Updated article

The government has already received clarifications from TAP regarding the compensation paid to Alexandra Reis, currently Minister of Finance, and is forwarding the information to
The securities market and the General Inspectorate of Finance to be “appreciated”. TAP claims that what was paid is legal and reports that the current ruler asked for about $1.5 million at the start of negotiations to end the company, either as an employee (it had an indefinite contract in 2017) or as an administrator. (since September 2020).

In a statement sent to the media, the government says that it will “immediately forward the clarifications provided by the board of directors of the TAP to the General Inspectorate for Finance and the Commission on the Securities Market for an assessment of all facts of importance within the scope of their activities.”

TAP defends the legitimacy of what was paid and reports that the official requested almost 1.5 million euros.

A document sent by TAP to the government, also published by the infrastructure and finance ministries, confirms that Alexandra Reis received 500 thousand euros gross, despite originally asking for 1479 thousand euros.

The agreement included compensation for the termination of the contractual relationship with TAP and other group companies (TAP SGPS, Portugal, Cateringpor). As for the permanent contract, signed in 2017 upon joining the company, Alexandra Reis received 56,000 euros for its termination.

In respect of the compensation due for early retirement from the position of administrator, she received 443 thousand euros gross, including 107,500 euros for unused vacation.

The agreement also includes €336,000 of gross salary equivalent to annual wages, but without the current 30% TAP management pay cut (so the manager earned €245,000 in 2021).

TAP also explains that the statute of the public administrator does not provide for the possibility of terminating activities by mutual consent, so he resorted to the code of commercial companies. However, he explains that, with regard to compensation for the early termination of the four-year term for which she was elected, the agreed compensation is even lower than the 12-month salary, which is the limit set in the statute of the public administrator. because she was counting the reward without the 30 percent cut.

TAP compensation to Alexandra Reis violates the status of public administrator, but there are doubts about the applicable legal framework