Nordic boards give chairmen salary boost

The heads of some of the Nordic countries' biggest companies had a nice salary bump last year. Some 12 percent of board heads make at least 1 million kronor a year.

The median fee for a chairman increased from 250,000 kronor to 275,000 kronor during 2005, according to a survey of 260 companies listed on the Stockholm stock exchange carried out by Svenska Dagbladet.

The average salary for a managing director has gone up faster than that of a chairman, which could be due to the bonuses paid out to MDs.

The average salary for a managing director has gone up 35 percent during the past five years, while that of a chairman has gone up 29 percent.

Nevertheless, salaries vary a great deal. Jorma Ollila, Nokia’s chairman, received 75 million kronor. Handelsbanken’s Arne Mårtensson got 11.5 million kronor, while Olof Stenhammar of OMX made 9.9 million kronor.