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Even supported people sometimes have to take the burden when things go wrong?
Or does it only apply to the gray crowd that pays these people’s salaries?
Tell it how it doesn’t get any more expensive right now. According to economists, inflation is expected to hit 6 percent in the spring.
Fortunately, wages will rise at least as much in this year’s collective bargaining movement.
App, app, app, now we calm down a little, we urge the ambassadors of moderation to the employers of the country. We cannot take this kind of consideration, explained Mattias Dahl, Deputy CEO of the Confederation of Swedish Enterprises some time ago.
Of course not, sorry we asked.
Everyone needs to be understood don’t worry about runaway pork tenderloin prices.
Ericsson CEO Börje Ekholm, for example. According to official figures in the company’s annual report, his pay has increased by more than 150 percent to 95 million in the past four years alone.
During this period, Ericsson’s chief executive cost owners a total of 315 million, including 135 million in bonuses.
full screen Food is one of the things that is getting more expensive now. Inflation hits workers hard, but compensation in the form of corresponding wage increases does not seem to come. Rich business tycoons don’t want to take “that kind of consideration”. Photo: Tomas Oneborg / SvD / TT
In practice, Börje Ekholm has earned even more because he receives a large part of his payment in shares that have risen in value.
But the boy also did a great job at the company where he sits on the board of directors since 2006 and has been CEO since 2017.
Or how about a 10 billion Swedish kronor fine since Ericsson was caught with many years of corruption around the world? Or that the company paid money to the terrorist sect IS and then tried to obscure it for the outside world?
May the business elite obey under rules other than ordinary people it is not new, nor is it that business leaders make good money. But not even a person who worships the spiritual leader of shareholder capitalism, Milton Friedman every morning, can reasonably think that Börje Ekholm is worth the money in this case.
Since SVT’s Assignment Review a few weeks ago revealed that Ericsson is suspected of having paid 20 million to IS in Iraq and that management had been aware of it since at least 2019, market capitalization has fallen by nearly 40 billion.
The big funds representing public ownership are usually not very keen to confront the powerful dynasties of finance: Sweden. Power over Ericsson rests with the Wallenberg family and billionaire Fredrik Lundberg.
full screen The billionaire Fredrik Lundberg. Photo: Simon Rehnström / SvD / TT
But recent travels have also put pension capital in crisis. Several notable players have cautiously opened up to investigate whether Börje Ekholm should really be allowed to keep his bonuses. A more reasonable question, of course, is how he can still keep his job.
At least that’s the opinion of two influential American companies, ISS and Glass Lewis, who advise big asset managers on how to vote. They don’t think Ericsson’s advice should be exempt from liability.
The telecommunications giant’s annual general meeting on March 29 therefore appears to be a rare live event. If it weren’t for the fact that the company has chosen to exploit a loophole in the law that allows it to reintroduce covid restrictions and hold the meeting digitally.
So extraordinarily timely. No risk of pissing off annoying journalists or unscrupulous smallholders.
fullscreenBörje Ekholm, 59, has been CEO of Ericsson since 2017. It cost the company around 315 million. Photo: Jessica Gow / TT
A relevant marvel that is why Börje Ekholm does not voluntarily resign to try to save the company’s reputation. It didn’t happen. Instead, he fired his chief lawyer.
The explanation, an analyst tells Dagens Industri, is that Börje Ekholm does not intend to start in “negative forms” because “he wants to be remembered as the one who transformed Ericsson”.
On a scale, the self-respect of 100,000 employees and 420,000 shareholders. In the other, the ego of a 59-year-old man.
Not an easy choice, apparently.
The next meeting thus becomes an important stress test for the Swedish business community.
Even supported people sometimes have to take the burden when things go wrong? Or does it only apply to the gray crowd that pays these people’s salaries?
Published: March 21, 2022 at 06.19