Norway’s Oil Fund will vote against billion-bonus to Wizz Air’s boss

Wizz AirPhoto: Ole Berg-Rusten / NTB
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The Oil Fund will vote against the proposed compensation package for the top manager of Wizz Air at the company’s general meeting next week.

Earlier in July, it was revealed that founder and CEO Jozsef Varadi could end up with more than a billion in bonuses if the board’s proposal is approved, the newspaper E24 writes.

The Oil Fund is one of the shareholders of the company, which has withdrawn from domestic air traffic in Norway. According to an overview from December 31, 2020, the Oil Fund owns 0.91% of the company.

“The board is responsible for attracting the right CEO and setting an appropriate remuneration,” the Oil Fund wrote in the justification of its decision.

“A significant part of the annual remuneration should be given as shares that are locked for five to ten years, regardless of retirement or retirement date,” it is noted.

Source: © NTB Scanpix / #Norway Today / #NorwayTodayFinance

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