“management wages should be competitive, but not among the highest. There will be an emphasis on moderation”, called it in a white paper on state ownership.
the newspaper Aftenposten has reviewed the management wages to 42 top corporate executives in companies that are wholly owned by the state. The numbers show that the leaders in the wholly owned statsselskapene get more than enough salt in the food:
- 33 of 42 managers earn more than prime minister Erna Solberg.
- The best paid had a total compensation of 8.1 million in the year-ago quarter.
33 leaders defy the prime minister
On lønnstoppen for 2015 is Brian Bjordal. He was managing director of the state gassoperatøren Gassco until 31. september of last year and had a total remuneration of nok 8.1 million.
The total remuneration includes the fixed salary, any bonus and other remuneration, and pension costs.
Just behind comes the president and ceo Dag Mejdell of Norway Post and Statkraft-boss Christian Rynning-Tønnesen, who both had a total remuneration of around 7,6 million.
For comparison, had prime minister Erna Solberg (H) a remuneration including benefits earned during the year at 1.7 million in the year.
Aftenposten’s review shows that 33 of the 42 state, top corporate executives earned more than the prime minister in 2015:
Rynning-Tønnesen will not comment on his own salary. See what other companies respond at the bottom of the case.
Maeland: – the Prime minister has good salary
the Prime minister has good salary. But it is not necessarily so that the salary of the prime minister will be a relevant basis for comparison for the managing directors in companies with state ownership interest, ” says Norwegian trade and industry minister Monica Mæland (H).
the State manages the ownership in companies, through several different ministries, and the Ministry has the responsibility for the government’s eierskapspolitikk.
Mæland repeat the message that management wages in the state-owned companies shall be competitive and not a wage leader. She adds:
at the same time, they shall appear reasonable, and there will be an emphasis on moderation.
Næringsministeren emphasises that companies in which the state has a stake are very different, both in terms of size, industry sector and business segment.
– What is a competitive remuneration need to be considered specific and will vary between companies, she says.
Even higher wages in the part-owned companies
the Numbers the newspaper Aftenposten has gone through, shows that the bigwigs in those companies that are only partially owned by the government, earn far better than the bosses in the wholly owned companies.
for instance, Svein Richard Brandtzæg president and in Hydro a total compensation in 2015 of 18,2 million, including service cost.
– It is the board of directors of each company who have the responsibility to determine the salary to the managing director, and it is the boards who must respond on the assessments that are done in each company, ” says Mæland.
- DNB-the boss has stopped talking sharing the cost with the customers: last year, he earned even more.
Mæland put new pensjonstak
In February 2015 came the Ministry of industry with new guidelines for determination of salary and other remuneration for managers in companies where the state is the owner.
Among other things, it was determined that the pension base shall not exceed 12 G – or about 1.1 million.
I believe that mitigation in the pension has been a good grip, even though the salary may increase as a consequence of this. This mitigation will still protect the principle that such pensions not to be financed through the company’s own operations, and it will support up under the main principle that the salary should be the main in a godtgjørelsesordning, says Mæland.
She also believes the new rules will contribute to increased transparency when it comes to the level of management wages.
Many are still retaining the old pension
Many leaders in companies where the state owns in whole or in part have had – and have – far better pension plans than the new regulations authorize. The new rules must be followed in helstatlige companies, while minority-owned companies must come with a good explanation about the rules should be broken.
It opens, however, that top corporate executives also in helstatlige companies can keep their agreements about “gullpensjon” if the contract was concluded before the rules entered into force.
I think it is positive if the boards choose to renegotiate existing agreements, ” says Mæland.
Hydro-chief Brandtzæg are among those that have retained their very lucrative pensjonsavtale.
“Svein Richard Brandtzæg has been the president and ceo of Hydro since 2009, and falls under the transitional provisions which states that one can honorere standing agreements”, writes cio Halvor Molland in an e-mail.
Researcher: Industry more important than who the owner
Harald Dale-Olsen, Institute for social research, both research on wage policy and wage differentials. He says it is difficult for the state as owner to operate a different remuneration policy for senior executives in their companies than in similar companies in the private sector.
– To recruit and compete for leaders in the same market, and the industry is therefore more important for wages than who it is that owns, says Dale-Olsen.
He thinks, therefore, that it is natural that the top leadership in the companies that Gassco and Petoro, which operates in the international oil and gas market, tops the list and has very high salaries.
– But if one believes the current salary level for leaders is too high, it will be easier to do something with the salaries in the wholly-owned, state-owned companies by instructing that they will put themselves on a different line. Here there will be professional disagreement as to whether this is the right thing to do, or about the state as the owner should act as other owners, ” says the scientist.
To compare the salaries of directors in the wholly-owned state companies with the pay of the prime minister Erna Solberg is not directly relevant, ” believes Dale-Olsen.
– Both as an individual and researcher, I believe it is wrong of someone to want to become the prime minister of Norway for money’s sake. Want someone to be prime minister, this should be because they have a vision with the support and confidence of the people. Prime ministers should have a decent pay out from the tasks they do, but the post shall not necessarily be among the highest, he thinks.
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