According to the lotto company, a large portion of this money came from previous years’ bonuses.
Postcode Lottery CEO Niclas Kjellström-Matseke made 5.7 million kronor ($850,000) in 2009; three million kronor ($450,000) more than the company had previously announced according to the Dagen Industri newspaper.
The company refuted claims that they had misled the public over the CEO’s wage packet.
“It has been suggested that we have hidden the facts, which isn’t the case. We have year on year accounting for the money received by our CEO,” Fredrik Skärheden, the lotto’s press secretary told the TT news agency.
He pointed out that bonuses are given retrospectively and are paid out at the beginning of the following year.
The Swedish Postcode Lottery has received criticism that despite the business model of being a market driven charity, less than half of their proceeds go to charity.