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Criticism as Handelsbanken increases its various board members' renumeration

Wednesday, 07 March 2012
As the banking sector in Sweden start looking for other sources of paying themselves back, large, Handelsbanken has taken the first leap and increased its remunerations to its board members and chairman. This has ignited growing criticisms from members and the savers.

All this happens as the other big banks watch probably observing the effect their action will cause from the view of the customers and the public before they too could follow suit.

When the banks call the shareholders to AGMs, it will be the only major bank that chooses to raise the fees for its board among the big banks in Sweden.  Svenska Dagbladet.

Last year, Handelsbanken chose to raise compensation and became the highest paying in the sector. Chairman Hans Larsson had an increase of 30 percent, to Skr3 million. Now the bank's chairman will have a raise again - to levels that the other banks barely come close to. This time it is raised by an additional Skr150 000, according to Swedish daily Svenska Dagbladet.

Now savers and shareholders respond in a more critical manner of the high levels of rewards.
They can be compared to SEB's President Jacob Wallenberg who receives Skr2.25 million and Nordea chairman Bjorn Wahlroos who is paid receive Skr2.24 million.

Swedbank bank chairman Lars Idermark is the lowest paid of the four giant bank, and get Skr1.35 million.
By Team

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