The Norwegian state has direct ownership in 69 small and large companies. And in 2022, ownership really took off. This is shown by figures from the State’s owner report, which news has gained access to. The dividend of just over NOK 112 billion is almost twice as large as the NOK 59 billion in dividends for 2021, according to the report presented today. – The dividends are significant and benefit the whole of society. The funds make it possible, among other things, to invest in the Norwegian welfare society, says Industry Minister Jan Christian Vestre (Ap) to news. CLIMATE REPORTING: More and more companies are now mapping their climate emissions to the Minister for Industry and Trade, Jan Christian Vestre. Photo: Kristian Skårdalsmo / news At the end of 2022, the value of the state’s holdings in the companies was NOK 1,450 billion. The oil and gas giant Equinor alone accounts for more than half, namely NOK 768 billion. Overall, the value of the state’s ownership has increased by NOK 271 billion just since 2021. Key figures on the state’s ownership The value of the state’s ownership shares was NOK 1,450 billion at the end of last year. The 69 companies in which the state has shares have a total of 332,821. The dividend to the state is currently estimated at NOK 112.2 billion, compared to NOK 58.6 billion in 2021. The total climate emissions for the 60 companies that have reported on this were approximately 495 million tonnes of CO2 equivalents. This is slightly down from 2021, when the number was 500. But in 2021, only 42 companies reported on climate. On average, there are 47 per cent owner-elected, female board members in the state-owned companies. When you include board members elected by and among the employees, the figure is 45 percent. In 2021, this figure was 46 per cent. The proportion of female chairmen is 42 per cent, compared to 41 per cent in 2021. The proportion of female CEOs in the state-owned companies is 33 per cent, down from 34 per cent in 2021. Jubilee year for the bosses A look at some of the largest and best-known state-owned companies shows that many top managers got a solid salary jump last year. This applies not least to Equinor CEO Anders Opedal. He received a total remuneration of almost NOK 19.6 million last year, a jump of 10.9 per cent compared to 2021. But the biggest increase last year went to Hydro CEO Hilde Merete Aasheim. According to the report, last year she was able to collect NOK 15.7 million in total remuneration, an increase of 28.5 per cent compared to 2021. Here are some other examples: Nammo CEO Morten Brandtzæg increased his total remuneration by 11.7 per cent last year, to a total of NOK 11 million. Telenor CEO Sigve Brekke had a total of 16.3 million in total remuneration in 2022, 7.7 per cent more than the previous year. DNB CEO Kjerstin Braathen is among the very highest paid managers in the state-owned companies. She earned 15.4 million last year, a more modest increase of 2.7 percent from the previous year. The CEO of Kongsberg Group, Geir Håøy, and Aker Solutions, Kjetel Digre, also earned well over NOK 11 million last year. Statkraft CEO Christian Rynning-Tønnesen received a total remuneration of just under NOK 10 million last year, an increase of 4.4 per cent compared to the previous year. Posten Norge CEO Tone Wille’s remuneration came to 6.4 million, 3.4 per cent up on the previous year. The designation “total remuneration” in the overview from the Ministry of Trade, Industry and Industry includes fixed salary, earned bonus, so-called long-term incentive schemes, other remuneration and pension costs. The figures mentioned here have been known previously, through the companies’ own reporting. Vestre on executive pay: – Exciting Business Minister Jan Christian Vestre says the owner’s report shows that the managing directors have on average had a slightly lower salary increase than the average of the population had in 2022. The minister emphasizes that when you calculate the average of total remuneration measured in kroner and øre, the bosses had a salary increase of 3.3 per cent. In comparison, wage growth for most people was 4.3 per cent last year. OWNERSHIP: Minister of Industry, Jan Christian Vestre. Photo: Kristian Skårdalsmo / news – I think this is exciting to see, because we have been concerned with moderation in executive salaries. – But some of the managers have a far higher salary increase than ordinary wage earners. How do you explain that? – Some companies are above average wage growth, and other companies are below average wage growth. So in sum, the growth in remuneration for managers has been lower than for people in Norway, he says. – The Hydro manager increased his salary by 28 per cent last year. The Equinor boss with 11 percent. What do you think about it? – As I said, some companies go up, and some companies go down, and there are different reasons why the companies have taken those decisions, says Vestre. New rules The Minister for Business and Industry points out that just before Christmas last year, the government laid down new guidelines for executive pay in companies with direct state ownership. The new rules state that what is paid out in salary, bonus and options must be “competitive, but not wage-leading”. The limit for the maximum achievable bonus has also been tightened for some of the companies. In addition, the boards must in future provide a concrete justification if managers receive a higher salary increase than other employees, whether it is in percentage or kroner. – But this will only happen from next year? – These are guidelines that the companies will implement during the current year, and which we will then hopefully see the effect of from next year onwards. – So next year the head of Equinor or the head of Hydro will have to explain to the public and to you why they may get a higher wage increase than others? – It is the board that determines the salary of the managers, but as the owner we have clear expectations that they should not be salary leaders. If one then gives the managing director a higher salary increase than the average in the organisation, then this must be justified separately. We hope that contributes to greater awareness, he says. Climate reporting Vestre is particularly pleased with the way the government’s expectations for better climate reporting have been followed up. – Now 60 out of 69 companies report on their direct and indirect emissions. This is a step in the right direction, but emissions must also be reduced. The ability to adapt is absolutely crucial for the long-term value creation in the companies, he says. – But the climate emissions continue regardless of the fact that several companies now report to you? – Yes, and the state-owned companies are responsible for about ten times as many emissions as Norway. With the declaration of ownership, we are the first country in the world to expect companies to also have science-based climate targets. That is, they must have goals, measures and plans that actually take them to net zero. It will have an impact on investments and priorities, says Vestre. – What is the purpose of reporting on climate emissions if you do not at the same time ensure that they decrease? – Emissions must decrease, and several of the companies that report refer to emission reductions. I’m happy for that. But all the companies must show emission reductions if we are to meet the one and a half degree target, he says.
ttn-69
Dividend record for the state – salary party for several managers – news Norway – Overview of news from different parts of the country
