" Cluj has a share capital of 72.36 million lei, divided into shares with a face value of 0.25 lei. SIF "Muntenia" holds 10% of the company.