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 « Latest News »  In Support of Government Pro-Poor Agenda, LPRC Board & Management Cut down Salary & Benefits

 The Board of Directors of the Liberia Petroleum Refining Company (LPRC) has with immediate effect reduced its Board Fees and benefits.

 The LPRC Board of Directors reached the decision after a lengthy discussion during its first sitting on February 20, 2018 in Monrovia.

According to a resolution from the office of the Chairman, signed by all its members, the Board said its decision is based on the poor state of Liberia’s economy and in line with the Government Pro- Poor Agenda which required officials of Government to make sacrifices in the interest of the country.

The LPRC Board also maintained that considering the declining financial position of the company and realizing the costly venture of the current Product Storage Terminal Rehabilitation and Expansion Project it was compelling to act in reducing its Board Fees and Benefits. 

The Board then resolved to reduce its quarterly sitting fees and benefits by US 1,000.00 and 125 gallons respectively.  

It may be recalled that in early February, the Managing Director of the Liberia Petroleum Refining Company, Ms. Nyemadi D. Pearson reduced her salary and benefits. Ms. Pearson reduced her monthly salary from US$5,600 to US$5,000; from 655gallon of fuel to 350 gallon; phone cards from US$ 450 to US$150.00 and refused the purchased of US$75,000.00 brand new vehicle but accepted a used vehicle inherited from the former Deputy Managing Director for Administration; and refused the assignment of 10 security guards at her residence but rather reassigned the guard to provided protection for the LPRC Terminal in Monrovia.

Several individuals and economics pundits in and out of Liberia have lauded the move by the senior management team to cut down their salaries and benefits and called on heads of other public entities to emulate the LPRC management's action.

"The action of the LPRC management will save the company over US$31,000.00 annually and that amount could be used to support government's development efforts especially in underprivileged communities" the LPRC Managing Director emphasized.

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