Handpicked boss of MFSA given €11,500 monthly salary
The newly appointed chief executive officer of Malta’s independent financial services regulator, the Malta Financial Services Authority, has been given a basic salary of €115,000 a year.
That’s in addition to a raft of perks and fringe benefits which push Joseph Cuschieri’s financial package to more than €11,500 a month, nearly three times the salary of the Prime Minister.
At the same time, Mr Cuschieri, 50, who until a few weeks ago was the CEO of the Malta Gaming Authority, has retained his role as a government-appointed director of two State companies, Projects Malta and Safe City Malta Ltd. This despite the fact that in his new role he is obliged to act independently of the government and any of its ministries.
Mr Cuschieri was selected for the post directly by the Office of the Prime Minister and no public call was issued.
Replying to questions from The Sunday Times of Malta, the MFSA said that Mr Cuschieri was engaged as its new CEO following an interview conducted by four members of its board, which is chaired by Prof. John Mamo.
According to his five-year engagement contract, Mr Cuschieri is entitled to an annual gross basic salary of €115,000, which will increase by...