The General Society of authors and editors EFE conducts rigorous savings plan. Another cost-saving measure is the Elimination of subsidiaries, as sDae or Latino Portal, which accounted for annual losses exceeding EUR 1 million. It will lease recording of Fundacion Autor and SGAE in Madrid. The General Society of authors and editors (SGAE), within the framework of a rigorous savings plan, has decided to lower the salaries and allowances of managers and executives who make up its governing bodies, will close its offices in Shanghai and New York, and will sell its theaters in Argentina and Mexico. As reported Thursday by the SGAE, diets that are members of its Board of Directors, of the Board of Directors and of committees and working groups will be reduced by 10%.
In addition, the salaries of its executive staff lower up to 8%, measured to be completed with the removal of their travel expenses. The Board of Directors of the SGAE, which Anton Reixa, presides over has decided to start a savings plan rigorous after lowering running costs of the entity this year ten million euros, from 68 to 58. Moreover, the objective set by Reixa team to 2013 budget is further lowered that figure to reach 50 million euros. With the optimization of expenditure and efficiency in service as main objectives, the governing bodies of the Sociedad General de Autores y Editores (SGAE) have undertaken, in its first six months of the mandate, change in philosophy that governed the management body, stands out in a statement of the entity. The substantive reduction in the costs of functioning of society is the result, insists, the adoption of a series of measures which include the reduction of allowances and wages. Other cost-saving measures seek to reduce representation costs and the decrease of the costs of external services, to which must be added the Elimination of subsidiaries, as sDae, La Central Digital or Latino Portal, that they accounted for losses exceeding one million euros annually.