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 […]

Minister to evaluate new executive bonus rules

Norway’s government minister in charge of business and trade, Monica Mæland, says she and her colleagues are evaluating new rules to limit the bonus and high executive salaries paid out in companies in which the state has a large stake. The rules follow public criticism over news of another round of large bonus payments made […]

Critics blast bank bosses’ bonus

The bosses of Norway’s biggest bank, DNB, were being accused of virtually thumbing their noses at their own employees, their customers and hundreds of thousands of other workers in the country this week. News that DNB chief executive Rune Bjerke and his management team were collectively pocketing a 30 percent pay hike, largely in the […]

Ex-minister finally blasted bonuses

Trond Giske, who was replaced as Norway’s trade minister this week when the new conservative government assumed power, had a final bit of unfinished business to attend to. Before leaving office, he sent a sharp letter to the board of fish farming company Cermaq, blasting bonus payments made to top executives in connection with a […]

Executive pay ‘low’ in Norway

Statoil Chief Executive Helge Lund is among top business leaders in Norway who regularly catch criticism over their compensation packages. Multi-million-kroner salaries aren’t popular among the egalitarian-minded Norwegians, but new figures confirm that executive pay in Norway is modest, even low, compared to other countries. Lund, for example, earns around NOK 14 million (USD 2.4 […]

Bosses get big raises

As public sector workers in Norway carry on a strike to win pay raises of more than 4 percent comes word that bosses of state-controlled companies have won raises of nearly 18 percent. That’s not exactly a sign that they’re practicing the moderation they otherwise preach. Newspaper VG compiled an overview last week showing that […]

Another head rolls at Orkla

Top management turmoil at one of Norway’s largest companies, Orkla, continued this week with the abrupt departure of a 31-year-veteran who’s been in charge of forming some of Orkla’s most well-known brands in Norway. Torkild Nordberg, age 54, claims he was fired by the new acting CEO of Orkla, Åge Korsvold, who took over after […]

Executive changes at two big Norwegian companies

New chief executives for two of Norway’s most high-profile companies are needed, after the top boss at coastal cruise- and shipping line Hurtigruten resigned and the man in charge at industrial firm Orkla got fired. Olav Fjell, a former chief executive at Statoil, had taken the helm at Hurtigruten five years ago and was responsible […]