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Norwegian oil fund manager, Yngve Slyngstad’s salary has increased by over 65 percent. Why? No one can explain why!
Saturday, 21 April 2012
Norwegian Oil fund manager, also know as Norwegian wealth fund manager,
Yngve Slyngstad has seen his salary increased by over 65 percent in two
years. Neither Norges Bank nor those in the central bank and the Fund
resources management will explain why such an astronomical rise has
According to the Norwegian business daily, Dagens Næringsliv,
Yngve Slyngstad salary has increased by Nkr2.3 million in two years.
Since Slyngstad was manager, the fund has performed worse than the
market and has been ranked as one of the worst performing funds of its
year the fund lost Nkr86 billion, according to the paper as such how it
can he qualify for a salary increase ofNkr5.8 million, Norges Bank will
“We have nothing more to contribute on” said spokesman, Oystein Sjolie to Dagens Næringsliv.
Neither the leader of the independent committee that determines the
annual salary of Slyngstad nor other leaders will explain the cause of
one million jump in his pay.
The annual report for 2011 show where Slyngstad pay rise emerged. The report was presented before Easter.
Slyngstad and the rest of the management of the Fund are only wage
determinants. The closest you can get an explanation for the increase,
is the Governor's statement of the submission:
"Wage growth to Slyngstad was high last year. This, however, comes
after a similar adjustment in the opposite direction in 2009. Salary is
now back on the same level as when he took over as head of NBIM in
2008," wrote Øystein Olsen's PR people in a e-mail according to
By Scancomark.se Team
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