Andrzej Klesyk, CEO of Polish insurance giant PZU's CEO, is about to see his monthly salary rise. By over zł.100,000.

When the company debuted on the Warsaw Stock Exchange in May, the Treasury lost its controlling stake in the firm and a legally enforced “ceiling” on salaries of board members in state-controlled companies was nullified.

The “ceiling” was set at seven times the average wage in the enterprise sector, which is currently amounts to about zł.22,000 per month.

“We want the CEO of PZU to earn 50 percent more than the CEO of PKO Bank Polski,” a source close to the supervisory board of the insurance company, which sets the salaries, told Polish financial daily Parkiet.

Zbigniew Jagiełło, CEO of PKO Bank Polski, Poland's largest bank by assets, last year earned more than zł.90,000 per month, according to the newspaper.

Although the system of commission and bonus payments has not yet been determined, Parkiet suggests Mr Klesyk could make some zł.135,000 every month.

That adds up to zł.1.6 million each year for the PZU head, but it is still not much compared to the more than zł.2.2 million earned last year by Jacek Podoba, CEO insurance company TU. And certainly not much compared to the zł.2-3.6 million Mr Klesyk should be earning, according to executive recruitment firm Korn/Ferry International's Krzysztof Nowakowski.