Tallink Group, Estonia’s most generous listed company in executive pay
By Toomas Hõbemägi, Baltic Business News (Europe)
June 26, 2008
A comparison of listed companies shows that ferry group Tallink pays most to its executives, writes today’s Äripäev.
In average, the company’s executives earned in average more than EEK 400,000 a month. All in all the company paid its executives EEK 22.4 million which includes annual bonuses and severance pay.
Tallink Group refused to disclose how much the company’s executives earned specifically last year. „Our salaries are confidential,“ explained Toivo Ninnas, chairman of the supervisory board of Tallink.
However, this has angered small shareholders who have purchased the company’s stock, but have seen its share price plummet. „They are not deserving to earn EEK 400,000 a month,“ says Peeter Laurson whose company GreenDorp owns shares of Tallink.
Second highest earning executives work in Eesti Ehitus who made in average EEK 250,000 a month and third was property developer Arco Vara whose executives earned in average EEK 223,847 a month last year.
dcestonian@hotmail.com