Central Bank of Malta Governor Edward Scicluna is being paid an additional €12,000 a year to form part of the Malta Financial Services Authority’s board of directors, in his capacity as the country’s central banker.
The remuneration comes over and above his €138,000 remuneration as governor and his three separate pensions, including an uncapped privileged as a former minister.
Scicluna’s successor as finance minister, Clyde Caruana, has been unable to confirm in Parliament whether Scicluna was earning the additional €1,000 a month honorarium as an MFSA board member, which is part and parcel of his role as the central bank’s governor.
Caruana had been asked over two years ago, in February 2021, to state whether Scicluna was earning the remuneration but said he would provide an answer in another sitting. The answer never came.
The Shift can now confirm the remuneration following a Freedom of Information request for a list of the MFSA board member payments over the last two years. The list shows Scicluna received a total of €12,000 between March 2022 and last March.
Government appointees to top and headship positions were until a few years ago precluded from receiving more than one honorarium irrespective of the number of boards or agencies they are involved in.
The Labour administration has, however, changed those rules.
Prime Minister Robert Abela kicked Scicluna upstairs to the post of CBM governor when he took power in 2020 and replaced him with his then-personal assistant Clyde Caruana. While still finance minister, Scicluna increased the central bank governor’s remuneration.
Scicluna also receives a pension as a former minister, two-thirds of the current ministerial salary, a pension as a former Member of the European Parliament as well as the regular National Insurance pension.
Scicluna is not the only one on the MFSA board receiving remuneration from other government appointments.
University of Malta lecturer Philip von Brockdorff also receives a director’s remuneration from the beleaguered Air Malta and is a director of the government’s Gal Xlokk Foundation.
Commissioner of Inland Revenue Joseph Caruana is also receiving the €1,000 monthly payment for attending MFSA board meetings while the same applies to Malta Gaming Authority CEO Carl Brincat.
Chairman Jesmond Gatt receives almost €3,000 a month for his part-time role while also being a government-appointed Executive Chairman at Malta Government Investments.
The MFSA’s board also includes Stephanie Vella, an economist and E-Cubed Consultants Ltd co-owner. E-Cubed Consultants’ other owner is Bank of Valletta Chairman Gordon Cordina. Like all financial institutions, the bank is supervised and regulated by the MFSA.