Large increase in salaries of Statoil executives in 2015

StatoilStatoil.Photo: Norway Today Media

Despite a huge number of layoffs and negative results, the CEC of Statoil were paid 86.7 million kroner  in salaries in 2015.

The sum represents an increase of nearly 20 million from the previous year,   Klasskampen writes.
– This joins the ranks of examples that Statoil is a company out of  control and with no proper management, leader of the  Joint Federation, Jørn Eggum, says. He also criticized the government for the part it plays in this, being the owner and thus being involved in granting salaries.

The  management of the group consists of 13 people. CEO Eldar Sætre, strategy manager John Knight and former North American CEO William Maloney are the three people of the company with the largest salaries  . According to the newspaper Klassekampen their combined annual salary was at 45.4 million.

– Statoil’s system for executive compensation is in accordance with state guidelines. We are supposed to offer competitive terms, but not be a wage leader in the markets where we operate,  CIO of Statoil, Baard Glad Pedersen replies, . He adds that the company have introduced measures like freezing the salary levels of the  executives because of the results of 2015.


Source: NTB scanpix / Norway Today