Management & Strategy
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Norwegian oil fund manager, Yngve Slyngstad’s salary has increased by over 65 percent. Why? No one can explain why!Saturday, 21 April 2012
Norwegian Oil fund manager, also know as Norwegian wealth fund manager, Yngve Slyngstad has seen his salary increased by over 65 percent in two years. Neither Norges Bank nor those in the central bank and the Fund resources management will explain why such an astronomical rise has taken place.
According to the Norwegian business daily, Dagens Næringsliv, Yngve Slyngstad salary has increased by Nkr2.3 million in two years. Since Slyngstad was manager, the fund has performed worse than the market and has been ranked as one of the worst performing funds of its kind.
Last year the fund lost Nkr86 billion, according to the paper as such how it can he qualify for a salary increase ofNkr5.8 million, Norges Bank will not elaborate.
“We have nothing more to contribute on” said spokesman, Oystein Sjolie to Dagens Næringsliv.
Neither the leader of the independent committee that determines the annual salary of Slyngstad nor other leaders will explain the cause of one million jump in his pay.
The annual report for 2011 show where Slyngstad pay rise emerged. The report was presented before Easter.
Slyngstad and the rest of the management of the Fund are only wage determinants. The closest you can get an explanation for the increase, is the Governor's statement of the submission:
"Wage growth to Slyngstad was high last year. This, however, comes after a similar adjustment in the opposite direction in 2009. Salary is now back on the same level as when he took over as head of NBIM in 2008," wrote Øystein Olsen's PR people in a e-mail according to Dagens Næringsliv.
By Scancomark.se Team
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