Statoil strategist secures severance

Norwegian oil company Statoil has quietly confirmed that its low-profile executive John Knight will be resigning his post at chief strategist on January 1, 2019. He’ll be taking with him a severance pay package that makes the many others paid out by Statoil, as part of its cost- and staff-cutting in recent years, pale in comparison. Newspaper […]

DNB’s troubles cut into CEO’s bonus

Rune Bjerke, chief executive of Norway’s largest bank DNB, has had his annual bonus trimmed by more than 10 percent after a year of controversies that hurt the bank’s reputation. Bjerke still received nearly NOK 2 million on top of his annual salary and benefits, but that was NOK 322,000 less than in 2015. Newspaper […]

Many defy call for pay ‘moderation’

The most powerful officials in Norway’s labour market gathered this week and agreed that “moderation” will continue to be the buzzword in wage and salary talks this spring. Executive pay, meanwhile, and even the salaries of some political leaders have risen to a level that’s anything but moderate, by Norwegian standards. Top business leaders in Norway are now paid […]

Hydro boss is state’s best-paid

Svein Richard Brandtzæg, chief executive of Norsk Hydro, earned the most last year of all the bosses of large Norwegian companies in which the state has a major stake. His pension, bonus and other benefits catapulted him over the CEO of Norway’s biggest company, Statoil. Newspaper Aftenposten, citing a ministerial report about the state’s ownership interests […]

Oil Fund wielded its clout over bank executives’ pay

Norway’s sovereign wealth fund known as the Oil Fund has followed through on its decision to start using its clout, as a shareholder in major companies around the world, to oppose huge executive pay packages. Newspaper Dagens Næringsliv (DN) reported that it was part of voting down bonus packages last week, for example, for the […]

Oil Fund may challenge high executive pay

Norway’s huge and powerful sovereign wealth fund may finally start wielding its investment clout to challenge the exhorbitant salaries paid to top corporate executives. It remains unclear, however, how many tens of millions of dollars or pounds an executive can be paid before the so-called Oil Fund votes against it. It was only a few weeks ago that […]

‘Crown prince’ won Telenor’s top job

Sigve Brekke had long been considered the top candidate to take over as chief executive at Telenor when his appointment was announced on Tuesday. His base pay will be even higher than that of his predecessor, Jon Fredrik Baksaas, but most analysts and Telenor’s board members clearly think he’s worth it. Brekke, age 55, has worked for Telenor since […]

Statoil director resigns after marrying

Norwegian oil company Statoil announced Wednesday that a member of its board of directors had resigned “with immediate effect” after “a recent change of circumstances.” That involved her recent marriage to the chairman of Statoil competitor BG Group, and a pending inquiry into whether that posed any conflicts of interest. Catherine Hughes, a Canadian who […]

Statoil offers new incentives to quit

Norwegian oil company Statoil, the country’s largest, has launched a new effort to cut costs by cutting staff. The latest incentives to get people to quit voluntarily comes just a month after more reports of lucrative pay deals for Statoil’s top executives. The local newspaper serving Statoil’s west coast headquarters region, Stavanger Aftenblad, reported this week […]

Telenor CEO pockets big bonus

The President and Chief Executive of Telenor Group, Jon Fredrik Baksaas earned NOK 17 million (USD 2.8 million) last year, according to the group’s annual report released on Tuesday. The pay packet came amid sweeping job cuts Telenor said were necessary to stay competitive, and moves by the government to limit bonuses and executive salaries […]