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May 26, 2012
Nordea bank ignores Swedish bonus ban
Published: 17 Feb 10 16:12 CET | Double click on a word to get a translation
Online: http://www.thelocal.se/25052/20100217/
The board of Nordea has decided to act in open defiance of the Swedish government and is pressing ahead with a new bonus scheme.
- Nordea sees profits fall (10 Feb 10)
- Nordea surprises market with strong report (28 Oct 09)
- Nordea announces Danish bank takeover (31 Aug 09)
Instead, the board is to issue new guidelines proposing that bonuses should in general not exceed 35 percent of fixed salaries. Variable compensation is to be used as a means of "rewarding in advance goal-orientated achievements."
The government also urged Nordea not to include top executives in its long-term bonus scheme. But here too the board chose to disregard the government's stance.
The long-term programme put forward by the board encompasses some 400 leading figures in the bank.
Sweden own 19.9 percent of shares in the regional banking giant.
As The Local reported last week, Nordea reported an operating profit of €592 million ($815 million) for the final quarter 2009, down on a profit of €781 million in the corresponding period last year.
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time to withdraw... starve the greedy bastards
Same concept applies to a conmpany paying dividends to it's shareholders. How DARE they take extra money when thier business succeeds!?!?!?! Time to declare dividends illegal! Money grubbers!
This rife populist rancor directed at corporations and inviduals who commonly associated with large sums of money is nauseating.
105% tax on bonus's and a tax investion of all assets of all bank employee's.
Savings accounts:
Nordea 0.00 %, SEB 0.10 %, Länsförsäkringar 0.15 % (ok, nobody gives a lot these days, but even a little counts when compared to nothing)
Five year fixed interest:
Nordea 2.71%, Länsförsäkringar 3.35 %, SEB 4.40 %
Seems like bonuses are not out of order. If a business is profitable, what is wrong with having bonuses? Bonus packages that are automatic (Like the AIG bailout in the US) and not based on profit is bs, but it seems like in this case they are warranted.