Governor of Belgian National Bank is the best paid in the Eurozone

Jan Smets, governor of the National Bank of Belgium (NBB), is the best paid of all of the central bank governors in the eurozone, Bloomberg reports. With a salary of €480,000 before deductions, Smets earns €94,000 more than European Central Bank president Mario Draghi.

Smets (pictured) also earns more than governors in larger countries – 10% up on German Bundesbank boss Jens Weidmann, and 2.5 times more than Janet Yellen, chair of the board of governors of the Federal Reserve in Washington.

The explanation offered by De Standaard is that, unlike most central banks, NBB is a listed company, with half of the shares held by the government and the other half in private hands. Trading in NBB shares goes on daily. That means his post is both similar to the other governors with whom he sits on the council of the European Central Bank and to the heads of large companies.

When looked at beside CEO remuneration packages, Smets’ looks less royal. Dominique Leroy at Proximus makes €618,950 plus stock options. At Bpost, CEO Koen Van Gerven makes €674,865.

Smets also earns less than did his predecessor, Luc Coene, who made €540,000. Nor is he the best-paid governor in Europe: Mark Carney, governor of the Bank of England, is paid £480,000 (€560,000). And in the private sector, top pay is much higher. Jean-Laurent Bonnafé, CEO of BNP Paribas, last year was paid €3.5 million.

Photo: Laurie Dieffembacq/BELGA